Most Popular Types of Installment Loans

According to Wikipedia, installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. These types of loans can be obtained both online and at a store located in your city. Credit history is not important for installment loans, they are issued both with and without credit checks and also for different periods, both with and without collateral. Most popular google searches on installment loans, as seen on ahrefs.com, are:

• installment loans 41K
• installment loans online 14K
• installment loans for bad credit 9.9K
• online installment loans 7.9K
• installment loans near me 5.0K
• guaranteed installment loans for bad credit 4.9K
• online installment loans instant approval 4.6K
• guaranteed installment loans for bad credit direct lenders only 4.1K
• direct lender online installment loans instant approval 3.0K

As COMPACOM research shows, the other most popular types of installment loans are:

• almost all people take installment loans online;
• installment loans are popular among customers with bad credit;
• bad credit is more in demand than no credit check.

You can find out more information about no credit check installment loans on COMPACOM — one of the leading online finance experts in the USA.

Installment Loan Types

Following from the definition of loans, they are divided into several subparagraphs:

• title loans — loan where borrowers can use their vehicle as collateral;
• personal loans — loan which can be used for any needs;
• student loans — loan which is created to help students pay for the education;
• mortgage loans — loan which can be used for buying a house.

If we talk about the popularity of these types of loans, then again we can turn to ahrefs.com. By the number of search queries, we can conclude that the most popular loans are for education also knows as student loans, and only then come personal loans:

• student loans – 406K
• personal loans – 230K
• title loans – 57K
• mortgage loans – 6.6K

Personal loans can be used for almost everything: home improvement projects, wedding, medical bills, vacation, refinancing an existing loan or other large purchase.

Good Credit Loan/Bad Credit Loan

As for the difference between good credit and bad credit, it’s all about the risk that the lender takes when giving you a loan. It is generally accepted that the worse your credit history is, the less likely you are to be able to repay the loan. This is why a bad credit loan has a higher interest rate and APR (annual percentage rate). As we saw previously, installment loans for bad credit is one of the most popular queries (9.9K). Accordingly, people often take loans for a bad credit history. But you should understand that the interest rate will be much higher and you can end up spending 30% more than you received at the beginning.

Among Whom are Installment Loans Popular?

Online instant approval guaranteed installment loans for bad credit are loans that are issued without a serious credit check and past experience with banks and other financial institutions. That is why they are on high demand among the Americans. Here are some undoubted advantages of installment loans:

• fast online submission that requires a minimum list of documents;
• confirmation within 24 hours;
• after receiving a response, the money immediately comes to the card.

Installment Loans Online vs Installment Loans Near Me

Judging by the analysis of the requests that we saw above, we can conclude that online installment loans for bad credit, or tribal installment loans from direct lenders with instant approval online are more popular than in-store installment loans, even if they are close to your house. Naturally, there are a lot of advantages of online installment loans, ranging from convenience to the speed of processing information and crediting money to the card. You do not need to go to the place where an installment loan is issued, stand in lines and wait for your papers to be reviewed.

Thus, several conclusions can be drawn:

• student loans for education are the most popular ones;
• the majority of Americans take out loans online;
• installment loans are especially popular with people with bad credit despite high interest rates;

a huge advantage of installment loans is the fact that due to no credit check, the speed of processing documents is significantly increased.