Personal installment loans can be used for a wide range of personal reasons. Whether you run into an unexpected expense, like a car repair or a hospital bill, need money for the holidays or a well-deserved vacation, or you are simply consolidating existing debt, personal installment loans are a convenient financial product for the modern consumer.
Like any installment loan, personal installment loans are a type of closed end credit, meaning you receive the money you need right away, and you repay the loan over a specified period of time. Personal installment loans may vary in amount from a few hundred to thousands of dollars, and repayment periods can vary from months to years, depending on your needs and qualifications.
Yes, you can get an online installment loan with “fair” or even “poor” credit. As mentioned above, lenders can take many factors into consideration when determining the loan amount, repayment length, and interest rate they can provide to a borrower. The minimum qualifications to apply for an online installment loan are that you must be at least the minimum legal age to contract in your state of residence, have a valid bank account, provide a valid email address, and be a resident of the United States.
Some lender’s online installment loan application process provides an approval decision virtually instantly. Many consumers find the online installment loan application process to be far easier than requesting a loan in-person from a bank, where they might have to spend time waiting for a decision, and ultimately, risk being turned down.
According to Experian , traditional credit scores can range from 300 to 850. Individuals with FICO scores above 670 are considered to have “good” credit. FICO Scores under 670 are considered “fair,” while scores under 580 are considered “poor.” The good news for consumers with lower-than-average credit scores is that there are many lenders who do not require borrowers to have excellent or even “good” credit. Lenders often look at more than just an applicant’s credit score when evaluating their loan application. When you apply for a personal installment loan, lenders could consider many factors other than your credit score to obtain a complete picture of your financial health. Lenders may use some of the following factors to determine how much they can lend you, and what interest rate and repayment period they can provide: