Online loans with monthly payments

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When searching for an online loan with monthly payments, you must be looking for a personal loan online. A personal loan is a type of loan that has much better terms and conditions than a payday advance. Payday loans in general don’t come with a monthly  payment plan – they must be repaid in a lump sum. A long-term loan is a much better solution, because it is much easier on a household budget.

Online personal loan requirements

In order to qualify for a loan you must:

  • be 18+ years of age or older,
  • be a U.S. Citizen,
  • have a bank account with direct deposit,
  • have regular income,
  • have a fair credit rating,
  • not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps, or Navy, serving on active duty under a call or order that does not specify a period of 30 days or less.

No credit check is not an option

All applicants will have their credit checked. Lenders will perform a credit check before making a decision. Since personal loans are for larger amounts, direct lenders will not take a chance in approving applicants with questionable credit history. Your credit doesn’t have to be perfect but it can’t be under 600 points.

Monthly payment plan

You will hear from a lender about your payment schedule. The lender is obligated to provide you with the terms and conditions of your loan.

Amounts you can borrow

Depending on a lender, you can take out a personal loan up to $100,000. Some lenders may offer loans up to $35,000. The most popular personal loans range from $2,000 through $5,000 up to $10,000. Those amounts are at a comfortable level, especially when the repayment is spread over 2-3 years.