Installment loans are the type of short-term loan that is paid off gradually with the help of installment – regular payments. People often confuse installment loans with payday loans. These are two separate types of short-term loans.
People, who apply for no credit check installment loans, can expect from $150 to several thousand dollars that must be repaid during six months to three years. Regular payments contain principal, interest, and additional payments such as fees, credit insurance premiums, etc. Installment loans are expensive.
APRs start with 25% and end with more than 100%.
Borrowers tend to search for online installment loans no credit check but they don’t realize that the cost of such loans can be too high. Of course, installment loans no credit check exist. Many of the online companies offer them but not all of them offer reasonable terms. The real cost of the loan can be three times more than a borrower expected.
The package of documents usually contains personal information and proofs of the creditworthiness such as the latest paycheck.
You can find monthly installment loans no credit check direct lenders online. Still, it’s crucial to check out the reviews of the potential lenders beforehand.