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Installment Loans

What Is an Installment Loan and How Does It Work?

By June 1, 2022June 24th, 2022No Comments
What Is An Installment Loan?

What is an Installment Loan & Examples?

You may obtain the money you need now with an Installment Loan, and you can pay it back over time. Installment Loans are longer-term personal loans that range from two to twenty-four months in length, depending on your state. Installment Loans are available in most states, both in-store and online.

What’s the difference between a Payday and Installment Loan?

Understanding the distinctions between payday and installment loans will assist you in determining which is the best match for you. A payday loan, sometimes known as a cash advance, is a short-term personal loan for which you pay a one-time charge depending on the amount you borrow. Payday Loans are great for filling up the gaps between paychecks or dealing with unexpected bills.

In-store or online installation loans are usually bigger loans with a more extended repayment period. These loans enable you to borrow a more considerable sum of money and return it over a more extended period. Customers who choose to pay in installments over time will benefit from these.

Why choose Oak Park Financial?

Installment Loans allow you to repay your loan in a method that best suits your circumstances, with extended payback terms available. This implies you’ll be able to repay the loan over time in several installments.

We’re a state-licensed business. Therefore we abide by all state and federal regulations.

There are no surprise charges or hidden expenses when taking out an Installment Loan since all rates, conditions, and fees are clearly stated in the contract.

Oak Park Financial provides what sorts of loans?

Traditional short-term installment loans are available via Credit Central, with amounts and periods varying depending on the stage of operation. An installment loan is repaid in a defined number of equal monthly installments over a given period.

Different Types of Installment Loans

Installment loans are typical for unsecured personal borrowing. These loans are available from various sources, including banks, credit unions, and internet lenders

  • Auto loans: When you buy a car, your monthly payment is usually set for the duration of the loan.
  • Installment loans for home purchases include 30-year fixed-rate mortgages and 15-year mortgages.
  • Home equity loans: A second mortgage allows you to get cash in a lump sum and pay off the obligation over time.
  • Loans for students are often offered in the form of interest-only installment loans. If you borrow money more than once, you will most likely have many loans.
  • Other loan types: Installment loans come in a variety of forms. RV loans, fertility loans, dentistry loans, and landscaping loans all fall under the category of installment debt.

How can I apply?

You’ll need a government-issued ID, proof of income, a bank account, and social security number verification evidence to apply for an Installment Loan. State regulations differ. Click here to go to your state’s website for detailed information.

What is the requirement to get approved?

The following items are required to apply for an Installment Loan:

  • Identification from the government
  • An open bank account,
  • evidence of recent earnings,
  • a valid SSN,
  • For Online Loans, you need an active email address.

How will the funds be deposited into my account?

Whether you completed your application in-store or online, you have a few different choices for receiving your funds. You may get cash or a check as soon as you’re accepted and sign your loan papers in person for an in-store Installment Loan. If you apply for an Installment Loan online, your funds may be sent immediately into your bank account the same day.

What are some of the advantages of taking out an Installment Loan?

This loan gives you the funds you need right now, with the option to make monthly installments depending on your pay cycle. Furthermore, the application procedure is simple and fast, with the opportunity to apply in person and online (depending on your state).

What is the maximum amount of money I am eligible to receive?

Installment, The size of the loan varies depending on the state. We utilize your personal information to establish a loan amount suitable for you when you apply for a loan

Is collateral needed for an Installment Loan?

For an Installment Loan, no collateral is needed. To complete your application, we just need your government-issued identification, proof of income, a checking account, and social security number verification. Please go here to find the papers you’ll need to complete your application

FAQ’s

How can I apply for an Installment Loan in-store or online?

Only a few states provide both in-store and online installment loans. View your choices by entering your zip code to check whether Installment Loans are available in your state

Do I need good credit for an Installment Loan?

Oak Park Financial considers customers of all credit categories. We’ll check third-party data sources to verify credit for Installment Loans.

What is the procedure for applying?

You may apply in one of three simple ways. Select one of the following three methods to use with your picture ID and social security number in hand:

Using the internet, Fill out our short online application to begin your inquiry.

In-Person — Visit an Oak Park Financial branch near you and fill out an application with a friendly employee.

Call your local Oak Park Financial branch to talk with a helpful person who will walk you through the application process over the phone.

Is it possible for you to make a loan via the internet

We do not provide online loans because we believe in providing a customized experience for our clients; however, you may begin your loan application online.

What’s the best way for me to pay back my Installment Loans?

Your Installment Loan will be repaid by automatic withdrawal from your bank account or cash payment at your location on each installment due date, which usually follows your pay dates. Depending on your state, repayment might take anywhere from 3 to 36 months and is generally scheduled around your pay date.

How often do I have to make repayments on a loan that I’ve taken out?

Loan installments are usually made on the same days as your paychecks. We’ll review the particular due dates and amounts related to your loan during the application process to ensure you understand the conditions before signing.

Is it possible for me to pay off my loan sooner than expected?

Yes. Paying up your loan early incurs no penalty, which may lower your total loan cost.

Do they check my credit?

We’ll check third-party data sources to verify credit for Installment Loans and extended-term loans.

 

Taylor Day