An installment loan involves borrowing a set amount of funds, and repaying those funds through regularly scheduled payments, also referred to as installments. The amount of each installment primarily depends on the amount of funds borrowed, the duration of the loan, and the interest rate charged for borrowing the funds.
A personal loan is a common type of installment loan that can be used for a wide range of purposes. Personal loans are typically offered by financial institutions such as banks, credit unions or online lenders. Most personal loans are unsecured loans, meaning they are not backed by collateral such as property or assets.
A student loan is a type of installment loan designed to help borrowers pay for educational expenses such as tuition, books, and on-campus housing. A student loan is typically offered by the government or private lender and is not backed by collateral such as property or assets.
A mortgage loan is a type of installment loan intended to help borrowers purchase property or real estate. Mortgage loans are typically offered by financial institutions such as banks wherein the borrower receives funds upfront and agrees to make payments over a set period of time. In this type of loan, the property or real estate is used as collateral until the loan is paid back in full.
An auto loan is a type of installment loan that is designed to help borrowers purchase a vehicle. Similar to mortgage loans, a financial institution provides the borrower with funds upfront to purchase the vehicle, and the borrower agrees to pay back the amount borrowed through monthly installments. In this type of loan, the vehicle is used as collateral until the loan is paid back in full.
Yes, having less than perfect credit will not always prevent you from qualifying for an installment loan. Even if you have been turned down by other lenders in the past, we may be able to assist you in obtaining the loan you need.
You will receive an email notification once your application has been approved.
After your loan application has been reviewed and approved by our underwriting team, you may receive your funds on the same day or as soon as the next business day. Please review our Rates & Terms page for more information about our loan products available in your state.
There are some instances where proof-of-income is required prior to your application being approved. Proof-of-income may include a government benefits award letter or a recent bank statement displaying regular deposits. Please review the Rates and Terms pages for more information about your individual state regulations.
No, unlike other lenders out there, HyperSpeedLoans does not charge a prepayment penalty if you decide to pay back the loan before your due date. You can login to your online account at HyperSpeedLoans.com or contact our Customer Service Team if you want to repay your loan early.
Please call us at +1-888-907-3353 if you would like to set up a payment via credit card or any other method.
An installment loan is a medium-term loan, usually of a higher principal amount than a payday loan, which is repaid in scheduled payments over several months. Installment loans are only available in certain states. Please visit our Rates and Terms pages to learn more about the installment loans available in your state.
With Hyperspeed Loans, an installment loan may also be repaid early at any time without any prepayment charges.