Installment Loans

Basic Information

What is an installment loan?

An installment loan is a financial product that allows individuals to borrow a large amount of money that can be repaid over time. Usually, the installment loans carry a fixed interest rate and require regular monthly payments until the loan is settled. An installment loan has repayment terms of up to two years.

What is the difference between an installment loan and a payday loan?

The main distinctions between payday loans and installment cash loans are the amount of money you're able to borrow and the time frame in which you're required to make repayments. A payday loan is a short-term loan that helps borrowers to cover their immediate cash needs until they get their next paycheck, while an installment loan allows borrowers to benefit from a large amount of money that can be repaid in up to two years.

Are installment loans available in my state?

You can check the legal status of installment loans in your state here.

How much money can I borrow?

The amount you can borrow is aligned with your state's limits. Generally, you can borrow between $1000 and $5000 and pay it in set installments over a specific time span, between 2 and 24 months.

What are the steps to get an installment loan?

You can apply for easy installment loans online with 1FirstCashAdvance. 1. Fill the application form, providing personal details such as home address, monthly income, and identification information); 2. 1FirstCashAdvance send applicant's details to many lenders; 3. One of the lenders approve the application; 4. Read all the details of the loan offer and sign the application; 5. The lender sends money the next business day (usually).

How long does it take to get approved for an installment loan?

The loan application and approval process only take a few minutes to complete.

When will I receive the funds?

Once you have accepted an offer from one of the available lenders, funds will appear in your bank account by the next business day. However, if you accept an offer early in the morning, you may receive the funds that same day.

Why should I choose 1FirstCashAdvance for an installment loan?

1FirstCashAdvance works with an extensive network of direct lenders to produce the most competitive loans for you. You'll have the chance to receive and compare offers and pick the right one for you. We understand the risk in short term loans, and we care about our customers. We want you to get the best loan with terms and conditions you can accept.

Installment Loan Application

What do I need to apply for an installment loan?

Borrower must meet following requirements: (1) be at least 18 years old; (2) be a US citizen or permanent resident; (3) have a steady source of income; (4) have a checking or savings account; (5) be able to be contacted via phone and email.

Do I need to be employed to apply for an installment loan?

When you apply for installment cash loans, you'll need to supply proof of income, so you may need to provide employment details. However, as long as you're receiving money on a monthly basis, you will be eligible for an installment loan.

Can I apply for an installment loan being retired?

You can apply for an installment loan if you're retired, but repayments must be made every month. If you have proof that you receive retirement funds of an amount more than you'll need to make repayments, the loan can be approved.

Can I get an installment loan with bad credit or no credit?

Yes, the lenders at 1FirstCashAdvance are willing to approve loans for applicants who have poor credit scores. Lenders will also lend money to you if you have no credit score, which will help you build up your ratings.

How do I check the status of my installment loan application?

As at 1FirstCashAdvance, we don't require you to create an account with us, all loan offers are sent directly to your email. If you do not see any offers in your inbox, please check the spam folder. Your email filter controls may have incorrectly categorized a loan offer as spam. Also, the status of your installment loan application can be checked directly on the website of the lender you were connected with.

Do you check my credit rating when I apply for an installment loan?

Our lenders at 1FirstCashAdvance don't run traditional credit checks on customers, but to protect your credit score, our lenders may perform a soft credit check. The soft credit check assists you with making wise decisions regarding alternative loans that may be better suited for your requirements.

Is there any cost to apply for the loan?

There is no cost to apply for a loan.

Installment Loan Payments

What are my installment loan repayment options?

Repayment options vary from lender to lender. Read the terms and conditions before accepting an installment loan offer.

Is my installment loan transaction confidential?

All of the information you provide us to process your loan application is completely confidential. Our system is 100% secure, and we don't keep any of your personal information on file after you've completed the process. We only share relevant information with our network of direct lenders via secure channels.

Can I pay back my loan early?

Yes. Installment loans can be paid early without a prepayment penalty.

What happens if I can't pay back my loan on time?

You may incur late-payment or non-payment fees if you're unable to pay your loan back on time. Specific fees vary among lenders. Some loans can be extended or rolled over. Before accepting any loan, read the terms and conditions carefully, paying close attention to the late payment fees and whether loan extensions or rollovers are allowed.

When will the loan be due?

For installment loans, the due date will be determined by your lender and agreed upon with you by accepting the loan.