Installment Loans - Get an Installment Loan Online

Imagine this scenario: Your car has broken down on the freeway. You have it towed to a garage, and the mechanic tells you fixing it will cost $200. The problem is you emptied your checking account to pay the towing company. Or maybe you work in a position where your income varies, such as a server or bartender, and you didn't make quite enough this week to pay a bill on time. Do you let it go overdue and rack up late fees until your next paycheck? Skimp on the grocery budget to pay it and keep your credit from taking another hit?

This is a reality many people face on a regular basis, and for those with poor credit, traditional options such as bank loans or credit cards may not be possible. In these situations, a payday loan or installment loan may be a way to get the money they need and protect credit at the same time.

What are installment loans?

Installment loans are a way to get money quickly for emergency expenses or to bridge the gap between paychecks. You get the money up front, and then you can pay back the loan over multiple payments, also known as installments. Installment loan amounts and terms vary by lender and what you are able to qualify for.

What do you need to qualify and apply for an Installment Loan via LendUp?

Interested in online installment loans but worried you won't be approved? We understand. At LendUp, we have partnered direct lenders that don't run a traditional credit check, and you don't have to have good credit to qualify for one of our loans.

Here's a list of everything you need to get started:

  • A valid phone number that can accept incoming calls

  • A working email address

  • A checking account that can accept electronic transfers

To apply for an installment loan through LendUp, you'll also need to be a resident in one of the states where payday or installment loans are legal and be at least 18 years old. We'll also ask for your employment details or the source of any recurring income. And you can rest easy because we're committed to protecting your privacy and personal information online.

What does the application and approval process look like?

We know that filling out endless paperwork and forms isn't something you want to do when you're already stressed, so we made our application process for online installment loans as fast and easy as possible.

You can apply for an installment loan online in as little as five minutes, and you will get an an instant decision. If you're approved, and if your loan request is submitted before 5 p.m. PT (weekdays), the lender will electronically transfer the funds to your bank account within one business day.

Installment loans for bad credit

People with low credit scores can still get installment loans. If you have a poor credit score, usually below 600, it's important to try to fix your credit, look at different lenders, and think about other choices if you need to.

Paying back your loan on time and not using too much of your available credit can help make your credit score better over time. This could make it easier for you to get loans with better conditions later on.

When you're looking at loans for people with poor credit, make sure to look at the interest rates, how much you can borrow, and how long you have to pay it back to choose the best loan for your situation.

LendUp & installment loans no credit check

While LendUp may provide opportunities to connect with lenders offering no credit check installment loans, you must understand that LendUp itself does not have control over whether a credit check is done or what the loan terms may be.

Each lender in our network will have its criteria, and LendUp cannot guarantee an installment loan with no credit check.

Frequently Asked Questions

Installment loans can positively affect credit scores by adding on-time payment history to your credit report and broadening your credit mix. However, missed payments can cause serious damage to your score, so it is important to make sure you always make the agreed upon payments on time.

Yes, it's possible to get an installment loan with bad credit, but the interest rates may be higher, and the loan terms may not be as favorable as those offered to borrowers with good credit.

To qualify for an installment loan, you typically need a stable income, a reasonable debt-to-income ratio, and a good credit history. Some lenders may also require proof of identity and residence.

Installment loans can be used for a variety of purposes, including consolidating debt, financing major purchases like cars or homes, or covering unexpected expenses. The specific use often depends on the type of installment loan you choose.

Get Your Loan with LendUp

LendUp is a fintech service that streamlines the process of connecting borrowers with direct lenders. Our automated platform enables you to easily apply for loans up to $5,000 through a simple online form, designed to match you with loan options that meet your specific needs.

Apply in as Few as 5 Minutes

Instant Loan Decision

Bad Credit is Considered

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