Frequently Asked Questions

There is no cost to fill out a form and submit your information through the online marketplace. If a lender decides they would like to work with you, they will pay us a fee to acquire the lead information you submitted. As a marketplace, we do not receive any information which would allow us to evaluate or compare offers from potential lenders. Please carefully review any offer you receive from a lender to make sure it meets your needs and you understand the terms associated with the offer.

Some lenders do operate 24/7 however most have standard business hours, similar to your bank. Some lenders may review your information on nights and weekends but they may wait to approve and deposit funds until the next business day.

Checkout our top 10 tips for what to look for when reading your loan documents.

1. Find your interest rate, it’s called an Annual Percentage Rate (APR).
2. Is the interest rate is fixed or variable? Can it vary over time or will it stay the same?
3. Find your loan amount (often called Principal). This is the amount you want to borrow minus fees.
4. Understand the total amount you are required to pay back including interest and fees.
5. Find the total duration of the loan, often displayed as months or years.
6. Make sure you understand the penalty of late or early payment and any associated fees.
7. Understand all terms and conditions. You are entering into a legal contract with the lender so make sure you can meet all obligations.
8. Note how much your payments will be and when they’re due.
9. Retain your lender’s information in case you need to contact them, along with all related documentation.
10. Check to see if your lender allows early payoff or charges an additional fee for it.

If a lender decides to offer you a loan, and you quickly provide all of the information and documentation required by your lender, your lender could deposit your money directly into your checking account as soon as the next business day.^*

We get excited and tell you! If a lender is interested in offering you a loan, you will be redirected to that lender’s website to finish the process and get your money. Read your loan documents carefully before you e-Sign and agree to your loan.

You are not obligated to agree to and sign the terms of the loan offered to you. You are free to change your mind at any time before you sign the loan documents. However, signing the loan documents creates a contract between you and your lender and you will be responsible for complying with the terms of the agreement.

Some lenders may send you more information about their decision. It may be a good idea to request a free copy of your credit report so that you can begin to address any negative issues listed on it. Credit counseling and money management services are available to help you improve your budget without taking on additional debt.

Learn more about building your credit score

Credit scores are provided by the 3 major bureaus: TransUnion, Equifax, and Experian. The Fair, Isaac, and Company (FICO) model is used by most banks and lenders based on the credit files of these 3 national credit bureaus.

Learn more about your credit score

As lenders review the information you provided us, they may do an “inquiry” to assess your credit worthiness that can have a small effect on your credit score. Applying multiple times to multiple lenders who do a “hard inquiry” can have a greater negative impact on your credit score.

We protect it! All data you provide to us is kept safe and secure. Although no system can guarantee the protection of all information, we take industry standard measures to ensure the security of your information.

See our complete privacy policy

If you received funds for a loan that you did not apply for, contact your bank and the lender immediately to reverse the deposit. Report the incident to your local police department and the following entities: The Internet Crime Complaint Center (IC3) and the Federal Trade Commission (FTC) at 1-877-438-4338.

Avoid Scams There are bad people in the world who want to take advantage of you by posing as legitimate businesses such as mortgage brokers, debt relief, and even online lenders. According to the Consumer Financial Protection Bureau, one of the best ways to avoid scams is to ask questions; lots of them. Be wary of overseas call centers, collections agencies, and businesses asking for advance payments upfront or a down payment to guarantee loan approval. Be cautious about replying to unknown text messages or phone calls from people phishing for information. Never give out your personal information without verifying the caller first. Utilize the Better Business Bureau or Federal Trade Commission to research companies. Don’t get pressured into anything; read all the fine print before signing any agreement.

Your specific payment options are determined by the lender and agreed to by you. While most lenders automatically take payments from your bank account with Electronic Funds Transfer (EFT) via ACH on a fixed schedule, you should confirm the repayment schedule with your lender before agreeing to the terms of the loan. Additionally, some lenders may offer other options such as Western Union, wire transfer, Money Gram, or PayPal.

This is a common method for lenders to use. NACHA guidelines and data security practices make it easy for your bank and lender to transfer payments while protecting your information and account. Your lender should tell you the exact repayment date on your loan schedule and even what to do on weekends and bank holidays.

If you can’t make a scheduled payment, contact your lender immediately to find out if they can help you with your situation. Not paying back your loan may affect your credit score, send you to collections agencies, or limit your chances for future credit.

There is never a fee to use InstallmentLoans.com. However, there will be fees associated with your loan. It is important that you carefully review the loan documents provided by your lender to make sure you understand all relevant fees, including interest rate, fees to start the loan, late fees, returned payment fees, early payment fees, or any other fees associated with your loan.

There is never a fee to use InstallmentLoans.com. However, there will be fees associate with your loan. It is important that you carefully review the loan documents provided by your lender to make sure you understand all relevant fees, including interest rate, fees to start the loan, late fees, returned payment fees, early payment fees, or any other fees associated with your loan. Be sure to ask your lender questions about anything you don’t understand.

If your loan is structured to repay the interest and principal equally in fixed payments there is not typically a “balloon” when you are ready to pay off your loan. The terms and conditions of your loan are set exclusively by your lender. It is important that you carefully review the loan documents provided by your lender before signing the loan documents to make sure you understand all relevant fees, including interest rate, fees to start the loan, late fees, returned payment fees, early payment fees, or any other fees associated with your loan.

Most lenders have an online web portal to update your personal information or allow you to do so via phone or email. Be sure to save the browser link in your favorites menu and remember to securely store your login and password.

First, you must be at least 18 years old and a US citizen. Other minimum requirements usually require that you have a steady income, checking account, not be in active bankruptcy, and haven’t taken on more debt than you can pay back. Other conditions will apply based on individual lender requirements. All decisions whether to provide credit is made exclusively by the lenders. Certain states have additional restrictions.

All loan amounts are determined by the individual lenders. Lenders want to make sure you can pay back your loan on time. These decisions are usually based on your credit score, your current debt, how much money you make, and if you have a history of paying back other debts.

Most lenders offer unsecured loans that don’t require collateral. However, larger loan amounts could require collateral such as your car title.

Most lenders will not approve you if you don’t have regular income to repay the loan. If you have agreed to a loan and become unemployed during your loan repayment period, speak with your lender immediately to see what your options are.

No way! Although credit is a factor, there are lenders who offer flexible options for people with different credit types. However, if you do have good credit, you may be more likely to qualify for a lower interest rate and larger loan amount.

Please remember that InstallmentLoans.comis not a lender. Lenders, however, will only offer loan products to U.S. residents.