💰 Small Installment Loan FAQ
1. What is a small installment loan?
A small installment loan is a type of personal loan that allows you to borrow a set amount of money and repay it over time through regular, fixed monthly payments (installments). Payments typically include both principal and interest.
2. How do installment loans work?
Once approved, you receive your loan proceeds upfront. You then repay the loan in equal monthly installments over a set term—usually from four months up to a twelve months—depending on the loan amount.
3. What can I use a small installment loan for?
You can use it for many personal expenses, including:
Emergency bills or repairs
Medical or dental costs
Car repairs
Moving expenses
Debt consolidation
(Note: Always use loans responsibly and only borrow what you can repay.)
4. How much can I borrow?
Loan amounts vary by lender and state regulations, but small installment loans typically range from $100 to $2,000.
5. How long do I have to repay?
Repayment terms usually range from 4 months to 12 months, depending on the loan size and your financial profile.
6. Do I need good credit to qualify?
Not always. We consider factors beyond your credit score, such as income, employment history, and ability to repay.
7. How fast can I get the money?
We offer same-day or next-day funding after approval, especially for online applications.
8. What documents do I need to apply?
Typical requirements include:
Government-issued photo ID such as a drivers license
Proof of income (pay stubs or bank statements)
Proof of address such as a utility bill
Active checking account
9. Will applying affect my credit score?
Many lenders perform a soft credit check during prequalification, which doesn’t affect your score.
10. What happens if I miss a payment?
Missing or making late payments can lead late fees.
If you’re struggling to make payments, contact us right away.
11. Can I pay off my loan early?
Yes, and there are NO penalties for paying early. Paying early can reduce the total interest you pay.
12. How is a small installment loan different from a payday loan?
Installment loans: Repaid over several months in fixed payments.
Payday loans: Usually due in one lump sum on your next payday and often carry higher fees and interest rates.