Requirements for a California Installment Loan
Below is a rundown of what most lenders in Los Angeles look for.
- At least 18 years old
- Valid Social Security number
- Steady source of income
- Bank account for direct deposit
- Valid government-issued ID
Installment Loans in California Briefly Defined
California installment loans are unsecured personal loans, meaning no collateral is required to get a loan. This makes them available to a broader range of borrowers.
Maximum Amount You Can Get From California Installment Loans
Loan amounts vary — but customers can borrow between $2,500 and $5,000, depending on their financial situation and the lender’s terms.
California Installment Loan Interest Rates
Interest rates range from 6% to 36% APR. They depend on the loan amount, repayment term, and your creditworthiness.
Can You Get an Installment Loan With Bad Credit
Yes, you can, since California lenders tend to consider income stability more than other factors when evaluating your loan eligibility. However, bad credit might increase the interest rate you get.
How to Get an Installment Loan With Our Third-Party Lenders
It may be tricky to find a trusted lender. As such, fill out our online inquiry form, and we’ll connect you with a network of reputable lenders who offer installment loans online in Los Angeles.
All you have to do is wait for a lender to contact you if they accept your request.
Installment Loan Laws in California
The California legislature created a pilot program to also cover responsible small-dollar loans.
This program allows licensed lenders to offer installment loans between $300 and $2,500 with alternative interest rates and fees.
You can also have multiple installment loans in Los Angeles as long as you can qualify for them.
Conclusion
An installment loan can be a great way to handle unexpected expenses in Los Angeles. Our service is dedicated to helping you find potential lenders with competitive rates and terms.
Don’t let unexpected costs throw off your budget. Take the first step by filling out our inquiry form today to see if an installment loan in Los Angeles is the right option for you.
FAQs
Understanding installment loans in Los Angeles can help you make informed decisions when borrowing money. Here are some common questions.
You’ll need the interest rate, fees, loan amount, and term to calculate the APR.
Divide the total interest and fees by the loan amount, then divide by the loan term in days.
Convert to an annual rate by multiplying by 365 and then to a percentage by multiplying by 100.
Online APR calculators can simplify this process for you and the lender.
Signature loans, like mortgages and car loans, are all forms of same-day personal loans. You get the cash upfront and repay it in fixed installments over a set term.
A combination of credit accounts, including installment loans and credit cards, can help you create a stronger credit score. This shows lenders that you can handle diverse types of credit responsibly.