Too often, online loan companies may be avoided because people are unsure of what they actually provide. Typical payday lenders may lend you large sums of money but want the loan back as soon as your next payday rolls around, along with applicable finance charges. An installment loan company is different; they will not require their loans to be repaid right away. Instead, a payment plan is set into place that will allow the borrower to repay the money they borrowed in installments, typically during the six months following the day the loan was taken out.
The actual requirements of an installment loan are quite simple. Customers must submit the following to be considered:
•Bank account information
The application can be completed online any time the applicant wishes. It typically takes most people just a few minutes to fill out, and the customer will receive their answer soon after. A representative of the company will be in touch with the applicant within five minutes after they send in the application in order to finalize the loan. This is also the perfect time to ask questions or voice any concerns that one may have regarding the loan process.
Installment loans do not require a credit check for any of their applicants. As long as they can provide their personal information, employment verification and have a checking account that is clear of any discrepancies, applicants will be approved for a cash loan. The approval rates are high for installment companies because of this reason, and many people choose this type of loan because they have had credit problems in the past but are working on fixing them.
What Happens Next?
After one is approved for a loan, the money that they will receive will be deposited straight into their checking account by direct deposit. This usually takes less than 24 hours in most cases. Once deposited, the borrower can use the money in whatever way they see fit. During the application process, an installment plan will be set up between the borrower and the loan company. These plans are typically set up for the borrower to repay the loan in six monthly installments. This makes it easier for a person to repay the loan when it isn’t due back in one large chunk.
If the borrower cannot repay the loan in the first six months, the company will be able to extend the loan period. Borrowers may also repay the loan off early, with no additional fees.
A loan from MaxLend can be used for emergency situations, late utility bills, mortgage and rent payments, vacations and more. An installment loan is the best choice for anyone who needs cash but cannot repay it in one large sum.