FAQ Installment Loans

What is an Installment Loan?
An Installment Loan is a long-term loan that enables you to cover large expenses such as renovations, medical bills, and more. This loan is unsecured and approved on the day of the application.

What are the repayment terms for the Installment Loan?
Since the Installment Loan is long term, the repayment terms may also vary. Usually, it ranges from 12 months to 2 years. The loan repayment period depends on the lender, the loan amount and the state of residence.

Can I repay the Installment Loan in advance?
Yes, most instalment lenders provide an opportunity to repay the loan in advance without commissions and fines. Thus, if you want to reduce your interest on the loan, repay the loan earlier.

Can I be approved for an Installment Loan with bad credit?
Yes, you can get an Installment Loan even with a bad credit history, but you will have to pay a lot of interest on your loan. Thus, the lender receives additional guarantees of your reliability.

What are the eligibility criteria for an Installment Loan?
In order to be approved and get paid, you need to meet certain requirements. The main ones are:
o provide recent proof of income
o provide social security number
o provide an active bank account
o provide phone and email
o be over 18 years old. Read more: https://good-friend.org/installment-loans