Installment Loan FAQs
General Questions
What is an installment loan?
An installment loan provides you with a lump-sum amount that you repay in scheduled monthly installments. Unlike a payday loan, it allows you to borrow a higher amount with a lower APR and for a longer period. This flexibility makes it ideal for larger expenses.
How do 1F Cash Advance installment loans work?
An installment loan process is simple with us. You only need to complete an easy application form online or in-store to receive an approval decision in just 5 minutes. If approved, review the terms and sign the agreement to accept the offer. Once signed, the money will be deposited into your account within one business day. The repayment is made in equal monthly or bi-weekly installments over an agreed-upon period.
How much can I borrow with an installment loan?
1F Cash Advance offers installment loans from $500 to $5,000. The exact amount you can qualify for depends on your income, credit, and state law.
Can I qualify for an installment loan with bad credit?
1F Cash Advance doesn't focus on your FICO rating. We assess your income, debts, and payment history to ensure you can repay your loan on time. This way, many borrowers with low credit still qualify for installment loans with us.
Do I need collateral for an installment loan?
No. 1F Cash Advance offers unsecured installment loans, so you don't need to pledge a car or property as security.
Are installment loans available in all U.S. states?
Installment loan availability and terms may vary due to different state-level regulations. Visit our Loans by State page to check eligibility and maximum amounts offered in your area.
What are the benefits of getting an installment loan?
Installment loans have predictable payments and flexible repayment terms. They also offer the ability to borrow larger sums compared with short-term loans. This makes them a convenient way to manage mid-size purchases or unexpected costs without overwhelming your budget.
Applying for an Installment Loan
What do I need to get an installment loan?
To qualify for an installment loan, you must be a permanent US resident, be at least 18 years old, and have a steady monthly income, an active checking account, and a valid email and phone number. Specific requirements may apply depending on the requested amount.
Do I need good credit to qualify?
At 1F Cash Advance, we accept borrowers with fair, limited, or even poor credit histories. You don't need to meet any minimum credit score requirements. We will assess your overall financial situation without relying much on your credit to ensure you can handle your debt responsibly.
Does applying for an installment loan affect my credit score?
Our installment loans usually do not involve a hard credit check via major credit bureaus. This means they will not affect your credit as long as you pay on time.
Can I provide collateral or bring a co-signer to increase my approval chances?
1F Cash Advance only offers unsecured installment loans. We do not provide joint or secured options. But don't worry. Our simple requirements make it easy to qualify, even if your credit is not great.
How fast will I receive the funds?
Approved applicants usually receive direct deposits as soon as the next business day upon approval. Loans originated before 10:30 am on a banking day may be eligible for same-day funding.
Can I get an installment loan online?
Sure! 1F Cash Advance allows you to apply for an installment loan online via the website. No physical documents or faxing is required since you can provide electronic copies of all the needed paperwork. Our loan request form is available 24/7 and takes just 5 minutes to complete. If approved, the funds will be deposited into your bank account with no need for cash pickup.
Payments and Repayment Options
When will my installment loan payments be due?
Payments are usually due monthly or bi-weekly. The due date is often tied to your pay date, making it easier to handle your loan. You'll see the schedule clearly before signing your agreement.
How do I repay my installment loan?
You can either make your payments manually each month or set up automatic payments. This way, you won't miss the due date and reduce the risk of late payments.
Can I repay an installment loan early without penalty?
Early repayment is typically possible with no extra fees. However, terms may vary. Review your loan agreements carefully before making any payments.
What happens if I miss a payment on my installment loan?
Late or missed payments may result in extra fees and credit damage if your account is sent to collections. If you face repayment problems, contact your lender immediately and ask about your options. In some cases, you may be offered payment deferment.
Can I refinance my installment loan?
We typically do not refinance the loans we've issued. However, you may be able to take out a new loan from another lender to refinance the existing one. Just make sure you won't face prepayment penalties under your loan agreement terms.
Rates, Terms, and Responsibility
What is an installment loan APR?
Installment loans typically come with APRs between 16% and 200%. Your credit score and state regulations directly affect the interest rate you'll get.
Are there any fees associated with installment loans?
Besides an interest rate, you may also face origination fees and late payment fees in some states. They may be expressed either in a percentage of the advance or due amount or in a flat fee. The fee amount depends on your credit and state laws.
What loan term lengths are available?
Our installment loans come with repayment terms between 2 and 24 months. Once you apply and get approved, you will see the particular loan term length offered to you.
How does 1F Cash Advance ensure responsible lending?
At 1F Cash Advance, we promote financial literacy and educate our customers on personal finance, borrowing, and debt management. We also provide transparent and complete information about our loan products, including disclaimers and upfront terms, to help borrowers make informed money choices.
FAQ Related to Our Products and Services
Contact Us
Hours
Monday-Friday: 8 am – 10 pm (MT)
Saturday: 9 am – 6 pm (MT)
Sunday: Closed
Corporate Headquarters
1F Cash Advance, LLC
1942 Broadway St.
Ste. 314C
Boulder, CO 80302