Online Loan with Monthly Payments
Nobody is protected from unexpected expenses that come from emergencies like medical issues and car accidents. If you don’t have savings, a fast and easy loan can fix the situation. You can opt for a payday loan if you need a small amount for a short period. But what do you do if you can’t afford to repay the loan with your next paycheck?
Online loans with monthly payments from 15M Finance provide a legit and flexible way to cover your money problems or long-term needs, even with bad credit. You can borrow up to $5,000 and split your total due amount into more manageable equal chunks. We perform no credit check and offer instant approval and same-day deposits to meet your urgent needs. Monthly payday loans are also available for smaller loan amounts.
What Are Installment Loans?
Installment loans are loans that allow you to get a lump-sum deposit and split your debt into equal monthly payments. Installment loans from 15M Finance allow you to borrow up to $5,000 for 2 to 24 months. They do not require a credit check, which means you might qualify even with bad credit as long as you have stable income.
When Do You Need a Loan with Monthly Payments?
Installment loans are best for ongoing needs, large purchases, and major life events. They are also a great option if you need money urgently. Here are some examples where an installment loan can be a lifesaver:
Medical bills. Accidents or sudden illnesses can result in significant medical bills and treatment expenses. A couple of hundred or even thousand of dollars can ease the burden and help handle the bills. Car repairs. If your car breaks down, an emergency loan can help you get back on the road. It’s especially important if you rely on your vehicle for getting to work or other important locations. Home repairs. A loan with monthly payments can also help if your home needs urgent repairs. For example, if a pipe bursts, you’ll need to not only fix the issue, but also replace the flooring and furniture if the moisture caused significant damage. Utility bills. If you are overdue on your utility payments and risk getting disconnected, an emergency monthly loan can help. Be sure to only borrow the amount you need to avoid overpaying for unnecessary debt. Rent or mortgage payments. Being late on your rent can put you at risk of eviction and leave you with nowhere to stay. These matters should be resolved as quickly as possible to ensure you do not end up in an inconvenient or even dangerous situation. Unexpected travel. There are many reasons you might need to take an emergency trip. Airplane tickets can cost thousands of dollars if bought close to the departure date. An installment loan can help you cover these costs. Business expenses. Be it a payment delay or a necessary investment into your startup – you might need money quickly. Loans with monthly payments can provide you with funds while allowing you to repay the debt within a convenient period.
Installment Loan Terms with 15M Finance
The specific terms and conditions of your loan depend on your creditworthiness, income, the requested amount, and the repayment period. Below you can find some common information about installment loans from 15M Finance.
Amount and Interest Rates
You can generally get between $500 and $5,000 with bad credit installment loans. They usually have fixed annual percentage rates (APRs) between 16% to 200% and do not require a hard credit check. In some states, you might also be charged an origination fee of up to 10% of the loan amount.
Repayment Terms
Loans with monthly payments offer significantly more schedule flexibility. You can apply for a 2-month to 2-year loan, depending on your needs and repayment abilities. Your bank account will be charged automatically on the agreed-upon due date, which is typically tied to your next paycheck.
Loan Example
Take a look at different loan calculations to get a better idea of what 15M Finance offers.
| Amount | APR | Period (months) | Monthly Payments | Total Amount Due |
| $500 | 120% | 3 | $201.06 | $603.17 |
| $1,500 | 60% | 9 | $211.04 | $1,899.32 |
| $3,000 | 16% | 18 | $188.57 | $3,394.25 |
These are representative examples for informational purposes only. Your actual payments and due amount might be different from the calculations above.
Advantages of Bad Credit Installment Loans
Unlike small payday loans, installment loans offer significantly more flexibility in terms of both interest rates and your repayment schedule. Here are some reasons why this 15M Finance loan might be a better choice for you:
Flexible schedule. Thanks to a longer repayment period, handling the loan becomes much easier. For example, if you got a $1,000 payday loan, you’d have to pay the full amount on your payday. With monthly loan payments, you will repay this sum in equal installments. Reasonable interest rates. Installment loans are typically cheaper compared to short-term options. That means you might save money on interest if you repay the loan fast. No collateral. Even if you opt for the highest loan amount, you do not need to provide any collateral. As long as you have proof of stable income, you might qualify.
Common Bad Credit Loan Myths
There are positive and negative aspects to any loan, including those with monthly payments. Let’s review some myths and find out the truth:
Bad credit loans aren’t legit. It’s true that some companies use predatory lending practices to drive borrowers into debt. However, many lenders are legitimate and follow federal and state laws and regulations. They never affect your credit score. While there are no hard credit checks, your late payments might be reported to the major credit bureaus, which will affect your credit score. If you repay the loan according to the agreement, the loan will not appear on your credit report. Everyone is always approved. While bad credit installment loans are easier to get than traditional ones, you don’t automatically get an instant approval. You need to meet the basic eligibility criteria to qualify. They are only for people with bad credit. Bad credit loans with monthly payments are easy to apply for. You do not need to stand in line at a bank or wait for weeks to get a response. That’s why these loans are a good fit for anyone who needs to receive their money fast.
How to Get Monthly Installment Loans Online
To get fast cash, you need to follow a couple of easy steps. Take a look at our short guide to get a better understanding of what you need to do:
Basic Eligibility Requirements
The first thing you need to do is ensure you are eligible even before you apply. Here are basic requirements set by 15M Finance:
Be at least 18 years old. Be a permanent resident or a legal citizen of the US Have a valid ID like a driver’s license or passport. Have an active bank account. Provide proof of stable monthly income.If you meet this criteria, you can move on to the next step.
Documents and Information Needed
A typical online application requires you to upload digital copies of your documents. Prepare:
Your ID, driver’s license or passport Social Security number Proof of address, such as utility bills Bank statements, pay stubs or tax returns Personal and financial details
Steps to Apply
Now you’re prepared to apply. Follow the steps below:
Get an approval decision in 15 minutes.
Read and sign your loan agreement, if approved.
Receive the funds in your bank account within 1 business day.
Responsible Borrowing Tips From 15M Finance
Taking out a loan is a serious commitment. It’s important to be realistic about your repayment capabilities and fully informed about what you’re going into. Here are some tips for your positive experience with our installment loans:
Request the Right Amount
Getting more than you need or can afford is a common reason people struggle with their loans. Analyze your situation and calculate the amount you need to handle your emergency. Additionally, think about your income and evaluate how much money you can afford to spend on the loan each month.
Plan for Repayment
Calculate your monthly expenses and expected income and see how much is left. Put that amount aside for the loan. If you seem to be short of cash, look through your calculations and see what spendings you can remove or decrease. With a responsible approach and a realistic plan, you will be able to make the payments on time.
Don’t be Afraid to Reach Out
You might not find answers to all of your questions in our FAQs, so feel free to reach out! Our customer representatives are always eager to help you make an informed decision. No question is an irrelevant question, so call us to get the needed information.
Why Choose Us
15M Finance is an established financial company that helps borrowers get quick and accessible financial solutions regardless of their credit scores. Here are more reasons why you’ll enjoy working with us:
Simple application
Our application process is as straightforward as it can be. You can complete the form within minutes and get a loan decision almost instantly.
No credit check
We only perform a soft credit check. This means that your score doesn’t affect your chances of approval and won’t be affected by your loan application.
Fast funding
If you’re approved, you will receive your money via a direct transfer on the same day or the next business day, depending on the approval times.
High approval rates
We have simple eligibility criteria and are not focused on your past mistakes. This leads to higher approval rates and also saves you time.
Frequently Asked Questions
What is the difference between installment and payday loans?
Cash loans with monthly payments or installment loans allow you to repay your debt monthly, while payday loans are typically repaid in full within 14 to 30 days.
Are there any fees associated with installment loans?
On top of your interest, you might also be charged an origination fee in some states. There might also be fees for late payment and non-sufficient funds. The exact terms depend on your location and the particular conditions specified in your loan agreement.
What happens if I miss a payment?
You are likely to be charged late fees if you miss your due date. If you don’t make any payments, the lender might pass your debt to a collection agency or even sue you.
Can I repay my loan early?
In most cases, you’re allowed to pay off monthly loans ahead of time. You’ll be charged interest only for the period the loan was actually used. However, prepayment penalties may be applied in some states. Check the terms of your loan agreement for more details.
What if I need more than $5,000?
For larger amounts, you can look into personal loans. These options allow you to borrow up to $50,000 and can be repaid over 12 to 60 months. However, you might face stricter income and credit score requirements.
