How can I get an installment loan?

To get an installment loan, you first need to choose the type of loan that fits your needs and compare lenders offering that type of loan. The next step is to select a lender based on factors such as APRs, loan amounts and approval requirements, then submit an application. If you meet all of your chosen lender's requirements for the loan, you have a good chance of being approved.

Steps to Get an Installment Loan

1. Figure out what type of loan fits your needs. You first need to decide if you want a specific type of loan (like a home or auto loan) or if you want a personal loan. A personal loan can be used for almost anything, from home improvements to debt consolidation.
2. Check your credit score. Checking your credit score helps you understand what type of loan you can qualify for and what lender may approve you. You can check your credit score for free on WalletHub.
3. Compare your options. Next, you'll need to compare loan options based on their terms like APRs, fees, loan lengths and loan amounts offered. Keep in mind that not all lenders offer every type of loan.
4. Pre-qualify (if possible). Some lenders allow you to pre-qualify for the loan you're interested in. To see your approval odds and what rates may be available to you, you can use WalletHub's free pre-qualification tool.
5. Choose the loan that works best for you. Your choice of loan should be based on what you can afford and what you can qualify for.
6. Submit an application. You can apply for a loan online, by phone or in person. You'll have to provide the issuer of the loan with some basic personal information, like your name, address, date of birth and Social Security number (SSN). You will also need to give the lender some financial information, like your employment status and income. More likely than not, your lender will do a hard pull of your credit, too.

After you've completed all of these steps and gotten approved for a loan, you'll be able to spend the funds you receive and pay off the loan over time. You should receive your funds within 1-7 business days after you apply.