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Direct Lender Installment Loans

Online Installment Loans are loans with fixed installments and lower interest rates.

Installment loans are various commercial and personal loans. But all of them are united by one idea – any installment loans are paid in equal payments every 2 or once a month. The repayment of each of these payments consists of the loan amount and the interest rate for using the loan.

The amount of the payment is determined by the total loan amount, the interest rate, and the duration of the loan repayment.

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What Installment Loans direct lenders offer

Installment loans include such common loans as mortgages, individual loans, and car loans. All these loans have a fixed interest rate. The fixed interest rate is known in advance before signing the loan agreement. However, it does not change during the loan repayment period. But a mortgage loan can change its interest rate while the loan is being repaid.

This way, you won't be late on installment loan payments. After all, you know in advance the amount of payment that you will pay.

What types of installment loans from direct lenders are available?

Installment loans are divided into:

Secured installment loan. This type of loan is secured by some valuable collateral. These include mortgages (collateral is real estate) and car loans (collateral is a car).
Unsecured installment loan. This type of loan is often referred to as individual loans. You don't need collateral here, but you need to have a good credit rating to get this type of loan. Therefore, the lender will need information about your income.

For this reason, unsecured installment loans have higher interest rates. And because of higher interest rates, many borrowers risk not paying back such a loan. But on the other hand, if the borrower does not return the secured loan, they will lose valuable property.

How to get and pay off installment loans?

To get an installment loan, you must apply. In the application, you must fill in your data, monthly income, Bank account, and the reason why the borrower takes out the loan. The lender needs this information to determine the borrower's ability to pay. If the borrower has insufficient earnings, the lender will refuse to get a loan. You should fill out the application honestly. Otherwise, you risk falling into debt. After all, the lender is counting on you based on the data that you specified in the application.
After accepting the application, the lender informs the borrower about the amount of the initial payment, the duration of the loan payment, the payment schedule, and the amounts for these payments. If you are not satisfied with something at this stage, you have the right to refuse and not sign the contract.
Then the borrower will make the necessary payments with the already known amount at a certain time. The borrower can save on interest and pay the payment in advance. However, some lenders may issue a penalty for early repayment. Therefore, to avoid a fine and save money, check this information with the lender in advance. Also, ask the lender all your questions. This is important to do to find out if you understood everything correctly.

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Pros and cons of installment loans from direct lenders

Every medal has it is reverse the same with installment loans. The disadvantage of installment loans is the long repayment period of the loan. If you have taken an installment loan, you will have to pay it for quite a long time. So you may get tired of paying off the loan.

Installment loans have lower interest rates compared to other loans. The borrower can choose the installment loan completely for their needs. Therefore, using installment loans, the borrower is unlikely to be able to delay payments. Other loans can often change the interest rate. For example, credit card loans. Also, other loans do not have fixed loan repayment terms. This way, you may end up in a debt hole. Installment loans have fixed interest rates and payment terms, so you may not end up in a debt hole.

Material disclosure

APR Disclosure. Some states have laws limiting the Annual Percentage Rate (APR) that a lender can charge you. APRs for cash advance loans range from 200% and 1386%, APRs for installment loans range from 6.63% to 225%, and APRs for personal loans range from 4.99% to 450% and vary by lender. Loans from a state that has no limiting laws or loans from a bank not governed by state laws may have an even higher APR. The APR is the rate at which your loan accrues interest and is based upon the amount, cost and term of your loan, repayment amounts and timing of payments. Lenders are legally required to show you the APR and other terms of your loan before you execute a loan agreement. APR rates are subject to change.

Here's a quick example:

You borrow $1,000 with an APR of 3% over 3 years (assuming an annual APR calculation).
Year 1 interest: 1,000 x 0.03 = 30 and 30 + 1,000 = 1,030
Year 2 interest: 1,030 x 0.03 = 30.9 and 30.9 + 1,030 = 1061
Year 3 interest: 1,061 x 0.03 = 31.83 and 31.83 + 1,061 = 1,092.83 In total, you'll pay back $1,092.83 at the end of the finance period.

For peace of mind, and to ensure you know what you're going to pay, ask your lender exactly what fees are included in the APR figure they offer you.

Material Disclosure. The operator of this website is not a lender, loan broker or agent for any lender or loan broker. We are an advertising referral service to qualified participating lenders that may be able to provide amounts between $100 and $1,000 for cash advance loans, up to $5,000 for installment loans, and up to $35,000 for personal loans. Not all lenders can provide these amounts and there is no guarantee that you will be accepted by an independent, participating lender. This service does not constitute an offer or solicitation for loan products which are prohibited by any state law. This is not a solicitation for a particular loan and is not an offer to lend. We do not endorse or charge you for any service or product. Any compensation received is paid by participating lenders and only for advertising services provided. This service and offer are void where prohibited. We do not control and are not responsible for the actions of any lender. We do not have access to the full terms of your loan, including APR. For details, questions or concerns regarding your loan please contact your lender directly. Only your lender can provide you with information about your specific loan terms, their current rates and charges, renewal, payments and the implications for non-payment or skipped payments. The registration information submitted by you on this website will be shared with one or more participating lenders. You are under no obligation to use our service to initiate contact with a lender, register for credit or any loan product, or accept a loan from a participating lender. Cash transfer times and repayment terms vary between lenders. Repayment terms may be regulated by state and local laws. Some faxing may be required. Be sure to review our FAQs for additional information on issues such as credit and late payment implications. These disclosures are provided to you for information purposes only and should not be considered legal advice. Use of this service is subject to this site’s Terms of Use and Privacy Policy.

Exclusions. Residents of some states may not be eligible for some or all short-term, small-dollar loans. Residents of Arkansas, New York, New Hampshire, Vermont and West Virginia are not eligible to use this website or service. The states serviced by this website may change from time to time, without notice.

Credit Implications. The operator of this website does not make any credit decisions. Independent, participating lenders that you might be connected with may perform credit checks with credit reporting bureaus or obtain consumer reports, typically through alternative providers to determine credit worthiness, credit standing and/or credit capacity. By submitting your information, you agree to allow participating lenders to verify your information and check your credit. Loans provided by independent, participating lenders in our network are designed to provide cash to you to be repaid within a short amount of time. The short-term loans are not a solution for long-term debt and credit difficulties. Only borrow an amount that can be repaid on the date of your next pay period. Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans. Late Payments of loans may result in additional fees or collection activities, or both. Each lender has their own terms and conditions, please review their policies for further information. Nonpayment of credit could result in collection activities. Each lender has their own terms and conditions, please review their policies for further information. Every lender has its own renewal policy, which may differ from lender to lender. Please review your lender’s renewal policy.