What are online installment loans?

Installment loans are the type of loans normally repaid with a fixed number of regular and equal payments done over a period of time that may be from as short as a few months to several years.

The payments are usually amortized in order to include certain amounts of interest and principal that are calculated over a given number of months. Compared to other online products installment loans are paid back over a longer period of time.

What can I use installment loans for?

If you are looking to take an installment loan in order to perhaps repair your car or consolidate your existing debts, you should ensure that you choose one that is right for you.

The following are some of the things an installment loan can assist you in taking care of:

  •   Car Down payment – When you are looking to buy a car, you will be required to provide a down payment in most cases. Instead of opting for other expensive means of funding for the down payment, you can take an installment loan in order to cover the auto loan
  •   Taking Care Of A Medical Bill – In case you have a huge medical bill that needs to be repaid, then an installment loan can come in handy and help you clear the bill in a lump sum.
  •   When faced with an Emergency – When faced with an emergency that needs your immediate financial attention like a car repair, then an installment loan will be your best bet since it can be repaid in small and manageable units.
  •   Consolidating Your Debts – If you happen to have unsecured debts, then an installment loan is the best way of ensuring these debts are paid in full with a regular payment scheme that is easier to manage.

How do I repay an online installment loan?

These loans are also structured in a way that the lender is always assured that the loan will be repaid comfortably.  Once your loan has been approved and the money sent to you, your interest obligations will begin to accrue periodically at a specific rate. These loan products have monthly payments. The interest rates and rates and terms will be provided by the OakPark Lender.

In cases where you fail to repay an installment loan, then your interest will simply accrue; meaning that you will be required to repay more than you had applied for.

Can I apply for a bad credit installment loan?

Yes if you have bad credit you can always apply for an installment loan. We have many lenders that may lend to you and as there is no hard credit check it is easier than a personal loan from a bank. Other financial institutions need your credit scores during the application process.

You can also call customer service on 769 664 0426 to apply.

Do installment loans have no credit checks?

Installment loans come with soft credit checks and these loans are often seen on the internet as having “no credit checks”. The fact is that you will be check out by the lender but not in an extreme way.  You can never guarantee a loan to everyone and to think otherwise would be deluded.

What are the advantages of applying with OakPark?

Borrowing an installment loan from Oak Park Financial is a great way to start planning for a better tomorrow. Keep reading to find out why Oak Park Financial installment loans are different as compared to other lenders.

  •   Quick Approval Process – As soon as we receive your installment loan application at Oak Park Financial, rest assured that it will be processed and approved within the shortest time possible and the funds electronically sent to you the next business day.
  •   Choose Your Repayment Terms – Once we have approved your loan for a certain amount and you have agreed on the amount to borrow, then you can use our feature that is designed to let you choose the appropriate repayment dates that will be ideal for you. The loan amounts offered will depend on your current state of residence.
  •   Get A Chance To Build Your Credit – At Oak Park Financial, we may report your loan repayment to credit bureaus; hence help you in building your credit history.

What is the difference between payday and installment loans?

The difference between payday loans and installment loans is primarily on how they are repaid.

  • Payday loans are usually repaid in one lump sum that is equal to the amount you borrowed with the additional fees on top of it.
  • Installment loans, on the other hand, are supposed to be paid back over a period of time in equal payments, usually done on a monthly basis.

How much money can I get with an online installment loan?

Unlike other types of loans, installment loans are characterized by higher loan amounts that can go a long way in assisting you to cover unexpected and costly expenses. The loans can range from $200 to $5500 or even more if your credit is good. Credit cards are a comparable product in terms of interest.

Are online installment loans fast?

Online installment loans can be applied in the comfort of your home and their approval process is relatively faster as compared to the traditional methods.

Approval can be done in just a matter of minutes; hence giving you a chance to take care of any emergencies that need your immediate financial attention.

Are online installment loans better than storefront loans?

Most traditional lenders tend to work only during business hours. This means that they might not always be there whenever you have an emergency that needs your immediate financial attention. You just need to search for loans near me on google.

With an online installment loan, you do not have to wait until the next morning for the bank to open, all you will need is just a computer and the internet and you can apply for the loan at any given time.

Conclusion

Installment loans can offer you a solution whenever you are in need of immediate cash because of their flexible terms of repayment.

However, it is advisable not to think of refinancing them in order to extend the repayment period since this will only contribute to growing your debt burden.

Copyright © 2020 Oakpark | All Rights Reserved