Installment loans are like any other commercial loan like a mortgage or personal loan. The loan repayment schedule includes equated EMI for specified loan tenure. Many lenders offer instant funding for installment loans. To make things easy for you, we have discussed how these loans work.
What Are the Qualifications for Installment Loans With Instant Funding?
These loans are like regular loans. The only difference is the loan process is fast, and the loans are approved on the same day of application. The essential qualifications of this type of installment loan are
- You need to have a debit card associated with the checking account.
- Must meet the standard loan qualifications.
- You must apply early during the day for same-day approval. For example, if your city falls in the Central Time Zone, the loan application and approval process must be completed before 5:30 CT.
What Is the Maximum Amount in These Instant Funding Loans?
These are small-amount loans. The maximum and minimum loan amount differs with each lender. Some lenders offer max $1200 as loan amount, while some may offer $2000. You need to check the lender’s website to know the minimum and maximum loan amount offered under the label of instant funding for installment loans.
What Are the Terms of Instant Funding Loans?
The terms of instant funding loans are flexible. The repayment schedule could spread from 1 to 26 installments.
What Details You Have to Provide in the Loan Application?
You have to provide personal details like full name, date of birth, contact number, and email. Other information you need to provide includes:
- Social Security Number
- Driver License Number
- Driver License State
- Home Address
- Details of employment, including employer name, work phone, income source, estimated monthly income, how long you have been working with current employer, next pay date, and the second date of payment
- Other sources of income and additional monthly income
You also have to provide bank details like
- Bank Name
- Bank Routing Number
- Checking account number
- How long you have had this account
- Details of any direct deposit on the bank account
Once you have reviewed, signed, and submitted a loan application, the lender will verify the details that you’ve provided. The lender will also check your bank account before depositing the funds.
Benefits of Installment Loans With Instant Funding
- These loans have a shorter loan process; hence faster approval is a norm.
- There is minimal documentation, and you need to upload scanned copies of the required documents. There’s no need to submit physical documents.
- When you make timely repayment, it gets reported to credit bureaus, which boosts your credit score.
- Some lenders reward borrowers with cash rewards of $1 to $5 per $100 loan on successful repayment.
- You can use these cash rewards for the next loan to pay EMI.
Things to Focus on When Applying for Installments Loans Offering Instant Funding
- Not all lenders offer instant funding for installment loans. You need to check with the lender about their availability.
- You need to read the loan terms and conditions carefully before signing the loan document. If you are doubtful about any terms and conditions, seek clarification from the lender.
Instant funding loans can put money in your hand in the shortest time possible. However, you need to be careful when taking these loans and only borrow as per needs.