Online installment loans present a viable alternative to higher interest loans and provide quick access to cash. Getting denied a loan from your bank or waiting for approval won’t help if you need extra money right now to pay a bill, buy food for your family, or cover an unexpected financial emergency.
These alternative loans are far more affordable than payday loans, and you will have more time to repay what you owe. MoneyLion provides zero-fee online installment loans for any purchases between $50 and $600 through Overtime.
How Online Installment Loans Work
Online installment loans make it easier to pay for goods and services. However, the type of online installment loan you choose determines the risks and rewards. Lendees can select between a traditional online installment loan and a no-credit-check installment loan.
Traditional Online Installment Loan
Traditional online installment loans often require a credit check. While you can qualify for this type of loan with a lower credit score, a lower score comes attached with a higher interest rate. The higher interest rate helps protect the lender against the risk of default.
Your income and current debt load will influence the maximum loan principal. Lenders want to know that you can comfortably afford the monthly payment on top of your other obligations. Lenders evaluate your income streams and expenses to determine a loan amount.
Terms vary in length but keep in mind that the longer the loan term, the more you’ll pay in interest over the life of the loan. Don’t get tricked into repaying a loan for six years to save a few dollars on the monthly payment. You’ll pay more in the long-term because of the interest.
MoneyLion’s Financial Safety Net feature allows you to track your financial health. Constantly knowing your financial state will help you make smarter decisions with your money and how you pay down your loans.
No-Credit-Check Installment Loan
A no-credit-check installment loan may seem like a viable option if your credit is in shambles. Lenders won’t ask for your credit score, and it’s relatively easy to obtain these loans.
However, these predatory lenders don’t have your best interests in mind. They target subprime borrowers, people with nowhere else to turn. The interest rates are considerably higher than a typical loan’s interest rate, and the lender may not give you much time to pay the loan in full.
Make sure you read the fine print of a no-credit-check installment loan, as it’s common to find hidden costs and fees.
If you’re concerned about the qualification process hurting your credit score, you can use a pre-qualification tool. Many online lenders offer this resource, resulting in a soft pull on your credit rather than a hard inquiry. This tool will not impact your credit score.
Unlike a no-credit-check installment loan, MoneyLion’s online installment loans carry 0% APR interest rates of up to $600 whenever you need it. If you need instant access to cash but don’t want high interest rates, get on the waitlist for MoneyLion’s Overtime feature today.
Credit Builder Loans – A Safer Alternative for Your Finances
Credit Builder Loans present a safe approach to borrowing money and preserving your credit. Loan interest payments and fees add up. A MoneyLion Credit Builder Loan is an alternative loan that helps you get back on track while boosting your credit score health. You may qualify for a low-interest installment loan of up to $1,000. Even better, there are no credit checks.
To be eligible, you need to securely link an active checking account that’s been open for at least 60 days and is currently in good standings. There should also be a history of deposits from wages, self-employment income, government benefits, child support, or alimony.
Ready to apply? Here’s how the process works:
- Download the MoneyLion app to your mobile device.
- Create your free account.
- Link your bank account to apply for Credit Builder Plus.
- View your loan offer.
If you want to move forward, accept the loan offer, and the funds will hit your bank account in minutes. Depending on your finances, MoneyLion will save some of the loan proceeds in a Credit Reserve Account in your name that earns interest. As soon as you pay off your loan, you will receive those additional funds.
The affordable loan payments are deducted from your bank account to simplify the repayment process. You can view repayment activity on your dashboard to track the progress of your loan. MoneyLion reports repayment activity to the three credit bureaus – Experian, Equifax, and TransUnion – to help boost your credit health.
Get started with a Credit Builder Plus Membership with access to competitive loans today for $19.99 per month. The membership also includes access to interest-free cash advances of up to $250, premium rewards, and banking and investing features.
Apply for an Online Installment Loan Today!
You deserve a loan that works hard for your finances. Instead of settling for an expensive online installment loan that costs you a fortune in interest, consider a Credit Builder Loan from MoneyLion.
If approved, you’ll have the cash you need to pay that bill, purchase the food you need or take care of unexpected financial emergencies. Plus, your credit score will start to improve over time. That’s a win-win for your wallet and finances.
Additionally, you can join the waitlist for MoneyLion’s Overtime feature, an invite-only online installment loan that provides up to $600 in proceeds with 0% APR and pre-set affordable payments. Join the Overtime waitlist today!
Frequently Asked Questions
Where can I get an installment with bad credit?
If you have bad credit, look for lenders that offer no-credit-check installment loans. While these loans carry higher interest rates, they may be your only option. However, MoneyLion offers up to $1000 with competitive interest rates for those with poor credit scores.
What credit score do you need to get an installment loan?
Most credit scores give you access to installment loans. However, lower credit scores usually come with higher interest rates. With MoneyLion Overtime, you can get up to $600 at 0%. Join the MoneyLion Overtime waitlist today.
Are there no-credit-check installment loans?
You can receive a no-credit-check installment loan but beware of predatory lenders with astronomically high-interest rates and predatory tactics. Avoid paying extra and get a MoneyLion Credit Builder Plus loan while simultaneously building your credit score.