Installment loans have fixed, monthly payments, making them easy to budget for. As a result, borrowers often use them to cover emergencies, large purchases, and debt refinancing, to name a few common uses.
When these expenses are urgent, borrowers need to minimize the time it takes to get one of these loans. Fortunately, there are plenty of ways to speed up the loan application process — and in some cases, the borrower can get a loan the same day they apply. This article will discuss five tips for getting an installment loan as quickly as possible.
1. Find an online lender with same-day funding
Online lenders allow borrowers to get a loan from the comfort of their homes. This saves time traveling to and from a lender, and applications are often faster overall. Borrowers should prioritize online lenders that offer same-day funding. These lenders can get money to the borrower the same day they apply, if not within a few hours after completing the application and loan paperwork.
2. Gather all necessary documents in advance
Borrowers need proof of several pieces of information to apply, such as identity, income, employment, and assets. Gathering these documents ahead of time and keeping them in one place makes the application process faster for this loan and any future loans. Some documents the borrower may need include:
- Driver’s license or other photo ID
- Social Security card
- Bank statements
- Pay stubs
- Tax returns
- Investment and retirement account statements
3. Know credit score ahead of time
Many installment lenders will run a credit check to help determine the borrower’s loan terms. So, the borrower should know their score ahead of time. Borrowers can get one free copy of their credit report each year from the three bureaus — Equifax, Experian, and TransUnion.
This allows the borrower to better understand what loan terms they may qualify for. Plus, it helps them identify potential errors damaging their credit so they can fix them and boost their score for better loan terms.
4. Respond to lender questions ASAP
Many online lenders use computer programs to approve people who meet certain criteria automatically. However, lenders sometimes need additional information before offering approval. For instance, the borrower may need more documentation proving financial stability. Borrowers should respond to these questions and requests as soon as possible. The faster they respond, the quicker they can resolve issues and get their loan funds.
The bottom line
There are plenty of ways to speed up the lending process when a borrower needs funds fast. Picking an online lender that offers same-day funding is one of the most crucial steps because the borrower can apply and receive the money within minutes from their couch.
Borrowers should also gather their documents in advance, know their credit score, and snag some prequalifications before applying. After applying, they should prepare to answer any lender questions if not approved right away. Following these tips can help borrowers get the installment loans they need in as little time as possible.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
About Advance America
Founded in 1997, Advance America, the country’s leading state-licensed consumer lender, seeks to help every customer achieve their version of financial stability through a variety of innovative, regulated and transparent small-dollar credit options