How To Qualify for Same Day Installment Loans Online
Anytime you search for installment loans online you need to know what it takes to get approved by the lender. At times, the amount required for paying off the debt or come out of the emergency is quite big, due to which the processing time taken by the traditional lenders is more than expected. Overcoming such a situation usually calls for a loan that is required today itself and this is exactly when the same day installment loans online proves to be handy. When you apply for installment loans online you will take a single lump sum in the form of an advance, which is the same as a payday loan. However, the difference is that you can repay it over multiple payments instead of doing so all at once. Therefore, an installment loan, even if it is online, is payable as per a fixed schedule, let us say, a certain amount that is paid monthly on installment loans online. However, each fixed amount that you repay includes accrued fees as well as interest. After some payments, the original debt or principal decreases bit by bit. Nevertheless, just like a payday loan, most same day installment loans online are taken for fulfilling a suddenly arisen unexpected expense or paying off the monthly bills.
Same Day Installment Loans Online require good credit!
Unlike traditional online lenders, the online lenders of installment loans provide you the freedom to repay the full amount at any time, without charging extra fees or penalties. Nevertheless, you can even choose to repay over time without any kind of prepayment penalty. Most online lenders make it quick and hassle-free for you to apply for the same day installment loan online. You only have to spend a few minutes in filling an application form on the lender’s official site after which, if all details are verified as right, the processing takes place quickly to credit your bank account with the demanded amount. Before processing, the site owner or the accredited lender collaborated with that company contacts you to verify the details of your online installment loans and discuss in detail about the loan application. However, before you fill the form and apply for different online installment loans, there are some eligibility criteria for you to fill so that you legally qualify for installment loan to be received on the same day of application.
For quick and easy approval, you have to meet a few requirements that are common, regardless of the online lender you choose. These requirements act as evaluation criteria for the lender to evaluate your application and find out whether you are eligible for the amount requested on each of the installment loans online, as per the prefixed criteria. Both the loan terms and approval are based on criteria or factors such as state of residence, past loan history, direct pay deposit, and income. For eligibility, you need to:
• Be above 18 and be able to prove your identity
• Have a legal identification card
• Have an open and active checking bank account that allows for direct deposit in order to fund your installment loan
• Have a fixed source of income or be actively employed-most online installment loans will require at least $1500 a month
• A valid phone number and email address to contact if your installment loan falls past due
• Give correct and complete details at the time of filling the online application, such as bank account number, contact information, and income amount for proper identification
You may wonder why bank account details are need but that is specifically for crediting the loan amount. When your online loan application is approved, the money is credited directly to your bank account within maximum 24 hours of the approval. This happens via electronic transfer. Although the time of transfer varies from lenders that fund installment loans online to another, the same-day transfer is possible before 5:00 PM (EST) on any business day, to give you money sooner. The approval is notified to you through an e-mail, which is why a valid e-mail address is required.
Eligibility Criteria for Bad Credit
The above criteria are also applicable for those who have bad credit scores. Take into consideration, that most installment loans online will require good to great credit. That doesn’t mean you can’t find some installment loans online with decent credit but it will definitely be more difficult. However, the lender must be willing to offer bad credit installment loans, which is mostly seen on the home page of its official site.Approval Limit Most online lenders follow this policy: Up to $1,500 for first time borrowers and then up to $5,000. However, these limits may vary from lender to lender, as per the local federal rules.