Installmentloanonline.net is a virtual marketplace where visitors can submit a loan application to an entire network consisting of hundreds of direct lenders all at once, in one quick transaction. We offer our service for free, which means you will not be charged anything for submitting an application. A reputable lender will contact you offering to lend you the money. They will disclose the terms of the loan, including rates and fees so that you can make an informed decision about accepting the loan. We are not a lender and are not the ones approving your application or making credit decisions.
New visitors to our site are likely to have questions about us, installment loans and online loans in general. This is why we’ve put together a list of the most commonly asked questions and answers below. If your question is not on this list, please feel free to contact us for the answer. Just fill out the information on our Contact Us page and we will respond as quickly as we can.
If you have a question about your own loan application, approval, already funded loan, repayments or anything else, please reach out to your lender directly. Once you receive the money, you should have information on how to contact your lender.
What exactly is a personal loan? Personal loans come with many different labels, but they are all for the purpose of providing people with short-term financial relief.
What does it take to qualify for a personal loan? To qualify, most lenders require: 1) You be currently employed at your job for approximately 90 days; 2) Be 18 years of age or older; 3) Be a permanent legal resident or a U.S. citizen; 4) Have a monthly income of about $1,000 after tax and withholdings; 5) You to provide phone numbers for home and work as well as a valid email address.
How much money am I able to borrow? The lender will base his or her decision on a number of different factors, including the state you live in and what legal restrictions may apply (loans are not offered in all states). Many of the direct lenders work with lend anywhere from $100 to $5,000.
How is the money sent to me? Once you receive loan approval by the lender and you agree to the terms, the money will be directly deposited into your bank account, most likely by the next day.
If I have poor credit or a bankruptcy on my report, can I still qualify? Personal loans are mostly offered to people who have a good credit rating, however every lender is different in terms of their underwriting policies. For people with poor credit, they might try seeking a short-term consumer loan. If you fall into this category and we can’t find a lender that will approve your application for a personal loan in the requested amount, we will continue to search our network for a short-term lender who will offer you a loan.
Does this process take very long? You should be able to completely fill out our secure form online in just a few minutes. Once we receive all your information, we will start searching right away for a lender willing to offer you a loan. You should hear back from one or more of our lenders within just minutes. It usually only takes 24 to 48 hours to receive final approval and have the funds transferred to your bank account.
Do I need a fax machine or printer? Some lenders will request permission to have direct access to your bank statements or to verify your income online, in which case you wouldn’t need to email or fax over copies of these documents. But, the lender may ask you to email or fax over a copy of your pay stubs, bank statement or other information. If you do not have this equipment, you can go to a FedEx/Kinkos, Office Max or another facility that provides office services. Once you receive your loan agreement you will want to print out a copy. If you have any questions once your loan has been funded, you will need a copy of your paperwork for information on how to contact your lender.
How much would a short-term consumer loan cost me? You will not be charged anything to use installmentloanonline.net. The cost of your loan will vary depending on lender. But, before you accept the loan you will be fully informed on the rates and fees. Personal loans are not for solving long-term financial issues, but for a short-term financial solution they can be less costly than NSF fees, late charges, or reconnection charges for disconnected utilities. We advise you to only take out a loan if you are sure that you can repay it.
If I already have a cash advance loan that’s not yet paid off, can I get another one? This may be allowed, but will depend on the laws in your state as well as your lender’s policies. If you already have a loan that has not yet been repaid, let your lender know about this before you accept and finalize a new loan agreement.
When would I have to start repaying my loan and how do I do this? If you select the most convenient and secure option, which is an ACH payment, your repayments will be automatically taken out of your bank account on the day they’re due. This ensures that your payments are made on time every month so you won’t incur late fees or default on your loan. If for some reason you need an extension, contact your lender in plenty of time before missing a payment. There may be additional fees for this.
What happens if I make a payment late? Each lender determines their own policies and fees for late payments. Read your loan documents for information or reach out to your lender. In some states there are specific regulations or limitations on late fees.
How long do I have to wait to get another loan? You can use installmentloanonline.net at any time to apply for a new loan, which will be subject to restrictions determined by state law. If you have already taken another personal loan out that is not fully repaid, please let your new lender know this before entering into a new loan agreement.
Is it possible to get an extension on repaying my loan, and are multiple extensions allowed? The rules for extending loans or “rollovers” will vary depending on the lender and may also be regulated by the laws of your state. Some states allow multiple extensions, while others don’t allow any. If you need to extend your loan, contact your lender in plenty of time to request this before missing a payment. Most lenders would prefer working with you rather than have you miss any payments or default on your loan.
What happens if I cannot pay off my loan? If you are not repaying your loan on time, you very well could be in default of your obligations. If this happens, your lender will likely try to secure the money you owe by using a debt collection service or methods. This will be done in a fair and professional manner to comply with the law. Lenders should always abide by the guidelines set forth in the Fair Debt Collection Practices Act in trying to collect loans that are in default. Loan defaults and late payments can adversely affect your credit rating, which may make it hard to gain approval for personal loans in the future. If you cannot make your loan payments on time, do not just ignore it! Reach out to your lender to discuss the problem ahead of time to find out what they are willing to do to help work out a solution.