What are installment loans
Installment loans represent a good instrument for those people who, for one reason or another, are looking for medium-term financing. There are endless reasons why someone might need money. For example, to get more comfortable at the end of the month, to face the payment of an unforeseen event, to repair the car, etc. As we see, situations can be diverse, and, most importantly, it can happen to anyone.
We are talking about installment loans because, in effect, these are amounts that will later have to be paid in installments. You may be wondering “how many deadlines?” However, there is no specific answer for this, since it will depend on each lender and its conditions. Of course, there is an aspect that is usually common to all of them in regards to loans to pay back in installments, and that is their periodicity.
This means that the payment of fees is generally monthly, although we can also find that the repayment is weekly, biweekly, quarterly or that they are loans to pay in 6 months, for example. It is not the most frequent, but it could be the case. Therefore, it is best to consult the conditions of online loans to pay in installments.
As for the amounts of the credits to be repaid in installments, these are usually medium. For this reason, they are suitable to be able to face expenses of various kinds, such as the payment of mini-vacations, some home renovation, signing up for a training course, etc. In this way, many families can breathe and make ends meet without so many inconveniences, and all this from the hand of highly flexible instruments such as loans to pay in installments.
Conditions of this financial product
If the financial amount you need is quite high, what interests you without a doubt are online installment loans. Thus, you will be able to return that amount comfortably in the terms that you have stipulated with your lender. On the contrary, if you only need a small amount, in most cases it will be more convenient to repay it in a single payment and thus you can quickly cancel your debt.
The conditions for quick loans to be repaid in months vary greatly from one lender to another. Not only in terms of terms, but also in amount, commissions, etc. Therefore, it is best to use an installment credit comparer like Across Lender. It is a very useful tool that allows you to find the financial product that best suits your interests. Thanks to its complete search engine, it is you who sets the conditions, that is, you decide how much money you need and in how many terms you want to pay it.
In general, quick loans to repay in months are loans to pay without payroll, which means that you do not have to be employed when applying for credit. They are products that are characterized by their flexibility and their requirements are not strict at all. Customers can request from 50 to 5,000 USD in most cases. The return period must be agreed with the lender: they can be several months and sometimes even up to 3 years. Everything will depend on the quantity requested and, of course, on the conditions of the company in question.
Requirements to request an installment loan
The requirements to request an installment credit are very easy to fulfill. For this reason, more and more families are opting for this financing formula. This is in contrast to the demands of traditional banks, so strict that they prevented everyone from accessing a loan. Furthermore, if there is a reason for distinguishing fast loans, it is because they represent the definitive solution to economic problems. There are those who consider them, in fact, one of the great advances of the 21st century.
At Across Lender you have the possibility to find the most interesting installment loans on the market, but remember that it is only a comparator, that is, you must consult the conditions and requirements with each lender. However, we can identify some common requirements for all entities to access mini installment loans, which are usually the following:
- Being of legal age, that is, being over 18 years of age.
- Have an updated and valid DNI.
- Being the holder of a Spanish bank account.
- Have a stable income. This does not mean that it is essential to have a payroll, but it does demonstrate certain financial solvency through an unemployment benefit, a retirement pension, etc.
As you can see, the requirements are very simple and allow anyone, regardless of their personal, work or financial situation, to access the loans to be repaid in installments. It is enough to fulfill these conditions to immediately enjoy the money you need. Remember that Across Lender operates with those entities that offer the maximum guarantees and more facilities to their clients.
Advantages of quick installment loans
Currently, more and more people are encouraged to apply for loans online, especially due to the simplicity of this route, both during the application and when it comes to repayment. Let’s see some of the advantages of installment loans.
- You can request a medium and even high amount. This means that if a payment has arisen that you did not expect, you can face it with the tranquility and comfort that these credits provide. You don’t have to explain why you need the money. Just choose the amount you require and the return period and keep your commitment to pay the installments in the agreed time.
- They are fast paperless credits. One of the biggest obstacles families who want to get financing face is the paperwork. And is that, a few years ago, applying for a loan was synonymous with endless paperwork and long queues and waiting. Fortunately, things have changed and to take advantage of fast loans to pay in installments, it is enough to have a valid ID, a bank account and a document proving stable income. Nothing else. They are documents that everyone has on hand and can be obtained in a few minutes.
- It doesn’t matter that you’re unemployed. If you don’t have a job now and you don’t have payroll, don’t worry because microloans are for you, too.
- They are very fast. Immediacy is one of the main qualities of these credits. First, the application takes a few minutes. Also, normally within 24 hours and if everything is in order, you could receive the money in your bank account to start enjoying it as soon as possible. As you can see, urgent solutions for urgent needs.
- They are within everyone’s reach. The absence of severe requirements makes it possible for anyone to access a loan, regardless of their financial situation.
Installment loans with Financial Credit Institution
Sometimes life does not happen exactly how we would like and circumstances can lead you to appear on a list of defaulters such as Financial Credit Institution. The National Association of Financial Credit Institutions is a credit bureau that allows its members to check if a credit applicant is a debtor with the aim of minimizing the risk that could be derived from this transaction.
Being listed in the Financial Credit Institution, then, implies that the user has debts and is more than enough reason for many banks to deny their loan request. The good news is that there are other lending companies that do allow long-term loans with Financial Credit Institution. What does this mean? Well, even if you appear on a list of defaulters, you can also access financing.
Generally, these are small loans that do not exceed 1,000 USD. Installment loans with Financial Credit Institution offer all the facilities even in the most difficult situations and are perfect for unforeseen and / or urgent expenses.
If you find yourself in a database of bad debts, there is no doubt that the best option is to request money through loans with Financial Credit Institution. There you can compare between the different entities until you find the one that meets the best conditions.
Differences between installment loans and personal loans
In the field of online credits we find various products. To help you better understand how quick installment loans work, take a look at this comparison with standard personal credit. We have selected five variables:
- TAE. How the term of the loan influences the interest rate is one of the most frequent doubts of all clients. To answer this question, you have to resort to the Annual Equivalent Rate. In general, the APR of long-term loans with installments is usually lower than those loans whose repayment is made in a single payment.
- Deadlines. Credits that are repaid in installments often offer longer repayment periods than a standard microloan. To understand what a long-term loan is, it should be noted that it allows a repayment period from 3 months to several years. In contrast, a personal loan usually offers at most one month to pay back.
- Amounts. The amounts of the loans in the installment modality are usually higher, precisely because the payment can be divided. What’s more, these kinds of loans are seen as an intermediate solution between instant loans and mortgages.
- Speed of the process. It is true that fast long-term loans are an effective and immediate solution to financial needs. But it is also true that the process could be a little slower than in the case of personal loans because they require less paperwork.
- Ease of application. Because they are higher amounts, the requirements for installment loans are often more demanding. Of course, long-term loans without payroll, without endorsement and with Financial Credit Institution are a reality and are also available to anyone. It is best to check the conditions of each lender.
Are these types of products safe?
Are the credits with installment returns totally reliable? How will long-term loans affect accounting? These are just some of the questions that may come to all of us at some point in our minds. And it is that sometimes seeing so many facilities may lead us to think that something so good cannot be true.
However, it is reassuring to know that the comparator Across Lender only works with verified lenders. Across Lender is one of the comparators with the best personal loans and credits in Spain and, in fact, its maxims are transparency and clarity. Knowing these data, you will be sure that requesting a credit through these companies that are linked in one way or another to this platform is completely safe.
It is true that there are many scams and fraudulent practices in the loan environment. So if you want to have no scare when requesting your credit to return in installments, the most recommended thing is to put yourself in the best hands, and that inevitably happens by trusting places with great experience such as Across Lender. Enter now and compare to get money fast and easy!