What Is an Installment Loan? | Always Money

What Is an Installment Loan?

An installment loan is a type of personal loan that's based on your credit. At Always Money™, these loans can be repaid over a period ranging from 3 to 36 months. They are a popular choice because of their flexibility and manageable repayment terms.

Is a Credit Check Required for an Installment Loan?

Yes, a credit check is required to get approved for an installment loan. It helps us understand your ability to repay and determine the loan amount that aligns with your financial capacity. Always Money™ is here to guide you through this process and help you secure an installment loan that fits your needs.


Can I Get an Installment Loan With Bad Credit?

At Always Money™, we understand that everyone's financial situation is unique, and we're here to help, regardless of your credit history. While your credit history is taken into account, we also assess your ability to repay the loan and other relevant financial aspects.


How Much Can I Borrow With an Installment Loan?

The loan limit for installment loans varies depending on your state and whether collateral is involved. At Always Money™, personal installment loans start at $100 and can go up to $1,475 in Alabama, and from $650 to $2,000 in South Carolina. For auto-secured installment loans, amounts range from $2,100 to $15,000 in Alabama and $650 to $15,000 in South Carolina.


What Are the Benefits of an Installment Loan?

If you're watching your budget, you might find installment loans helpful. Unlike loans with shorter repayment times, installment loans offer a fixed monthly payment. This setup gives you predictability, making it simpler to handle your finances.


How Do I Repay an Installment Loan?

As you make fixed monthly payments, the balance decreases until the loan is fully repaid at the end of the agreed-upon term. The total repayment amount for an installment loan depends on factors like the financed amount, loan duration, and the interest rate.


Is It Bad to Pay Off an Installment Loan Early? 

No! You can pay off your Always Money™ installment loan anytime without any penalty or extra fees. 


How Do I Apply for an Always Money Installment Loan? 

Getting the cash you need is simple—just fill out our loan application to kick off the process. You have the flexibility to do this online, over the phone, or in person at any of our conveniently located branches.

Once you've submitted your application, our dedicated team will review it. Upon approval, you'll receive personalized offers with different loan amounts and repayment options tailored to your specific needs.

After selecting your preferred loan offer, you can either pick up cash or a check at one of our locations, or opt for a secure online deposit. Your online Always Money account will be your hub for easily making loan payments, keeping track of balances, and staying informed about all the essential details of your loan. We're here to make your loan experience straightforward and accessible!

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