installment loans online– How to Get a Direct Lender?
Why bother to run errands outside just to get a loan when you can do it at home? Online installments loans are the new way of borrowing money in today’s digital era. Read on to know more about this type of loan.
What are No Credit Check Installment Loans?
No credit check installment loans don’t require a credit check during the loan application process. This involves checking a client’s files and statements from the credit services organization and major credit bureaus in America.
What is an Online Installment Loan?
An online installment loan is a short term financial service where a borrower (you) can request for a specific amount of money from a lender. As the name implies, the entire loan application process is done online.
With that being said, the borrower and the lender will agree to some terms and conditions. This agreement includes:
- Loan amount – Loan amounts vary. It depends on the borrower’s financial capacity
- Funding and payment method – The borrower’s (your) bank account
- Repayment term and frequency – The repayment term refers to the online loan’s period of time. The repayment frequency, on the other hand, is the fixed number of scheduled payments, usually per month (installment method).
How to Get an Installment Loan Online?
Getting an installment loan online is made easy with Purple Payday. Here are the easy steps on how to do it:
- Set requested the loan amount
- Fill up applicant information form (see above)
- Submit requirements online (this include valid IDs and other supporting documents)
How Does Our Online Installment Loan Work?
So how does an online installment loan work here on Purple Payday? Let us break it down for you:
- Apply online – Simply fill up the loan applicant information (see above).
- Request a loan amount – You request for the amount of cash that you need
- Purple Payday process your loan request – We process all loan requests fast! We will connect you to our trusted direct lenders online.
- Deal with our direct lender – Once the borrower chooses one of our trusted direct lenders, you deal with them. The borrower and the lender will come up with an agreement regarding the terms and conditions.
- Payback time! – The borrower pays it gradually over a fixed period of time (payment include the interest rates).
Installment Loans vs. Payday Loans: What is the Difference?
If you belong to the majority who think an installment loan and payday loan is the same, they aren’t. Let us differentiate the two:
These loans permit clients to borrow a large amount of cash.
On the contrary, payday loans (also known as cash advances) are not paid in installments. Loan amounts vary, it depends on a client’s payday salary. Plus, the repayment schedule is based on the client's next payday schedule. Having said that, payday loans are exclusively used for a short term financial needs only.
How Can I Find Legit ONLINE Installment Loans in America?
Purple Payday is a legit financial services company. We are proud to say that we possess the following features below. Having said that, here are the features to look for when searching online installment loans:
- 24/7 customer service
- Transparent company profile
- With an active phone number
- Licensed lenders by the Department of Business Oversight (DBO) – A DBO license is required for financial institutions (such as lending companies), direct lenders, and 3rd-party lenders who provide consumer and commercial loans online or on-site. This US license provides an exemption of the usury law provision that is business oversight pursuant to the California Constitution (see Division 9, Section 22000, of the California Financial Code et seq.).
Usury laws are government regulations that cover the amount of interest charged to any type of loan; this law is responsible for setting the capacity of the maximum amount/limit of interest added to loans (in short, the usury law protects borrowers from abusive financial institutions and direct lenders). We are proud to say that the lenders we work with hold a DBO license!
Why Choose Purple Payday to get Installment Loans Online?
Purple Payday is a trusted financial referring services online. Here are a few good reasons why you must choose us to get online installment loans:
Quick and Easy Loan Application!
With Purple Payday, we guarantee you that our loan application process is easy. Plus, you can get quick approval for as fast as the same business day! Feel free tap into our network of direct lenders. Simply fill up our loan request application form.
NOTE: If you submit your loan application around 5:00 p.m. GMT-5, your online installment loan may be funded the next business day.
Convenient Terms and Conditions
Here on Purple Payday, we provide the most convenient terms and conditions for our online installment loans direct lenders. We guarantee you that there are no credit check and hidden charges on our loans.
Apply now and get the long term financial solution that you’ve been wishing of!
Rudi is a credit analyst who writes articles about credit scores, building credit, and consolidating debt. His know-how on poor credit and credit unions make his input invaluable to our company. There is no credit score out there that Rudi can’t help with.