When you decide to try something new, it’s always comforting to know what to expect. This is especially true when it comes to financial tasks, such as applying for a critical loan. Although you’ll find the process of applying for an installment loan very simple and straightforward, it never hurts to do a little research beforehand. So if you’re in a time crunch, wondering how to apply for an installment loan, scroll down for some quick instructions and helpful tips.
How to Apply for an Installment Loan
COMPARING LENDERS
First, it’s important to note that the application process varies from lender to lender. It would be impossible for us to describe every potential procedure, so today we’re focusing on what we do here at Advance Paycheck Online. If you aren’t able to borrow from us, be sure to research your preferred lender’s requirements.
As you search for a direct lender for your installment loan, be sure to check that your potential lenders offer loans to residents of your state. For example, Advance Paycheck Online only provides loans if you live in Illinois, Utah or Wisconsin. Next, check out the lenders’ terms and conditions. How much can you borrow? Do they allow partial payments? What are their payment schedules like?
APPLYING FOR A LOAN
Once you’ve decided which lender you would like to borrow from, it’s time to get started on your application! First, you will choose the loan amount and terms. Consider these numbers carefully and do the math before you commit to the loan!
After that, you will need to fill out the application form. You will be asked to provide your contact information (your name, phone number, address, e-mail, etc), as well as some personal financial information. For example, Advance Paycheck Online requires borrowers to have a bank account and a steady income to qualify for an installment loan.
You may also need to provide proof: proof that you are at least 18 years old, proof that you are not currently a debtor in a bankruptcy case, proof that you are a resident of the state in which you’re applying for a loan, etc. Again, this will vary from lender to lender.
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All in all, the application process shouldn’t take you more than an hour, and many lenders these days allow you to apply online from the comfort of your home. Plus, one of the great things about an installment loan is that the turn-around times for applications are often very quick. In fact, you could receive the money you need in less than 24 hours!
If you’re looking for an installment loan from a direct lender, check out Advance Paycheck Online. We offer short-term advances and installment loans online to the residents of three states: Illinois, Utah and Wisconsin. Our flexible payment schedules will help you pay off your loan as soon as possible, and we prorate the fees involved so that if you pay off the loan early, you will have very few fees to pay. To get started, please contact us online or give us a call at 1-815-436-4242. We would be happy to help!
