Applying for an installment loan online is a super-convenient and straightforward option for getting access to the funds you need, no matter what you need them for. Installment loans can be used for anything from emergencies to car repairs, home renovations, or just a big purchase. We’re going to take a look at the requirements you’ll need to qualify for an online installment loan, and how Cash Link USA can help you meet your funding needs.
Basic Eligibility Criteria
Lenders typically have a list of specific requirements that borrowers will need to meet to qualify for an installment loan. Some of the most common eligibility points are:
- Age: You’ll need to be at least 18 years old to apply for an installment loan.
- Residency: You will need to show proof that you’re a US citizen or a legal resident, and have a valid social security number.
- Income: You should be able to demonstrate a steady, reliable source of income, like a job, business, or government benefits.
- Bank Account: Most lenders will require an active checking account in which to deposit loan funds, and from which to debit the monthly payments.
Credit Score Requirements
Most lenders will look at your credit score as a crucial indicator of your potential eligibility for an installment loan. Generally speaking, lenders will look for a minimum credit score of 580-640. However, there are some lenders that specialize in securing installment loan funding for borrowers with less-than-perfect, or even damaged credit.
Documentation Needed
When you’re applying for an installment loan, you’ll need to provide certain documents to prove you are who you say you are, as well as some of the details that you provided in your application. Common documentation needed includes:
- A valid government-issued ID, like a driver’s license or passport
- Proof of income, such as pay stubs or bank statements
- A recent utility bill or lease agreement as proof of residency
- Your SSn or individual taxpayer identification number
How to Improve Your Chances of Approval
While every lender will be unique, there are some general actions you can take to qualify for an online installment loan.
First, make sure you’re staying on top of your credit report. Dispute inaccuracies, pay off debt, pay down balances, and more. The better your credit looks, the better your chances for approval. You can obtain a free copy of your credit report from each of the three main bureaus every 12 months. Use this information to help you build your good credit back up. Make timely payments, keep low balances, and avoid opening any new credit accounts.
Additionally, make sure you shop around. There are many different lenders out there and no two sets of rates and lending terms are going to be the same. Compare multiple lenders to find the rates that are best for you. Finally, choose a reputable lender, like Cash Link USA, that offers terms that are easy to understand, transparent, and at reasonable rates.
Why Choose Cash Link USA for Your Installment Loan
Cash Link USA is a reliable and professional short-term lender that specializes in helping borrowers with damaged credit find the funding they need to get on with their lives. Our simple application process, competitive rates, and flexible repayment terms make us one of the leaders in short-term lending. If you feel like an installment loan is right for your needs, contact Cash Link USA today to get started.
