Types of Quick Online Installment Loans

Installment loans are lump sums of money you can get from lenders and pay back in fixed monthly payments of principal and interest, making them easy to budget for. Today, online lenders offer installment loans that can get you fast funds. There are several types of quick loans available, and each may be suited for different purposes. In this article, we’ll cover three of the most common online installment loans with instant approval to help you when you’re shopping for an installment loan.

1. Personal installment loans

Personal installment loans are a broad type of personal loan that can be used for nearly any purpose. For instance, borrowers often use these to establish an emergency fund, make major purchases, or consolidate and refinance debt. Personal installment loans are generally unsecured, meaning they don’t require collateral.

Many online personal lenders consider your credit score, but some also look at other factors like income and employment history when making an approval decision. This means you can still get approved for a personal installment loan with poor or fair credit.

2. Mortgages

Mortgage loans are a form of large installment loan used to buy a house. With these loans, your house serves as the collateral for the loan. Mortgages can come with variable or fixed rates and usually last between 15 and 30 years. There are several types for different kinds of borrowers.

For instance, private mortgages are designed for borrowers with higher credit scores, whereas some government loans are usually available for people with lower credit. To get a mortgage, you’ll need to put a down payment on the home you’re buying. Most mortgages will require a 20% down payment, but some government loans may let you get away with a smaller amount.

Despite the size of mortgages, many online lenders let you prequalify for, apply for, and close on a mortgage entirely online by uploading documents on their website.  Most let borrowers complete some of the process in person as well.

3. Auto loans

Auto loans are a large type of installment loan designed to finance new and used car purchases. You’ll use your car as collateral to secure the loan. Many auto loans come with fixed interest rates and last between 5 and 7 years. They’ll often require a 20% down payment on the car to get the loan.

Like mortgages, online auto lenders make it possible to apply for and close on an auto loan from the comfort of your own home. You’ll just have to upload documents and sign the paperwork on the lender’s website.

Get an installment loan online

Whether you’re buying a home, getting a new vehicle, or need a personal loan to cover a large expense, you can get installment loans online quickly. These loans often come with easy applications, and you may be able to get the funds as quickly as the same day you apply. With that in mind, make sure to shop around for different loan offers before moving forward with one. This will help ensure you get the right installment loan for your needs and budget.

Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.