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What Is an Installment Loan, and Why Do You Need Explore Credit?
A closed-end loan that is repaid over a predetermined period of time is an installment loan. You immediately receive the complete amount and are then required to repay it in a series of recurring payments, commonly referred to as installment payments. Over a predetermined period of time, which could be weeks, months, or even years, each payment is for the same sum.
The account is canceled once the whole balance, including any accrued interest, has been paid. In contrast to revolving credit, where the account is open-ended, this is not one. As long as the account is in good standing, you can borrow money and keep paying it back.
Peace of Mind
Financial hardship may prevent you from affording the upfront price of a costly repair. However, it can be critical that you get the repair done right away if your furnace breaks down or your pipes start to leak. You can guarantee you obtain the repairs you need with an installment loan without breaking the bank.
Reduced Payments
You have a variety of customizable repayment alternatives when taking out an online installment loan. You can choose a shorter repayment period if you have more available cash. You might select a longer payment term with lower monthly installments if your finances are already tight.
Why Explore Credit?
Explore Credit provides Installment Loans, Payday Loans Online (Up to $5000) for your financial needs.
Through our online application site, we provide a rapid and secure way to apply for urgently required short-term loans and receive a decision. You’ll need your social security number, permanent address, driver’s license, proof of current work, and a bank account to apply for a short-term installment loan with Explore Credit.
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Annual Percentage Rate (APR)
Annual Percentage Rate (APR) represents the annualized interest rate that you are charged for borrowing. It is the combination of the nominal interest rate and some additional costs such as fees involved in obtaining a loan. Typically, APRs for personal loans range from 4.99% to 450%, APRs for cash advance loans vary from 200% to 1386%, and APRs for installment loans range from 6.63% to 225%. Since ExploreCredit (aka explorercredit.com) is not involved in the lending process, we can not deliver any specifics about the APR you will be offered. The APR depends solely on your lender’s decision, based on various factors including your credit score, credit history, income, and some other information you supply in your request. For more information regarding the APR contact your lender.
Representative Example of APR
If you borrow $2,500 over a term of 1 year with an APR of 10% and a fee of 3%, you will pay $219,79 each month. The total amount payable will be $2,637, with a total interest of $137,48.
Financial Implications (Interest & Finance Charges)
ExploreCredit (aka explorercredit.com) is not a lender and we cannot predict what fees and interest rate will be applied to the loan you will be offered. It is your lender that will provide all the necessary information about the cost of the loan. It is your responsibility to peruse the loan agreement carefully and accept the offer only if you agree to all the terms. (aka explorercredit.com) service is free of charge, and you are under no obligation to accept the terms that the lender offers you.
Implications of Non-Payment
When you accept the terms and conditions for a loan, you enter into a commitment to repay the amount you owe according to the specific schedule outlined in the documents. In the event of non-payment, additional charges may be applied. Late payment penalties vary by lender, and as ExploreCredit (aka explorercredit.com) is not involved in the lending process, we cannot supply any information on the fees you will incur if any default occurs. For more information, please contact the lender directly if you have any issues relating to your loan repayment.
Potential Impact on Credit Score
ExploreCredit (aka explorercredit.com) is not a lender and we do not check your credit standing and credit capacity. When you submit a request at our online platform, this is considered a soft inquiry and does not impact your credit score. However, some lenders may carry out a credit check to ascertain your eligibility for a loan. Most likely they will turn to any of the three major credit bureaus (Transunion, Experian, and Equifax) that is in most cases considered a hard inquiry and may affect your credit score.
Collection Practices
ExploreCredit (aka explorercredit.com) is not a lender. As such, we are not involved in any debt collection practices and cannot make you aware of any of them. Your lender will specify their collection practices in your loan agreement. If you have any questions regarding the issue, please, address them to your lender. For more information visit our page for Responsible Lending. explorercredit.com itself isn’t involved in debt collection.
Loan Renewal Policies
Loan renewal options are not always available. It is therefore advisable to clarify whether the option is available with your lender. Be sure to carefully peruse the renewal policy presented in the agreement before you sign the documents.
Disclaimer: ExploreCredit is not an offer or solicitation to lend. We do not make any loan or credit decisions and are not representatives, brokers or agents of any lender. Participating lenders offer loans from $200 up to $5,000. Not all lenders can offer you amounts up to $5,000. Our service is not available in all states. Submission of a request through this website does not guarantee that you will receive a loan offer or an offer you’ll be satisfied with. Funds transfer time may vary depending on your lender and/or financial institution. If you have any questions about your loan, please contact your lеndеr directly. Credit checks may be performed with the three reporting credit bureaus: Experian, Equifax, and TransUnion. Submission of a request means you are authorizing the lenders to check your creditworthiness and your personal details.
This service is not a solicitation for loan products and does not constitute a loan offer for any loan products that are prohibited by state law. This service is void where prohibited.
State Availability: Not all lenders from our system operate in all US states. Residents of some US states may not be eligible for loan products in accordance with their legislation. By selecting your State at the start of our loan offer process, you shall be informed of any limitations regarding obtaining a loan if you reside in individual US states.
This website collects personal information and transfers it to its third-party partners.
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Please note that personal loans should not be treated as financial cure-it-all. If you have major budget difficulties, consult specialists first.