How Installment Loans Work: A Basic Guide

Online installment loans can be immensely useful for their convenience, speed, and ease of access for those who would otherwise be excluded from being financed through traditional lenders.

In the blog, we give you a brief overview of how installment loans work online so that you know what you’re signing up for and can make the most of the opportunity.

Application

The first thing you’ll have to do when applying for an online installment loan is to fill out the online form. This form will require a few basic details, such as your personal information, your income details, your employment status, bank account information, and more. 

Although we don’t do a credit check, we do require proof of your identity, proof of your income, and proof of residence.

Loan Approval

Once your application is submitted, assuming everything is in order, your information will be reviewed, and an approval decision will be issued as soon as possible. 

With lenders like Signature Cash, this process is pretty quick, with approvals often being issued within a few hours. This is thanks to the advanced algorithms that allow us to assess your eligibility for a loan within minutes compared to traditional lenders who manually process every loan, which can lead to a much longer loan approval turnaround time. 

With the loan approved, the loan amount will be offered along with the terms of the loan, which will detail the interest rates, repayment schedule, and any associated fees that might come with it. 

Fund Disbursement

As soon as the agreement is signed, the funds will be disbursed directly into your bank account, which can happen within a few hours of accepting the loan terms. 

Repayment

With the loan approved and the funds in your hands, it now falls upon you as the borrower to make sure that you meet the repayments. 

With online installment loans, you are offered fixed payments over a set period of time, which include both the principal amount and the agreed-upon interest rate. 

At Signature Cash, we offer no-credit check installment loans online that are more inclusive and empowering to all members of society. Now that you know how installment loans work, you can apply online and get the financing you need to get you to where you’re going. Don’t delay!