What is an Installment Loan?
An online installment loan is payable regularly throughout a defined period of time instead of as a lump sum. There is a choice between monthly, bi-monthly or bi-weekly payments.
Is an online installment loan unsecured?
These are fax-less unsecured personal loans that do not require pledging your assets. Installment loans also require payment of interest as a proportion of the principal amount as well.
Do online installment loans have credit checks?
Online installment loans do not have stringent credit checks. They are often marketed with no credit checks which is false. No credit check means no hard credit check.
What is a no credit check installment loan?
Basically the lender looks at your previous defaults, address and income. From these 3 items the lender can decide if they want to lend to you with an online installment loan.
What is the length of an online installment loan?
A borrower may choose among several types of loans depending on repayment options, a period of borrowing and other factors. A cash advance loan may be chosen if a borrower wants a small amount for a period shorter than three months.
However, if you require a loan for more than three months and prefer paying in smaller regular payments, an installment loan can be the right choice for you.
The payment day may also be structured to coincide with your payday. However, these loans are different from payday loans as payday loans are repaid in full rather than in installments.
How to Find a Trusted online installment lender?
To obtain an installment loan, one may choose to go through a traditional lender. However, traditional lenders often reject a loan application solely based on bad credit.
Alternatively, a person may choose to obtain a loan from an installment loan direct lender.
Do you go to direct online lenders?
Our network of trusted direct lenders grants hassle-free loans even to people with poor credit. Online direct lenders provide a lending source to obtain quick cash as soon as by the next business day. The process to obtain such poor credit loans is simple.
How to Apply for Installment Loans Online?
Fill out the online installment request form
Fill up the loan request application form with all the necessary personal details. This includes the loan amount, your preferred repayment method, and repayment frequency. Yes, in case you did not know, such form can also be filled up online with an online direct lender.
Wait for approval from the lenders
Here in Purple Payday, we can connect you to a trusted lender who will give you an instant approval installment loan in as fast as 15 minutes upon submission.
Get funds deposited into your bank account
After approval, the lender will directly disburse the loan funds to the borrower’s bank and/or checking account within the day.
You can use an online installment loan for anything
The funded loan amount comes with no restriction. Hence, feel free to use it on any personal purpose such as for utility bills, hospital bills, matriculation fees, etc. It is a hassle-free process and our only requirement here on Purple Payday is your commitment to repay our quick loans online on time.
Why Choose our Installment Loans Online?
As a financial service connecting borrowers and lenders, we can help you get connected to a direct lender. We are a trustworthy source of funds and keep customer information confidential. We use industry leading security to ensure that your information is protected.
Feel free tap into our network of trusted lenders using a simple and fast loan request application form. There are several benefits you will receive from our services.
One of which is the access to a network of trusted lenders and it is our job to connect you to a lender who will provide you with quick loans online.