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Online Loans with Monthly Payments
When you need fast cash to cover an unexpected expense like a car repair or medical bill, an online loan can help.
Many online personal loans offer convenient loan terms with fixed monthly payments, so you’ll know exactly what to expect when you fill out an application.
How do online loans with monthly payments work?
Online loans with monthly repayment terms are available from lenders that operate online. You can apply for the personal loan and receive the loan funds without ever visiting a physical location.
Many online loans come from direct lenders that offer quick applications and fast approval decisions. As a result, you may be able to receive the funds in your bank account the same day you apply. For example, Advance America offers same-day funding for online loans approved before 10:30 AM. Otherwise, you’ll receive the money in your checking account on the next business day.
The great thing about these personal loans is that you’ll repay them via monthly payments. That means you’ll know exactly how much you owe each month, making it easier to work those monthly payments into your budget. Depending on your lender, they may even work with you to come up with a favorable repayment plan that takes your pay dates into account.
Types of online loans with monthly payments
There are several different types of online loans with monthly payments, including:
Installment Loans
With an Installment Loan, you can borrow a lump sum of money and repay it over time via fixed monthly payments or installments. Payments typically range from a few months to a couple of years.
In some cases, Installment Loans offer affordable interest rates and no prepayment penalties.
Lines of Credit
A Line of Credit is a flexible personal loan that works kind of like a credit card. Once you’re approved, you can withdraw as much or as little money as you’d like up to your set credit limit. You’ll only pay interest on the amount you borrow.
Title loans
Title loans are secured loans that use your car as collateral. If you own your vehicle, you can exchange your title for cash. You then continue to drive your car as you repay the loan.
Business loans
Small business owners may be able to apply for special Installment Loans or Lines of Credit. You can use the loan funds to cover a variety of business expenses, such as rent on a commercial property, payroll, office supplies, and inventory.
Pros and cons of loans with monthly payments
Still can’t decide whether monthly payment loans are right for you? Let’s break it down:
Pros
- Easy to budget for. One of the biggest advantages of getting an online loan with monthly payments is the fixed payments. You’ll know exactly how much you owe on each monthly payment.
- Predictable interest rates. Lines of Credit, title loans, business loans, and Installment Loans typically come with predictable interest rates. If you apply for a loan with a fixed or flat interest rate, it won’t increase from one month to the next.
- Solid repayment date. In addition to fixed payments and interest rates, monthly payment loans typically also have a fixed repayment date, so you’ll always know your end goal.
Cons
- Consistent payments are critical. While fixed payments and a fixed end date are usually a good thing, they can also be a con if you don’t have the funds for one of your payments. It can be tough to negotiate a late payment, and there are often additional fees involved.
- Interest rates. Online loans typically don’t require credit checks, so they’ll have higher interest rates than traditional loans. It’s important that you know the exact terms, conditions, fees, and interest rates before you sign your loan agreement.
Key benefits
Online loans with monthly payments offer a number of other advantages:
Easy application process
The online application process is usually easy. Depending on the lender, you may need to provide personal details like your name and address as well as financial details like your monthly income and employment history.
Quick funds
You won’t have to wait long to receive your money. In fact, many direct lenders will send the funds via direct deposit the same day you apply or within 24 hours. Online loans can be a great option if you need cash immediately.
Manageable payments
Depending on your online lender, your repayments terms should be manageable for your budget. Fixed monthly payments are the same amount every month, making it easy to plan for and make your payments on time. You won’t have to worry about your payments suddenly increasing due to a fluctuating economy.
You may not need good credit
If you don’t have the best credit, don’t worry. Many online cash loans with monthly payments come with lenient credit requirements, so you may get approved with poor or fair credit. Direct lenders like Advance America look at factors like your employment history and current income when considering you for a loan.
How much can I borrow with online loans with monthly payments?
Loan amounts vary depending on the type of loan, your income, and your state’s regulations. Here’s a quick breakdown of some common loan types:
Business loans
Business loans are one of the larger online loans you can apply for. The amount you qualify for will depend on the value of your business, your credit score, and your overall financial situation. In most cases, business loans can be anywhere from several thousand to several hundred thousand dollars.
Title loans
The amount of money you qualify for with a title loan will depend on the value of your collateral. Most lenders offer loans equivalent to a percentage of the vehicle’s value. The higher your collateral’s value, the larger the loan amount.
For example, let’s say a lender offers loans up to 30% of a vehicle’s appraised value. Your truck appraises for $15,000. The lender will likely offer you a title loan up to $4,500.
Installment Loans
Installment Loans can be anywhere from $500 to $10,000, depending on your lender and your state of residence.
Lines of Credit
As with Installment Loans, the amount of money you can get through a Line of Credit varies from lender to lender and state to state.
Get an online loan from Advance America
Advance America offers direct online loans with monthly payment options, including Installment Loans and Lines of Credit. You can apply online or in-store and receive your funds quickly. Best of all, you don’t need good credit to get approved.
Explore our website to learn more about our money solutions and apply online today!
