What to Expect When Applying for an Installment Loan

Installment loans offer consumers who are struggling to pay bills or deal with minor financial emergencies access to the quick cash they need to avoid further financial distress. Unlike payday loans, they can be paid back a little bit at a time over the course of six months and they often feature lower interest rates than single-payment loans. Readers who are considering taking out an installment loan can read on to find out what to expect throughout the application process.

Basic Criteria

The eligibility requirements for the installment loans provided by independent financial institutions like Maxlend Loans tend to be much less strict than those of banks and other traditional lenders. That being said, there are still some basic criteria that must be met to qualify for a loan.

Applicants must be US residents who are at least 18 years old and must have open checking accounts that meet the lender’s requirements regarding how long they’ve been open. Borrowers must also be able to provide a verifiable source of income, which should be deposited into the checking account described above and must meet minimum income requirements. Debtors who intend to file for bankruptcy or have already filed for bankruptcy are not eligible to take out installment loans.

The Application Process

Once readers have determined whether or not they will be eligible to take out a loan, they can get started immediately on the simple online application process. This involves filling out a short application and, if approved, signing loan documents online. A representative from the lender will then have to call to verify the borrower’s information.

After being approved, borrowers can expect to get copies of their applications to save for their records in the mail. The money they are borrowing will be transferred directly into their bank accounts, though, giving them almost immediate access to the cash they need to address their financial woes.

Choosing a Lender

Not all lenders offer comparable levels of service and not all of them work with borrowers who have poor credit. That shouldn’t mean that consumers who don’t have perfect credit scores shouldn’t be able to access the money they need, though. They just need to be more careful when it comes to finding a trustworthy lender that does not charge exorbitant interest and fees.