With so many online options, you could qualify for a small cash loan within minutes and make ends meet. A payday or installment loan could put between $200 and $500 of funding into your bank account.
All you need is proof of income and an active bank account to qualify. Here's everything you need to know to get started and secure the financial support you need.
What's the Difference Between a Payday and an Installment Loan?
Payday loans are short-term solutions meant to be repaid by your next payday. They typically range from $50 to $250 and should be used in emergencies to pay for expenses that came up out of the blue.
Installment loans are longer-term and generally paid back in several payments over a few months. These online loans can range from $200 to $500 and are used for larger expenses like home repairs or medical bills.
Both payday and installment loans are easy to qualify for and can be completed entirely online. These loans can provide you with the financial support you need to make it to your next payday or cover a large expense.
Can Payday or Installment Loans Affect Your Credit?
When you request a traditional loan from a bank or credit union, they'll verify your history and information by pulling a hard credit check.
Although these records can help give a clear understanding of your financial history, hard credit checks show up on your record and cause your credit score to temporarily drop.
LendUP.com is a loan-matching service. Most of the time, our lenders use a soft pull to check your income and ability to pay back the loan by your next payday.
How Do I Apply for Payday and Installment Loans?
To qualify for a payday or installment loan, you will need to have a regular source of income and an active checking account. You will also need to be at least 18 years old and a resident of the United States.
To get started, you can complete our online form by providing the following information:
- Your first and last name
- Contact information, including an active email address and telephone number
- Employment status/proof of income
- Bank account information
How to Learn More About Your Loan?
After qualifying, you'll receive a copy of the terms and conditions of your $200-$500 loan. If you agree to the terms, you'll be expected to repay your loan according to the set due dates. To learn more about repayment plans, contact the lender and speak with their customer support team.
If you are unable to meet the terms of repayment, you may be able to defer the loan by paying interest on it. This can quickly add up though, so we only recommend borrowing what you can repay.