Small Installment Loans Online from Direct Lenders!

Small installment loans are a form of unsecured loans. This means the loan amount is low, so you do not need collateral to secure the loan, nor do they require an appraisal for approval. These loans are created by private companies to help individuals with small budgets take out short-term loans that can be used for specific purposes within a limited time period. Some of these purposes may include paying off existing debts or paying unexpected bills that may be due in less than one month.

Unlike a personal loan, small installment loans are not long-term financial obligations that require a set repayment schedule. They are a form of a fast cash loan that can be repaid in less than one month. These loans only require the borrower to pay the interest due each month until the original principal plus interest has been paid off in full. Because these loans can be used for short-term needs, there is no need to set out a specific amount of money to repay each month. They are sometimes referred to as payday installment loans because they can provide you with instant cash in your bank account in less than 24 hours.

The time frame attached to small installment loans may vary based on what type of loan you take out and what company issues it. Due to state regulations, several states have laws in place on how small installment loans may be offered. If not, the company issuing the loan makes their own decisions on who they will allow borrowing money, based on the type of loan you are applying for.

Keep in mind that if you are approved for small installment loans, they are designed for short-term needs only. Once the need has been paid off or met, your loan term will end, and you must either come up with another payment plan or repay the full cost of the loan amount at that time.

Some of these states have placed limits on how many specific companies can charge their clients for borrowing money. Some limitations include charging a maximum specific interest rate per month.

What Are Small Installment Loans?

How do small installment loans work?

They are sometimes referred to as payday installment loans because they can provide you with instant cash in your bank account in less than 24 hours. The time frame attached to small installment loans may vary based on what type of loan you take out and what company issues it.

Due to state regulations, several states have laws in place on how small installment loans may be offered. If not, the company issuing the loan makes their own decisions on who they will allow borrowing money, based on the type of loan you are applying for. Keep in mind that if you are approved for small installment loans, they are designed for short-term needs only. Once the need has been paid off or met, your loan term will end, and you must either come up with another payment plan or repay the full cost of the loan amount at that time.

Why Might I Want A Small Loan?

Even though you are not required to pay back the full amount of money you took out for a small installment loan, most lenders only issue loans in amounts less than $2,000. This means protecting your credit record is important when borrowing money from anyone, not just small installment loan companies. The reason for this is that if you are approved for a small installment loan, this is considered an unsecured loan.

Unsecured loans are considered high risk because there is no cash collateral to back the loan, and they typically require some sort of appraisal before they can be approved. These loans are designed for short-term needs only, and some states have laws in place that limit the interest rate on some types of unsecured loans.

Let’s Talk About Small Installment Loans.

Small installment loans might be as small as a 500 dollar loan. If it is that small, you may only need to break it up into three payments.

Yes, you can get a loan like that. There are 90-day installment loans that can take as little as three payments to wrap up.

But it doesn’t have to be that small. You might be talking about something a little larger, but still small. Maybe you are talking about a 2000 dollar loan.

If you need more than you can take care of out of your next paycheck, but you don’t want a long-term obligation, it can be arranged. There are a variety of options, including both unsecured and secured loans.

A secured loan has collateral, like a car title. It will tend to cost less in terms of fees and interest than an unsecured loan.

Good Reasons To Take Out A Small Installment Loan.

You always want to think about what your plan is here. Good debt is debt that leads to a better future. Bad debt is debt that leads to a worse future.

Good debt may solve a problem so things are less expensive in the future. For example, covering medical expenses so your health doesn’t get worse.

Good debt may solve a problem to protect you against worse problems. For example, covering car repairs so you can keep getting to work and don’t get fired.

Good debt may somehow enhance your earning ability. Covering the cost of education or training would fall in this category. Starting a successful business would be another possibility.

Here Are Some Basics You Need To Know.

Like with any loan, you will need to provide a copy of your identification. This will establish that you are a legal adult and a citizen or legal resident. Some common forms of acceptable ID are:

Driver’s license.
State-issued ID card.
Tribal ID card.

Small installment loans may not take much more paperwork than a payday loan. You may only need to provide a pay stub or recent bank statement as proof of income.

Apply Now For A Small Installment Loan at TheGuaranteedLoans

TheGuaranteedLoans is a matching service. We help lenders and borrowers to find each other.

You fill out a single application online with us. We compare it to our database of lenders and loan products. When we find a match, we let the lender know about you and your needs. They get back to you to complete the process.

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FAQ

What is the smallest personal loan you can get?

There is not a specific amount that you can only borrow for a personal loan. The maximum amount is usually determined by the individual lender and is based on your creditworthiness as well as the financial information they have on file for you. Generally, the maximum amount will be less than $2,000, depending on what company issues the loan and what type of loan it is. Personal installment loans typically allow you to borrow more than $2,000, but most lenders require at least $100 in collateral to secure these loans.
Small installment loans are considered unsecured loans because there is no collateral attached to them, and you are expected to repay the entire loan balance from your monthly income.

Where can I get an installment loan with bad credit?

There are a number of lenders out there that may be willing to give you a small installment loan even if you have bad credit. Some offer loans as high as $25,000 and require as little as $1,000 in collateral. However, they may charge more interest than others for this type of loan.
There are some companies out there that try to make it difficult to obtain a small installment loan with poor credit. This is due to how the credit bureaus have categorized your credit score over the years. If your score is low, it may be difficult for these companies to come up with enough information about you to give them the confidence that you will pay them back on time.

What credit score do you need to get an installment loan?

The credit score you need to get a small installment loan will depend on the lender you choose. Each lender is free to set their own standards for who they will lend money to on a personal level. They base this on a number of factors, including your current financial situation and how long you have been dealing with them on a regular basis.

How much cash can I get?

The maximum amount of cash you can receive from a small installment loan will be determined by the lender who issues the loan. It is important to go over all of your finances on an individual basis with each lender before you apply for a small installment loan or any other type of personal loan. This will allow you to know how much money you can actually borrow on an individual basis and how long it will take you to pay it off. Keep in mind that while some lenders may have a minimum credit score requirement, they do not have a maximum score cap, so your scores could potentially change while you are still borrowing money from them.