Online Installment Loans – Get Up to $5000 From Direct Lender!

Online Installment Loans – Get Up to $5000 From Direct Lender!
Last Updated 23.11.2022
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Do you want to purchase something expensive but waiting for your check to arrive? Waste no more time and buy the item of your dream with the money of a quick installment loan. It’s okay if you know nothing about the method because we will discuss it all today. It is much different from a cash advance or a revolving credit. Unlike the short-term transactions, here, you get to keep the money for a long time and repay it in divisions. This benefit is what the customers enjoy the most about an online installment loan. In case you are excited to learn more, delve into the article now!

What Is an Installment Loan?

Before we discuss the pros, cons, and features of installment loans online, we would like to give you a brief definition of the same. An installment loan is a type of borrowing where the lender gives out a large sum of cash that is to be paid back by you in monthly divisions. While repaying the monthly payments, you will also have to add the interest amount to the cash borrowed. The interest rate depends on a significant number of factors like:

  • The amount borrowed
  • Your credit score
  • The repayment span
  • Contract terms

Most installment loans available in the market have a fixed interest rate. Usually, those related to mortgages come with a variable interest rate. Extra fees are added to the amount if you do not repay on the scheduled dates. Hence, it is strictly advised that you never skip any repayment date. Keep reading to know more!

Pros and Cons of Installment Loan

We have gone through the features of an installment loan online and made a list of the pros and cons. This section will prepare you for enjoying the benefits and coping up with the disadvantages. Read below to find out!


  • You can easily understand the fixed interest rate calculation.
  • The repayment period is divided into monthly installments, which makes sure you are not under pressure.
  • As per your convenience, you can repay a bulk amount to pay off quickly.
  • You can find lenders willing to give short-term installment loans at no credit check.
  • It is a legitimate method of borrowing a considerable amount, around $2500 to $5000.
  • There are several direct lenders located throughout different places.


  • The interest rate might be a bit higher depending on your credit score.
  • You will have to pay additional fees in case of delaying the repayment date.

These are a few pros and cons of personal installment loans. As you can see, it has more benefits than disadvantages, but make sure you repay on time because if you don’t, you might get stuck in a debt cycle. Are you wondering how installment loans are different from payday loans? We are here to help you know! Keep reading to find out.

Installment Loans Vs. Payday Loans

People often confuse same-day installment loans with instant approval payday loans, but both of them differ due to certain factors. Same Day Cash Advance offers both of these facilities. However, before applying, you must know the difference between them to use for the one that will work the best for you. Have a look below to find out!

Installment loans

Payday loans

You can borrow a large sum of money.

The maximum amount that can be borrowed is around $2000.

You will have to repay the cash in monthly installments.

You will have to pay back the money at once on the due date.

The interest rate is slightly lower.

The interest rate is a bit higher.

The period of repayment is more extended, around 6 to 12 months or more.

The repayment span is shorter, around three months.

If you need an urgent requirement of cash to cover expenses like care repairing, medical costs, paying bills, etc., then you should opt for a cash advance. Online installment loans work better when planning to spend a huge sum for buying a car, house, or any other expensive item. We hope the table above has helped you know the exact difference between the two methods of borrowing. Choose one depending on your needs!

Common Uses of Installment Loans

Now, you must be wondering why and when to opt for an installment loan. There are several reasons why one might require a large sum of cash. We have tried our best to find out some of the causes and jot them down below. Read on:

  • Buying a car: We all know how important a vehicle has become these days. Especially now, during the pandemic, people are trying to avoid public transport as much as they can. In such a scenario, owning a car is quite a healthy and comfortable option. If you do not have enough money to purchase a vehicle right now, you can apply for an installment loan and buy your dream car soon!
  • Buying a house or property: Another expensive dream you might have is buying your own house or property. Again, this is a costly affair and needs months of savings. What if we tell you there is no need to save for months as you can buy a house instantly? Do not be shocked because it is possible with the help of long-term installment loans. Get one today and start building your home sweet home!
  • Starting a business: The youth these days are more inclined towards business than traditional jobs. Do you, too, want to have your own business but do not have enough cash for investment? We understand the pain! But you no more need to give up on your dreams just for the sake of money. Approach Same Day Cash Advance for quick help with secured funds!
  • Covering the cost of an expensive surgery: People can manage medical expenses when it’s limited to doctor fees, bit of medicines, and minor surgery. But when the doctor prescribes a costly surgery out of your budget, you might need help. An online installment loan can provide such quick assistance.

These are some of the best uses of an installment loan online. You might need money for other causes, but whatever it be, this method can provide you aid. We have shared more info about its working, requirements, and application process further. Stay hooked to find out!

How Installment Loans Work?

The working of an installment loan is easy to understand. Here, you will have to apply online by filling an application, ensuring you fulfill all requirements. Once the form is submitted, our team at Same Day Cash Advance takes a few hours to approve the application. Most of our customers get the fund on the same day or the next day latest. The maximum amount that can be borrowed depends on the firm or the lender. The country’s laws also play a significant part in deciding the full amount. Several lenders approve an amount as high as $5000 or even more.

You will have to follow the monthly installment pattern to make sure the money is paid back on time. The interest fee is added to the total amount. Hence, every month, your repayment cash will also contain the added interest. The APR depends on your credit score. After you are done paying back the entire sum, you can reapply for another installment loan online. It is the basic working process. If you want to know about the actual interest rate and maximum amount, it would be best to get in touch with our team. They can help you the best!

Choose a Payday Loan Amount
Choose a Payday Loan Amount
Choose a Payday Loan Amount

What Do I Need to Get an Installment Loan?

No matter how easy the application process is, your form might get rejected if you do not meet some basic requirements. There are some strict rules that you need to follow to get an installment loan. Are you not sure which requirements we are talking about? It’s fine because we have got you covered below. Have a look:

  • Age proof: No citizen under 18 years old can seek any organization or lender for installment loans. Hence, you must provide adequate papers to prove that you meet the age requirement of the process.
  • Citizenship: As per the country’s laws, only US citizens can apply for an installment loan. You can provide you identity proof documents or a voter card to show that you are a legal citizen of the nation.
  • Address proof: You also need to have a legal residential address to avail of the benefits. You might have citizenship, but your application might get rejected if you stay outside the country’s borders. Therefore, genuine address proof is a must.
  • Stable source of income: Most online installment loans with instant approval are income-based. Bankers hardly lend money to those who do not have a decent source of earning. Active bank account: To receive cash loans, you must have a personal bank account. If you do not meet this requirement, then the firm cannot approve your application. For an easy deposit of money, a bank account is a must.
  • Contact details: The lender will ask for your active contact information. You will have to provide at least two ways of contacting you, preferably an email id and phone number.

These are the essential requirements asked by most lenders. Depending on where you apply, there might be some additional rules to follow. Make sure you fulfill all of the criteria mentioned above to get an instant approval online installment loan.

How Do I Apply for an Installment Loan?

Are you looking for a step-wise guide that can help you apply for installment loans? We will be more than happy to help you! Read below to find out the exact application process:

  • Find a lender: You can either get in touch with the lender directly or approach Same Day Cash Advance for quicker help. Finding a direct lender will take a lot of time. We can help you connect with the best bankers nearby in no time!
  • Fill the online application: Go to our website and download the monthly installment loans application form. Fill the form with accurate details. Cross-check all information before submission.
  • Submit the required documents: There will be some documents that you must attach along with the form. Submit the proper legal documents so that your cash gets easy approval from our team.
  • Connect with our lender: We will suggest to you the best lender as per your needs. Connect with them to read and sign the contract.
  • Money will be deposited soon: The funds will get deposited to your bank account on the same day or the next day.
  • Cash-out the funds: Visit your bank and take out the cash to use it freely.
  • Pay the monthly installments: Without fail, make sure you repay the money on each installment date.
  • Reapply if needed: Once you have paid back the entire amount borrowed, you can refill the application form online for another installment loan.

It is the exact process that you will have to follow to get an installment loan. There might be one or two additional steps depending on the banker you choose!

How to Get an Installment Loan with Bad Credit?

Regardless of your credit score, you can follow the application process give in the guide above. But if you are worried that your poor credit score will not allow you to make installment loans online, keep calm because you still can apply! Many lenders give out cash without maintaining any complex credit check process. However, you need to have a stable source of income at least. You can find several such lenders for bad credit online installment loans on Same Day Cash Advance!

What are the Alternatives to Installment Loans?

Some of the best alternatives of installment loans online are given below:

  • Cash advance: If you need quick short-term cash, then this option will work the best. You need to repay the money at once, but it is easy to pay off as the sum is smaller.
  • Title loans: Borrowers can apply for this method when they want money in exchange for gold, home equity, or land. It has comparatively lower interest rates.
  • Credit cards: You can apply for a credit card if you want to enjoy quick cash without any formalities. The interest rates are higher here.

Try out these online installment loans’ alternatives to find out which one you like the most!


We hope this installment loan guide has helped you learn a lot about the process. As you have read, it is a safe way of arranging funds for doing things that you have always wanted to do. Our experts will suggest you repay the installment loans on time to avoid a debt cycle. So, will you apply for installment loans? Do share with us!

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