Did you know that personal loans are the fastest-growing consumer debt in America? There are three factors that fueled the growth of personal loans to reach $120 billion in 2018. These factors are the surge of online lenders, technology, and accessibility.
Speaking of technology, cash loans over the phone are great for emergency expenses. Compared to applying for other loans, the process is easy and quick. If you want to know more about it, keep reading to see our guide on getting installment loans by phone.
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1. Does the Lender Call for Online Application?
According to a study, the average American has about $38,000 in personal debt with the exclusion of home mortgages. Credit cards and mortgages tied as the number one source of debt in the findings. Following them are student loans and auto loans.
There is no doubt that some of these debts are avoidable, yet many don’t have the means to avoid them. There are some who play it smart by applying for installment loans instead of credit cards. This way, they know how much they can only spend and how much they have to pay off.
Since we’re talking about installment loans by phone, the answer to that depends on the lender. Some lenders may ask for an online application. Often, they’ll take your information over a phone call.
2. Call a Loan Finder
If you’re too busy to take the time to look for the best lender, loan finders are your best friend. Loan finders do all the work for you. That includes tasks like looking for lenders and getting approvals.
One of the only things you need to do is to look for a good loan finder. You can check online for great loan finders like BonsaiFinance.com. The thing about loan finders is they can even tell you all about installment credit if you ask about it.
When you choose a loan finder, make sure it guarantees security. If you are searching online, it would be smart to look at testimonials, ratings, and reviews. This allows you to look at what other people have to say about their services and how satisfied they were with it.
3. How Does Phone Application for Installment Loans Work?
Once you decided on a lending firm that offers installment loans through phone, give them a call. A representative will speak with you about the loan you want to get. Based on your location, they will offer you a quote for how much you could borrow.
Some lenders accept biweekly and/or monthly payments. The most common types of installment loans include personal loans and student loans. The loans often available for phone application are personal and payday loans.
Next, the representative will then ask for the needed information to apply for the loan. This is where you take out your documents for references. The data they often ask for is employment and personal information.
The installment loan process shouldn’t take too long. You can get approved within minutes to within a day at most. You can then get the funds within 24 hours after the lender releases it.
4. What Are the Requirements for Installment Loans by Phone?
If you want to apply for loans by phone, there will be a few things you’ll need. The requirements include a steady source of income and basic personal information. They will ask about your employment details and bank information as well.
Basic personal information can include a government-issued driver’s license or photo ID. You’ll need to be at least 21 years of age to apply, though some states may have age discrepancies. Some states may request other documentation like bank statements or social security card.
It can be tricky to get approval for loans for self-employed individuals. You won’t have documents like pay stubs or W2 tax statements. Instead, you can prove your income with tax returns, business documents, and bank statements.
Depending on where you live, there may be minimum income requirements as well. Make sure to ask the lender about this if you weren’t already informed of it.
You don’t need to provide a credit score for an installment loan. Since they get employment verification, they don’t need to ask for a good credit score. This is one of the advantages of installment loans.
5. Benefits of Installment Loans by Phone
One of the biggest benefits of this loan is its convenience. All you need to get an installment loan over the phone is your information and a working phone. You don’t have to take the time or effort to go to a lending firm yourself.
This is very helpful for those who can’t find time in their schedules to leave work or the house to get a loan. It’s also a benefit to those who have a habit of checking all avenues before deciding on a route. Instead of going to every lender’s office to ask about their installment loans, you can simply call them up.
Compared to short-term loans, installment credit gives you more time to pay off your loan. They also have a fixed interest rate throughout the duration of the loan. This means the interest doesn’t grow over time and you pay for the same monthly rates.
Apply for an Installment Loan Through Phone
That’s it for our guide on finding and applying for installment loans by phone. We hope you are more informed and knowledgeable of the topic now that you’ve read about it. Now, you can apply for an installment loan to fund a vacation, buy an item, and more.
If you want more content on installment loans, feel free to check out our blog page. We offer tips, advice, and guides on our blog for those who are in need of them. We also have content on personal and bad credit loans.
Are you looking to get a loan via phone? Don’t hesitate to message us for inquiries or to apply for a loan.