Person taking off their glasses to fill out an application for an installment loan

How to Apply for an Installment Loan

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Installment loans are perfect for someone who wants to get a student loan, mortgage loan, or auto loan. These are loans that allow you to get what you need and pay off the sum over a set amount of time. Thankfully, these loans are fairly easy to apply for.  Here is how to apply for a cash installment loan, a student loan, and a mortgage loan.

Cash Installment Loan

Getting a cash installment loan is fairly easy. The hardest thing is finding a trustworthy company that will loan you what you need. Depending on the company, you will apply for a cash installment loan either online or in person. There are some requirements that are absolutely necessary when you file for this type of loan. For one, you have to be at least 18 years of age and you must be a US citizen. Additionally, you must have a bank account, a regular source of income, and  a valid contact number. 

All loan applications will require you to input personal information as well, including your full name, where you live, your birthday, and social security number. After this, you’ll have to fill out your financial information. This will include your housing situation and if you have ever filed for bankruptcy. If you are an active military member, you must also include this information. Once you’ve input your information, then the website or representative will determine if you qualify for the loan. You should then learn about the terms which are set out in the contract.

Online Installment Loan

A variety of loans can be obtained online in the comfort of your own home. Most people tend to get personal loans online, although it is possible to get a student, mortgage, or auto loan online, as well. Several companies offer online installment loans, so it can feel daunting to find a reputable company. Lending Club is one of the most popular due to its A+ Better Business Bureau rating and lower interest rates.

To apply for an online installment loan, you’ll need to fill out an application. Most companies require your first and last name, street address, date of birth, email address and any income you receive on a regular basis. The interest rates depend on your income and credit score, so check a variety of loaners to find the lowest percentage.

Student Loan

Student loans are a bit more difficult to obtain. Not only must you complete the requirements listed above, but you must also currently be a student at a recognized college or university. You will usually apply for a student loan through your school. The university or college will determine your financial need and offer you one of two different types of student loans: subsidized or unsubsidized.

  • Subsidized Interest Loan: The college or university determines the amount you can borrow based on your financial need. The government pays any interest until you are out of school as well as for the first six months after you leave school.
  • Unsubsidized Interest Loan: There is no requirement to demonstrate financial need for this type of student loan, though the school still determines the amount you can borrow. You are responsible for paying all interest that is accrued by the loan.

To apply for a student loan, you’ll fill out much of the same information as a cash installment loan – your full name, address, birthday, social security number, etc. However, if you are already registered with the university, it can use this information to obtain the loan for you.

Mortgage Loan

Getting a mortgage loan is one of the hardest on the list. You will need to be qualified before you are able to get any loan. Not only will you have to provide the information above, but most lending companies will also require extensive financial checks. For example, Bank of America requires W-2 forms for the last two years, two consecutive recent paystubs, and bank statements for all financial accounts. You also need to bring signed personal and business tax returns and a signed Purchase and Sales Agreement. More documents may be required depending on which company you are applying with.

However, the rest of the process is much the same. The representative will go over your personal information  along with your financial background. Be aware that this check is very extensive. Most companies that do not have extensive checks are quite shady and will have a very high interest rate on your loan. To apply for a mortgage loan, you can apply online or ask most banks. 

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