Installment Loans in Fontana, Wisconsin

What are Installment Loans?

An installment loan is a type of loan that allows borrowers to repay it over an extended period in fixed, regular payments. This is different from payday loans, which require borrowers to repay the entire loan amount in one lump sum typically on their next payday. Installment loans are regulated under state law, with Wisconsin allowing licensed lenders to offer installment loans to borrowers.

How to Qualify for an Installment Loan in Fontana, Wisconsin

To qualify for an installment loan in Fontana, Wisconsin, you must meet certain requirements. These typically include being a legal resident of the state, being at least 18 years old, having a stable income source, and having an active checking account. To determine if you qualify for an installment loan, you must complete a loan application and undergo a credit check. Credit scores are usually not as important as having a steady income and the ability to repay the loan, but having good credit can help secure better loan terms.

The Benefits of Installment Loans in Fontana, Wisconsin

Installment loans offer several benefits to borrowers in Fontana, Wisconsin. For one, they are more flexible than other types of loans, with borrowers having the ability to repay the loan in fixed installments at regular intervals. This means that borrowers can budget, plan, and manage their finances better while repaying a loan. There are also various loan amounts available, allowing borrowers to choose an amount that works for their financial needs. Installment loans are, however, often associated with higher interest rates, so borrowers must still assess their ability to repay the loan before taking on debt.

Qualities of Good Installment Loan Lenders in Fontana, Wisconsin

Finding a reliable installment loan lender in Fontana, Wisconsin is essential. To select the right lender, borrowers must evaluate various elements. One of the critical qualities of a good lender is transparency in lending. This includes clear disclosure of terms and fees, interest rates, and repayment schedules. It’s also important for the borrower to assess whether the lender offers flexible payment options, including early repayment options, loan refinancing, and top-up options for existing loans. Another quality of a good lender is customer service and support. A reliable lender should offer borrowers support throughout the loan application and repayment process, addressing any questions or concerns they may have.

Interesting Facts and Statistics About Installment Loans in Fontana, Wisconsin

• In 2020, the Wisconsin state legislature enacted Act 17, which increased the maximum loan amount from $1,500 to $2,500 for installment loans.
• According to a survey conducted by the Pew Charitable Trusts, two-thirds of installment loan borrowers reported receiving a loan for an unexpected expense, while only 16% indicated that they took out a loan to cover a bill or expense that they couldn’t afford with their income.
• The average installment loan size in Wisconsin is $878, according to data compiled by the Wisconsin Department of Financial Institutions.

Apply Now

If you’re looking for an installment loan in Fontana, Wisconsin, TheGuaranteedLoans can help connect you with a licensed lender in our network. Please note that we are a connector service and not a direct lender, so you will be connected with potential lenders who will assess your loan application based on their internal criteria. Before applying, we encourage you to take the time to understand the loan terms, repayment schedules, and any fees associated with the loan.