You want to quickly and easily get the money you need when facing a financial emergency. Obtaining a loan from someone other than a lender could lead to frustration, delays, and headaches before you get the cash you need. Is that to say you should go to a payday lender? Is it better to get installment loans from a direct lender? Before discussing which option is best, let’s define what “direct lender” means.
Every company that offers to lend money may not be lending their money. They may not approve or review your request for loan approval. They may take your application and give it to others who will work to get you cash. A company that forwards your application to more than one party is not a direct lender. Direct lenders manage all aspects of the loan process. You are the only one who will review, approve and deliver your loan.
You can apply for an installment loan online or in person at a physical location in your state.
You can apply for an installment loan online in some states. The online procedure is straightforward! Fill out the installment loan application completely. This only takes a few minutes. Get a decision right away. If approved, funds will be directly deposited into your bank account by the next business day, or you may be able to pick up cash at a store near you if you live in your state!
Most no-credit-check payday loans require you to go to the lender’s location, fill out a loan request, and then wait for your money if approved. This significantly reduces your chances of borrowing the funds needed to recover your financial situation.
However, some lenders like PaydayMint only conduct what is known as a “soft” inquiry, which does not affect your credit report. The sooner you repay the loan, the better your chances of improving your credit score than before you got the payday loan!
Installment loans for people with bad credit are indeed available at PaydayMint. However, you must do your homework, shop, and compare several options. Each lender has different eligibility requirements, so look into which ones you might be able to get with bad credit. With your installment loan, you can anticipate a higher interest rate and possibly additional loan fees, such as origination fees.
Yes. The longer your term, the lower your monthly payments will be, but the more interest you will pay over the life of your loan. Similarly, a shorter-term length means you’ll pay more toward your loan each month, but you’ll pay less interest. Understanding how your monthly payment will affect whether you choose a short-term or long-term repayment period is critical.
The monthly installment fees are determined based on the loan amount, loan fees, and loan terms. Before finalizing your installment loan, you can view a detailed payment schedule.
Installment loans from PaydayMint are available in some states if you need money quickly to cover an emergency or unexpected expense. An installment loan can be a good option when you need cash immediately but are concerned about repaying it on your next payday. If you prefer, you can repay your installment loan all at once, as you would a traditional payday loan, which may save you interest and fees (where applicable).
A line of credit is the primary option if you need to borrow money but do not want to take out an installment loan. These loans, also known as revolving loans, generally allow you to borrow multiple times until your credit limit is reached. You could, for example, borrow using a credit card or a home equity line of credit (HELOC).
There are several similarities between installment loans and credit lines. Your credit score influences your interest rate and borrowing costs with either type of loan. In general, better credit results in a lower APR and possibly lower origination fees. Furthermore, either type of loan may allow you to pay off your balance early—ensure you are aware of any prepayment penalties before doing so.
Your credit score will suffer if you default on an installment loan. When your credit score falls, lenders view you as a higher risk. As a result, you may not qualify for the best rates and terms on future loans — if you can even qualify for another loan. If you use something of value to secure your installment loan, the lender may be able to seize the collateral you provided.
Yes. Anyone is eligible to get an installment loan at PaydayMint. We cannot, however, guarantee installment loan approvals. If you have bad credit and need a loan with no credit check, fill out and submit the loan application. You might be surprised to learn that approximately 80% of all applicants are approved regardless of their credit score.
Applying for an installment loan is a simple process that usually requires only information about your income, personal identification, and checking account information. If the installment loan company wants to check your credit score, you may also be required to provide your Social Security number. After submitting your application, you will get feedback within minutes. Once the loan is approved, borrowers can get funds as soon as the next business day.
Vernon Tremblay, a graduate of Ohio State with a Bachelor of Arts, Founded PaydayMint in 2010. Vernon has written about personal finance and has covered credit cards in-depth for over ten years. Vernon writes about how you can quickly get payday loans, loan consolidation, and emergency loans as his primary expertise. If when he's doing nothing but writing, he's spending money on comics and is the host of a comic industry podcast.