LendNation
Can I Refinance an Installment Loan?
The short answer is yes! There are many ways you can refinance an installment loan if you meet the requirements of the lender. Before you make a decision, take some time to review the following information. We will explain the difference between installment loans and other types of common loans, as well as reasons why you may want to refinance an existing installment loan.
Difference Between Installment Loans and Other Loans
What are installment loans?
For starters, let’s define what an installment loan is. Basically, it’s a loan that must be paid back on a set schedule. These can be auto loans, student debt, mortgages, personal loans, and other forms of debt that people take on and pay back on a set schedule and timeline for repayment.
To give you a better idea about what is an installment loan and what isn’t, here are
common ways installment loans typically differ from other types of loans:
Payday Loans vs. Installment Loans
- Payday loans are paid back in full when you receive your next paycheck.
- Installment loans are paid back on a monthly payment schedule over a longer period of time.
- Installment loans are generally larger than payday loans.
- You may need a higher credit score to receive an installment loan depending on the lender
Title Loans vs. Installment Loans
- Title loans require you to fully own your vehicle, so you can use the title as collateral for your loan.
- The amount of your title loan generally will not exceed the value of your vehicle.
- Both types of loans are paid back in monthly installments.
- Title Loans are a type of installment loan where customers can use their vehicle as collateral and repay the loan over a longer period of time, typically between six to 24 months. Check with your local LendNation store for more details.
Line of Credit vs. Installment Loans
- A line of credit remains open and available for use up to the amount you’re approved to borrow against.
- Installment loans are typically one-time loans for a set amount with agreed-upon monthly repayment terms.
- Both types of loans typically require a little bit of credit history and factor credit score into the approval process.
If you have any questions about which type of loan might be right for you, contact us today. At LendNation, we offer various types of loans depending on where you live. We can help you find a loan that fits your needs. To find out if we serve borrowers in your area, visit this page for more information about online and in-store locations.
Benefits of Choosing a LendNation Installment Loan:
Choosing the right loan company is a critical step in your financial journey. It’s not just about securing the funds you need; it’s also about finding a company that values your needs, respects your financial circumstances, and guides you through the lending process with transparency and integrity. A reputable lender should prioritize customer service, offering personalized solutions to fit your unique financial situation. They should also provide clear, understandable terms and conditions, so you can make informed decisions without feeling overwhelmed or confused.
That’s where we come in. We are more than just a loan company; we are your partner in navigating financial uncertainties. Our commitment to our customers is reflected in our friendly, customer-focused approach and our dedication to providing simple, straightforward loan solutions. We understand that people seeking loans, especially those with less-than-perfect credit, often feel anxious and vulnerable. Hence, we focus on building a relationship of trust, offering a comforting hand through the lending process, and ensuring our customers feel supported every step of the way. We aim to make the process of obtaining quick cash as stress-free and straightforward as possible. With us, you’re not just another transaction—you’re part of our community.
Get a flexible installment loan today – Apply online or in-store
How Do I Apply?
You can either visit a LendNation store or apply online to get started. Our friendly team of experts is always here to assist you throughout the loan application process, answering any questions you may have and providing guidance every step of the way.
What Will I Need to Apply for an Installment Loan?
- Current US-issued photo ID
- Proof of income
- Bank statement from within last 30 days
- An active checking account
- Current phone number & email address (online)
Not Quite What You Were Looking For?
LendNation offers a variety of products and services to get you the cash you need fast, easy and all in one place. You can choose from a range of simple, flexible money solutions – available both in-store and online – including title loans, lines of credit, and payday loans. With over 350 locations across the United States, LendNation is committed to serving its customers and helping them achieve financial stability.
Why LendNation?
LendNation is committed to providing its customers with fast and reliable financial assistance. The company’s team of experts is available to help customers understand the details of each loan and to assist them throughout the loan process. With a variety of loan options and other financial services available, LendNation is a trusted provider of financial solutions for thousands of individuals across the United States.