Installment loans are small unsecured loans typically ranging from $500 to $10,000 and can be dependent on the borrower’s state, as well their credit score, employment and loan history. They are also known as personal or signature loans because there is no collateral required to get approved.
Installment Loans – Resolve Your Financial Emergency
We match people who seek money to resolve their financial emergency to leading money lenders in the country. Apart from traditional installment loans, we also help our customers get installment cash advance loans in a hassle free manner. Installment loans typically range from $1,000 to $10,000. There is neither huge paperwork involved, nor is there a need to fax documents – all you need is to fill up a simple online form on our website. Our lenders will determine instantly if you qualify.
- Loan amount: $1,000-$10,000
- Lending period: 2-60 months
- Payment time: Ranges between once or twice per month
- Typical interest rate percentage: 25-450%
- APR: Will vary based on your repayment history, credit score and other factors.
To be eligible to apply, a customer should:
- Have an open bank account that uses direct deposit
- Be over the age of 18
- Be actively employed or have a regular source of income
- Provide accurate and truthful information when completing the application, including SSN and bank number to allow for proper identification.
To be approved for a loan, you need to meet the requirements of the specific lender with whom you are matched. The lender will evaluate your application and determine whether you are eligible based on their own set of approval criteria. Factors such as income, direct deposit of your pay, past loan history and state of residence may affect the approval and/or terms of your loan.
Reasons to choose us
Iamdetail can help you connect to the right lender instantaneously so that you can get the required money and use it for your urgent financial commitments. Our lenders will support you in every step of the process. You could get in touch with them after getting initial approval and before signing the agreement to ensure you are aware of all the terms and responsibilities of repayment.
Representative APR Range
is not a lender and does not provide installment loans but refers consumers to lenders who may provide such loans. Iamdetail
is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs vary according to the information supplied by you in your loan request and your lender. You will be given the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement in the loan request process.
The APR on installment loans can range from 25% to 450% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on.
Implications of Late Payment
Contact your lender as soon as possible if you are unable to repay your loan on the scheduled repayment date. Your lender will set its own late payment fees in accordance with state regulations. There are several courses of action available to them if your payment is late. For more information about your lender’s late payment procedures please review your loan agreement or contact your lender directly.
Implications of Non-Payment
is not involved in debt collection. All payment issues will be handled directly by your Lender. If you do not make payment, your matched Lender may take legal action against you. Additional fees may apply to you in the event that you are unable to repay your loan. Information regarding your payment history, delinquency or defaults on the account may be reported to a third party consumer reporting agency and may impact your credit rating.
If you do not pay your loan according to its terms, your Lender may:
- Charge you late fees
- Send your account to a collection agency
- Report your information to a consumer reporting agency, which may negatively affect your credit score
- Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest
If you have questions regarding non-payment issues, please speak with your Lender directly.
Iamdetail is not a Lender, and is not involved in debt collection. If you are late or miss a payment on your loan, it is important to contact your Lender immediately. If a payment is missed and you do not speak with your Lender, it is possible your loan will be subject to collection. It is important you understand these terms and conditions, or discuss the process with your Lender directly. Collections practices of Lenders and/or any assignee(s) will be in accordance with the regulations of any applicable local, state, or federal regulations.
Some of the lenders in our network may automatically renew your installment loan if it becomes past due. You should check your loan agreement for your lender’s policy on automatic loan renewal. If your loan is renewed, there will be additional charges as determined by your lender and the minimum term will be 15 days. Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.
IMPACT ON CREDIT SCORES –
does not make credit decisions nor does it ever conduct credit inquiries on potential borrowers. Some members of our lenders network may choose to conduct a credit check in order to determine your eligibility to qualify for a loan.
Installment loan activity generally does not show up on the credit reports you get from the three major national credit reporting agencies (Equifax, Experian, and Trans Union). However there are specialty credit reporting agencies that collect some of your installment loan history. It is possible that lenders may access this information when considering you for future loans.
In addition, if you don’t pay your loan back and your lender sells your installment loan debt to a debt collector, it is possible the debt collector would report this debt to one of the major national credit bureaus. Debts in collection could impact your credit score.