Friday, October 28, 2016

Frequently Asked Questions About Installment Loans

Frequently Asked Questions About Installment Loans


How is an installment loan different from a regular personal loan?


The primary difference is in the flexibility of the repayment schedule. Instead of repaying the entire loan on your next payday, as is most common with short-term payday loans, an installment loan provides the opportunity to borrow more money than you could repay from a single paycheck, and repay it in installments over a longer period of time.

What can I use installment loans for?


The funds you borrow can be used for absolutely anything. Maybe you haven’t had a vacation in five years and just can’t seem to save up the cash without some small or large emergency snatching it away. Maybe your hours have been temporarily cut back and work and it’s gotten difficult to make ends meet. Perhaps you’re facing a costly repair. Whatever the reason, the application doesn’t ask the purpose and nobody will ask – it’s your money and the use is up to you.

Will I qualify? What kind of requirements are there?


Most consumers will qualify for an installment loan! As long as you are a US citizen, at least 18 years old, and have not defaulted on any similar consumer loans, you will almost definitely qualify.

What if I have bad credit?


That’s ok! The lenders who work with First Liberty’s installment loans typically do not use the standard “Big Three” credit bureau’s credit reports. They are aware that many, many people have negative information reflected on those reports due to circumstances that were based on national economic situations and completely out of their control. Even if they went through personal financial difficulties, the credit scores reflect seven to ten years of history, while a person’s personal circumstances can change much more quickly than that.

How much can I borrow?


FirstLibertyLoans.com offers installment loans ranging from $1,500 to $25,000 and the amount you can be approved for will depend on your income.

How long does it take to apply?


The installment loans application is extraordinarily brief, so you can complete it in just a few minutes. Approval is nearly instantaneous, so you’ll know right away whether you’ve been approved for the amount requested.

How long does it take to get the cash?


Approvals are completed in two minutes or less, but since funds are deposited directly into the borrower’s bank account, the process can only be finalized during regular business hours. The deposit will then have to go through the financial institution’s clearing process, which often takes overnight. Generally you’ll have access to your funds on the following business day after they’ve been deposited.