How Installment Loans Work

If you are facing unforeseen expenses or require quick cash for another purpose, an installment loan might be the solution for you. They are particularly beneficial for those that wish to spread the cost over an extended period of time, as repayments are made in regular installments instead of one lump sum which is the case with payday loans.

The amount you can borrow is also flexible, ranging between a few hundred dollars up to a few thousand, depending on state regulations and your financial situation. No collateral is required.

48Loans.com offers a fast an efficient online service, that could see you walk away with a loan really fast. Here's how it works:

Decide Whether An Installment Loan Is Right For You

Once you have read and understood all of the information on this site you need to make an honest decision about whether an installment loan is for you. Does it suit the type of situation you are in? Is your income level likely to change for the worse in the near future? Do you have any other outstanding debts that may impede your ability to make repayments?

Remember taking on a loan is an important financial obligation and you must weigh up the pros and cons before proceeding. Failure to repay what is owed might result in extra charges and will negatively affect your credit score.

Double Check If You Meet The Requirements

  • You are over 18 years of age and are a legal US citizen in the state you choose in your application.
  • You have a steady and verifiable source of income, such as employment or self employment.
  • You are not intending to file for or currently going through bankruptcy proceedings.
  • You have a fixed address where you can be contacted.
  • You have a regular checking account or other form of bank account that will accept or deposit and withdrawals.

The Process

To submit a request all you have to do is fill out our form with all of the required information and, if matched, you will then be connected to one of numerous lenders in our network. To fill in the form, you will be asked to choose your desired loan amount and duration, and provide personal information such as your name, date of birth, social security number, address, phone number, income and employment details, and bank account details.

This can be completed in as little as 3 minutes and once you hit 'submit' you may receive almost instant approval from one of our lenders. The computer system simply checks your information against the public records and makes a few calculations based on your income details.

At this stage you will be presented with an offer which you can accept or reject and walk away with no obligation. If you choose to accept, the loan terms will be clearly presented to you and if you agree you will be asked to digitally sign the agreement.

Your bank account will then be credited with the cash in as soon as 1 business day. This excludes weekends and occasions when banks are closed nationwide.

While some lenders require no faxing of documentation, in some circumstances they may need to contact you by phone or another method to further verify the information in you have submitted.

Furthermore although lenders may perform credit checks, having bad credit itself will not necessarily result in a rejection.

Repayments and Duration

The loan term is the duration at which the loan is set. This can be as little as a few months up to 3 years depending on state regulations. This period will be split in to repayment dates (usually monthly or bi-weekly) where you will make repayments of an equal amount until the principal and interest is paid off. Installments will be automatically taken from the bank account you designated in the application with the lender.

The full schedule, amount due in each installment and the amount of interest is fully outlined in the agreement, which you'll always have access to. It is a legal requirement for lenders to make this available.

If a lender has an early repayment policy and you opt to repay the principal in full with several installments still to go, you may not have to pay any of the interest that would have been applied to those payments.

Failing To Make Repayments

It is important that you keep to the loan schedule and make all repayments as outlined in the agreement. Missing a payment or completely defaulting on the loan may result in added charges and interest for as long as the debt is outstanding. Lenders in our network reserve the right to begin collection proceedings against you as per state regulations, and your failure to pay will be noted on your credit record, making it more difficult to obtain credit in the future.

If you are struggling to make repayments or believe you will miss the next repayment you must contact the lender right away to resolve the situation. Depending on state regulations they may offer you a loan renewal or extension.