Online Installment Loans- Bad Credit & No Credit Checks

 What is an online installment loan?

An installment loan is a form of loan option that requires payment in equal installments until the loan term ends. A lot of loans available in the market today can be categorized as installment loans.

This is because most loan applicants would want a loan payment schedule that is predictable and manageable. Most people use the term installment loans when they are referring to loans from banks and credit unions.

These are the loans that are paid in equal amounts consisting of the principal and interest, usually every month.

One feature of an online installment loans that cuts across the board is their safe and affordable nature. When compared to title loans and payday loans, installment loans are affordable and safe. They can also be a perfect alternative to credit cards.

You might come across the term installment credit, which is also another name of installment loans. In banks and credit unions, installment loans require a form of collateral which can be your house( mortgage) or vehicle ( title loan).

If the borrower does not adhere to the loan agreement, the lender has the right to sell the asset and recover his funds. There are however other types of installment loans that don’t have collateral requirements. An example is personal loans. Before a lender approves a personal loan, a credit check is performed to determine a borrower’s creditworthiness.

Contrary to how installment loans work, a revolving loan does not have a payment schedule. Instead, you only pay the interest while the principal amount is rolling over every month until you reach the credit limit.

Some credit cards, departmental stores and even banks are revolving loans. Revolving loans don’t seem to be a type of loan. But the fact that this is a credit extension of a specific amount with fixed scheduled payments is exactly what makes it a form of installment loan.

Killerkash also offers online installment loans with a repayment term of up to two months. When you apply and get approved, you can get the funds in a matter of minutes.

The information is also sent to the three major credit reporting agencies, i.e. Equifax, Experian and TransUnion. So with timely payment, you can boost your credit score, which will eventually improve your financial health.

Things needed to apply for online installment loans

Whether you get an installment loan from a bank or direct lender, here are some of the main qualification requirements;

  • A verifiable and reliable source of income. The proof should be in the form of a paystub.
  • A checking account. This is required for the approved funds to be directly deposited to the bank account
  • Government-issued ID card. Lenders require this information to find out your identity and whether you live in a state where installment loans are provided. 

Additional information may also be needed depending on the lender. These include the following;

  • A mobile phone number if you are applying for the loan online using your mobile phone
  • Passport or proof of residence for identification if you do not have a recent government-issued ID card
  • Credit score requirements depending on the lender
  • Property appraisal if you are applying for a secured installment loan

When you apply for an installment loan with us, you will need

  • A state-issued ID card
  • A checking account
  • Verifiable source of income
  • Mobile phone number

Do installment loans have credit checks?

A credit check may be done when applying for an installment loan. This, however, will depend on your lender. Some lenders will go through your credit reports from all the credit bureaus. Other can only check with one bureau while others don’t perform any credit check.

Besides Equifax, Experian and TransUnion, there are also other alternative bureaus like Clarity Services and ChexSystems that focus on information not available in the major bureaus. ChexSystems for instance stores information concerning bank overdrafts while Clarity Services deals with subprime lending. 

There are two different types of credit checks and a lender can perform any of these. They include;

A hard inquiry

This can also be referred to as a hard credit check or hard pull. It occurs when the lender is about to make a lending decision.

A hard credit check is usually performed when you apply for a mortgage, car loan or credit card. Usually, when a credit check is performed, your credit score reduces. Too many hard inquiries done in a short period of time can signal lenders that you might be a risky borrower. 

A soft inquiry

Also known as a soft credit check or soft pull. This happens when a loan company checks your credit score to determine your creditworthiness.

Employers can even do a soft credit check before hiring and landlords before renting an apartment.

Short term loan lenders perform a soft credit check to determine whether you qualify for the loan. Unlike the hard pull, soft pull does not affect your credit score in any way. It will, however, show up in your credit report

Types of online installment loans

Here are the common types of installment loans

Personal loans

These are types of installment loans that don’t have collateral requirements. Most personal loans have a term ranging from one up to five years.

They are paid back in installments, usually on a monthly basis. Since the loans do not require collateral, lenders won’t have anything to repossess if you default or fail to make full payments.

This is the main reason why a credit check is performed before getting a personal loan. If you have no credit or bad credit history, it may not be easy to qualify for a personal loan.

Personal loans are offered in amounts between $1000 and $50,000. The APR varies depending on the loan agreement and your credit score. But it can’t be more than 26% according to state and federal rules concerning personal loans. 

Killerkash loans

Loans offered by Killerkash are also a form of installment loans that can build your credit history. Usually, the lender does not perform a credit check when advancing the loan. You can qualify for a personal loan of up to $500 when applying online using your mobile phone. 

The installment loan is paid in multiple bi-weekly installments until the loan term of two weeks ends. The term can, however, be longer than two weeks.

You can even schedule payments to meet your budget and again, there is a grace period on payments. Killerkash also reports consumer information to the major credit bureaus. If you make full and timely payments, it is possible for your credit score to improve. 


 This is a type of installment loan secured by a house or any other real estate property. If you default on the mortgage, the bank or alternative lender has the right to repossess the property and even auction it to recover the funds.

The rules and regulation on mortgages vary from one state to another. The common types of mortgages are a 30 years fixed-rate loan and 15 years fixed-rate loan.

These are obviously very long term loans. A section of the principal and interest is paid every month. When starting to pay off the mortgage, the interest rate will be higher and when the mortgage payment is about to end, the principal portion will be higher.

Applying and qualifying for a mortgage is a long process and it usually includes an appraisal of the collateral. Besides the higher interest rates, there are also other fees like appraisal fees, origination fees among others. 

Vehicle and car loans

Car loans are the most common type of automobile loans. This is a type of loan that is solely used for a car purchase. 

The car itself acts as collateral for the loan. If you don’t pay up the loan, your lender will repossess the vehicle. That said, it is important to calculate how much you can afford to pay every month before borrowing a title loan.

A credit check will be performed when applying for a car loan. Besides, your credit score will also determine how much you will pay in terms of interest. For people with bad credit, getting an auto loan may not be easy.

Car loans come with origination fees as well as other fee charges. A typical car loan has a term of between 24 and 72 months. The loans are paid in fixed installments.

Each installment includes a portion of the principal amount and a portion of the interest. We can, therefore, conclude that car loans are a type of monthly installment loans. 

Student loan

Student loans are specifically designed to cater for student expenses like tuition fees, book purchases and living expenses. Student loans are provided by the federal government and private institutions like credit unions, banks among other organizations.

Most student loans are subsidized by the government to make them more affordable. The interest rate on these loans is also delayed up to a time when a student graduates.

A large percentage of college students can qualify for the loans. The loan amount and term are determined by the student dependency and his or her education level. 

Credit builder loan

This loan works differently from other types of loans in that the approved amount is kept in your bank account when making the payments.

Eventually, your credit score will improve. Since the loan amount is held in your bank account, the lender bears no risks.

If you don’t pay as agreed, the lender simply takes the money back. The loans are paid in monthly payments and the information is reported to the major credit reporting agencies.

Therefore, the loans can help build your credit. But you will have to ‘save’ first and can only access the funds after you clear the payments. 

Same payday loans

There are certain payday lenders who are now offering payday loans with payments in installments rather than a lump sum amount.

But unlike other installment loans, these loans have a higher APR just like payday loans. The loans have a longer term than can go up to five years and the loan amount can be as high as $10,000.

Payday loans in installments are becoming popular due to their flexible repayments. Application for the loans is done the same way as personal installment loans.

In most cases, the lender will perform a credit check. Since these loans work the same way as installment loans, the initial payments are more of the interest rate.

How to get an installment loan

The process of getting an installment loan may vary depending on the lender and the type of installment loan. Besides, applying for the loan online is not the same as in-person applications. We are going to list the steps involved in getting a mortgage, personal loan as well as Killerkash loans. 

Getting a personal loan

  1. Know why you need the funds in the first place and what you intend to use the money for
  2. Confirm your credit score. After all, almost all lenders perform some form of credit check
  3. Do a background check and compare options for different personal loan providers
  4. Ensure that you have all the information and documents required in the application process. This includes your income, debt to income ratio, personal identification documents, primary monthly expenses, current employment status among other things. 
  5. Go through the terms and conditions of the loan before signing
  6. Once approved, you will receive the funds within 1 or 2 business days. 

Getting a mortgage

  • Find out which type of mortgage suits you best. Whether it is fixed or variable, the loan term and amount. Also, ensure that you can afford to make payments.
  • Check your credit score. A soft inquiry is usually done when applying for a mortgage.
  • Compare mortgage options from multiple lenders
  • Gather all the information required. These are your income information, employment status, personal information and identification as well as your current assets and debt. The information provided will require proof, so ensure that you attach relevant documents. 
  • You can fill multiple applications first. After this, you can review estimates from different lenders before making a decision. 
  • The loan processing commences. Your information is reviewed and appraisal of the secured property will also be done 
  • Once approved, you will sign the contract before accessing the loan. 

Getting a Killerkash loan

  • Download the Killerkash app on google play store or iTunes
  • Sign up and apply for the loan
  • The Information required includes your bank account, government-issued ID card and other information and documentation.
  • More than 80% of applicants get an instant application decision. 
  • Once approved, sign the document electronically and accept the loan offer
  • The funds are deposited to your bank account within a few minutes or up to 2 business days. 

Benefits and drawbacks of installment loans

The benefits

Repayment schedule on installment loans is predictable. You can tell how much you have already paid and what is remaining. You can, therefore, be able to come up with a loan repayment budget accordingly. 

Installment loans can also help build your credit score. I.e. if the lender reports your credit behaviors to the major credit reporting agencies. If you make payments on time, you are rewarded by an increase in your credit score. Therefore, ensure that the installment loan lender you work with can report your information to the credit bureaus. 

Installment loans have a lower APR and fees compared to credit cards, payday loans and revolving lines of credit. The rates are even lower compared to title loans and other short term loans. The loans also have a long repayment term making it convenient for many consumers. 

You can prepay the loan, either at a fee or no fee. This will reduce your debt and you can pay down the loan much faster. 

The drawbacks/risks

Installment loans are not flexible. As soon as you sign the loan contract, it won’t be possible to borrow money until the loan term ends. If adjustments are made to the current loan, then you will have to part with extra fees. 

If you don’t pay up as agreed, your score will drop. Remember that repayment history is the most contributing factor to your credit score. If you frequently make late payments, your credit score will drastically reduce. 

Installment loans also have additional fee charges that you should watch out for. It is true that the rates are lower compared to other loans, like payday and title loans. But installment loans also have credit check fees, origination fees, finance charges fees, late payment fees and prepayment penalties. 

Where to get an installment loan

There are hundreds of installment loan lenders, from banks, credit unions and even direct lenders. That said, finding the best option can be challenging and requires thorough research and comparison. So what are the things that you should look into when applying for an installment loan, and who can you get the loan from?

Here are important things to consider;

Your credit score can determine which lender you work with. There are lenders with minimum credit score requirements that you have to meet before qualifying. Others don’t. 

The amount of money you want to apply for as well as the loan term will also determine the type of lender to choose. For instance, only a few installment loan lenders offer an amount less than $1000.

Your state, employment status and address can also determine whether or not you can qualify for an installment loan. States have different laws and regulations concerning installment loans. 

Is the lender you intend to work with reputable? Lenders with the best reviews tend to be more trustworthy. But this does not mean that these lenders offer the best rates around. In fact, most known lenders may be making profits due to spending a lot of money on advertising. 

Here are examples of institutions that offer different types of instalment loans;


  • Mortgage


Chase bank, quicken


  • Personal loan


SoFi, possible finance


  • Student loan 


Sallie Mae, Stafford


  • Car loan 


Capital One, USAA, Ally Bank


  • Credit builder loan


 Self, Federal Credit Union


  • Payday loan


 LendUp, Advance America

Installment loan alternatives

Installment loans are the most common types of funding we have today. But there are other alternatives that you can consider. It is important to evaluate other options as well when looking for an instalment loan

Credit card

They allow borrowers to buy goods and services on credit. You can pay the balance at a regular payment cycle. You can only purchase the goods and services up to a certain amount which is your credit limit.

Credit cards have a higher APR compared to other loans, like personal loans. Just like a loan, you have to apply for a credit card and get approval.

Credit cards have an APR of 25% to 35%. Applications are done online and your credit score may also be used to determine whether you qualify. It is usually a hard credit inquiry

Revolving line of credit

These are offered in banks and credit unions as well as direct lenders. This is an amount of available credit for a certain period of time. Once the debt in revolving credit is paid, you can borrow again. The interest rate for a revolving line of credit is paid on a schedule. Credit cards are examples of lines of credit. But you can also ask your bank if they can separately offer a line of credit. This is because evolving lines of credit are cheaper as compared to credit cards. On the other hand, lines of credit come with other fee charges like usage fees and origination fees. 

Short term funding options, like payday loans

Cash advance, payday loans and other short term loans are unsecured forms of funding that require lump sum payment over a short period of time.

A payday loan, for instance, can have an APR of as high as 400% which is quite high compared to other loan options.

Short term loans are popular since the lender does not perform a credit check when approving the loans.

Requirements for these loans are also less compared to bank loans, credit cards and other types of credit. Additionally, a payday loan can be approved in a matter of minutes. You can either receive the money in cash or in a debit card. They can be helpful when you have an emergency that can’t wait till your next payday. 

Friends and family

Applying for a loan may not be the best solution for some people. This is especially when you have bad credit and can’t qualify for affordable loans.

Borrowing may be expensive for such people, and failure to pay will further damage your credit score. So if you have a friend or family member who is willing to offer some cash, go for it. Ensure that you put your agreement in writing even if it is someone you know. 

This will help prevent disagreements in the future. Treat it as a loan from any other place and pay as soon as you get the money. A person close to you can appreciate this and will also be willing to offer money in the future.


I can’t qualify for an installment loan

Unexpected events might happen and make it difficult to pay off the loan. If this happens, you will first start getting calls from your lender.

Expect more of these calls as days go by. Usually, the lender would want to reach an agreement on how you can pay the debt. He will be looking at how you can work together to pay the installment loan.

Picking these calls even when you don’t have the money can show some form of commitment. But avoiding them will even lead to more stress and frustrations. 

If all the efforts by the lender to collect the debt do not bear fruits, your loan will be sold to a debt collector. The objective of the debt collector is to collect even if it is just a percentage of the loan.

They can even allow you to pay a smaller percentage than what you had agreed with the lender. The bad news though is that this information will reflect in your credit report, and getting a loan, employment or even a rental apartment in the future may not be that easy. 

If the installment loan was secured with a house, car, savings account or any other asset, the lender will repossess it and it can be sold to recover the loan.

Repossession laws vary depending on the state so ensure that you know what the laws are in your region. 

Not paying an installment loan can have a severe impact in your life. Your credit score will drop, and the interest rate together with additional fees will continue adding up.

Not getting loans in future especially when you have an emergency is even more stressful. Some lenders can even sue you for the debt. Ensure that you know what your rights are, but the best thing is to avoid taking at installment loan if you are not in a position to pay back.

The final verdict

Installment loans have been with us for ages and they are the most popular borrowing option. Very few people can get through without applying for an installment loan, even once.

The application process and loan requirements vary from lender to lender. So do your research and compare rates before committing to the loan.

If you have bad credit, you can qualify for an installment loan of up to $500 in only a few minutes. Check Killerkash website for more information. And with the loan, you will have the chance to build your credit and improve your  credit and general financial health. 

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