What Are Installment Loans?
Installment loans are a type of borrowing that offers a flexible and accessible way to obtain necessary funds. Unlike other types of loans, installment loans are repaid over a period of time through a series of scheduled payments.
This means that borrowers have the convenience of paying off the loan in smaller, more manageable amounts rather than having to come up with a lump sum repayment. Installment loans are available for various purposes, such as personal expenses, home improvements, and small business financing.
At Capitol Drive Loans, we offer installment loans in the Wauwatosa, Wisconsin area. We offer flexible terms and competitive rates so that you can choose the best loan for your needs. Whether you need a short-term loan to cover an unexpected expense or you’re looking for a long-term solution to your business financing needs, we can help.
How To Apply for An Installment Loan
If you want to apply for an installment loan, there are a few things you need to do.
Required Documentation & Qualifications
You have to provide documentation that proves you qualify for the loan. Required documents for installment loans are often the same as those required for auto and home loan applications, such as your driver’s license, proof of address, and social security card. However, there may be specific documentation relevant to an installment loan application – like a letter from your employer detailing your income and hours worked over the past month.
Required Process & Duration
The process of applying for a loan is usually straightforward. However, the loan duration may vary depending on your credit score and other factors. In general, however, most installment loans are available for up to 36 months.
Approval & Disbursement of Funds
After you submit your application, we will review it and decide whether or not to approve you for a loan. Once approved, we’ll provide you with an estimate of how much money you’ll need to borrow to qualify for the loan. The amount of money disbursed from the installment loan may take up to 10 days or more but usually arrives within two weeks.
Eligibility Requirements To Qualify for Installment Loans
Eligibility requirements for installment loans may vary depending on the lender and the specific loan product, but here at Capitol Drive Loans, here are some general requirements that borrowers typically need to meet:
- Age: The borrower must be at least 18 years old.
- Income: The borrower must have a steady income source, such as a job or regular government benefits.
- Credit history: The borrower’s credit history is typically considered during application. While some lenders offer installment loans to people with bad credit, others require a good credit score.
- Debt-to-income ratio: We also consider the borrower’s debt-to-income ratio, the amount of debt they have compared to their income.
- Identification: The borrower must have a valid government-issued ID, such as a driver’s license or passport.
- Bank account: We require the borrower to have a checking account to receive and repay the loan.
Types of Installment Loans We Offer
Secured Installment Loans
A secured installment loan is a type of lending in which the lender lends money to you in return for security that you will repay the loan. This can be your home, a car, or other valuable property.
Unsecured Installment Loans
We also offer unsecured installment loans. This means that we do not require any security, such as a home or car, from you to borrow money. However, unsecured installment loans are generally more expensive than secured ones because they typically have higher interest rates.
Revolving Installment Loans
We may offer you a revolving installment loan if you need a short-term loan to cover current living expenses. This type of loan allows you to borrow money from us repeatedly based on your regular monthly payments.
The Best Installment Loan For You
If you are looking for a short-term loan to cover expenses, consider an installment loan. There are a number of different types of installment loans available, so it’s essential to find one that is right for your needs.
Here at Capitol Drive Loans, we are the premier and the best installment loan service provider in Wauwatosa, Wisconsin. Our installment loans are designed specifically for people who need a short-term loan to cover expenses. We offer competitive interest rates and flexible repayment terms, so you can get the help you need without going through a traditional lender.
Why Installment Loans are The Best Choice For Instant Cash
Installment loans can provide several benefits to borrowers. Here are some of the essential benefits of installment loans:
- Predictable payments: Installment loans come with a fixed payment schedule, which means that borrowers know exactly how much they need to pay each month. This makes budgeting and financial planning more manageable.
- Flexibility: Installment loans are available in various loan amounts and terms, making them suitable for a wide range of borrowers and financial situations.
- Accessible: Many lenders offer installment loans, making them accessible to borrowers who may not qualify for other types of loans.
- Lower interest rates: Installment loans often come with lower rates than other types of loans, such as credit cards, which can save borrowers money in the long run.
- Credit building: Consistently making on-time payments on an installment loan can help improve a borrower’s credit score.
- Consolidation: Installment loans can be used to consolidate other debts, such as credit card debt, into one manageable payment.
- Faster funding: Depending on the lender, installment loans can be funded quickly, allowing borrowers to access the funds they need on time.
Installment Loans Wauwatosa Wisconsin can trust
Capitol Drive Loans is your installment loans provider in Wauwatosa, Wisconsin!
We’re not just another lender; we’re a financial partner here to help you reach your goals. Whether you need to cover unexpected expenses or you’re looking to invest in your future, we have flexible and affordable installment loan options to meet your needs.
Our application process is fast and easy, and we’ll work with you to find a loan that fits your budget and timeline. Everyone deserves access to financial resources, regardless of their credit history or income level. That’s why we offer personalized solutions tailored to your unique circumstances. With our installment loans, you can take control of your finances and start building a brighter future.
Quick, efficient, and easy! They make it very easy for you to pay it off. Extremely friendly and helpful. I don't have a job, but I was still able to get it with minor disability!
They are quick, easy and helpful. They have great attitudes.
Please review our loan disclosure prior to completing the agreement for your loan.
This advertisement is an invitation to send us an installment loan application. If your loan application is approved, you will need to complete the transaction and collect the funds at the location that you have chosen.
Repayment min to max: 3 to 60 months Maximum APR: 35.99%
Total Cost: The total loan amount plus APR
Repayment: Loans are not required to be repaid within 60 days