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FAQs – Installment Loans

Answer: LoanByPhone Installment Loans are a medium term loan that offers you more money and is paid back over a longer period of time. Typical Installment Loan repayment terms last 6 to 12 months. Installment Loans can be paid early without a pre-payment penalty. LoanByPhone Installment Loans are only offered in specific states. Please see the Rate Calculator to find out what products are available in your state.

Answer: Yes. Paying your Installment Loan before the maturity date is allowed without a pre-payment penalty. Paying your loan early does save you finance charges since interest is charged on a daily basis on any outstanding principal amount.

Answer: LoanByPhone does offer Installment Loans, however they only offered in specific states. Please see the Rate Calculator to find out what products are available in your state.

Answer: The amount of the finance charge for LoanByPhone Installment Loans is different per loan. This is because the amount of interest charged per loan is based upon the principal loan amount and the length of the loan term.

Answer: Loan by Phone offers Installment Loans from $500 to $3,000. However, state law generally regulates the minimum and maximum Installment Loan amount available, therefore ranges are different by state. Please visit the Rate Calculator for more information about Installment Loans in your state. Within the allowed range you will qualify for an amount based on your current income.

Answer: A LoanByPhone Installment Loan has a longer term than a payday loan and typically has a higher principal loan amount. Also payday loans are designed to be paid off on their due date. With Installment Loans you make payments during the term of the loan, eventually paying the loan off with your final payment.

Answer: As part of the application process LoanByPhone will review your information to see if you qualify for an Installment Loan. If you are conditionally approved for an Installment Loan we will notify you on the website at the time of submission. Your application could be approved for a variety of products and will be presented with the options to choose between them.

Answer: Your Installment Loan payments will be due on your payday.

Answer: We may need information, such as a bank statement and/or pay stub, in addition to your online application. Documents may be sent by email to customersupport@loanbyphone.com. Otherwise you may need access to a printer to print.

Answer: It takes just minutes to fill out our online Installment Loan application. An approval is given immediately on the website at the time of submission. Once the application is received, a customer service representative will then verify your application information. If all information is verified, your funds will usually be available on the next business day.

Answer: Yes. We gather information from several risk assessment and national databases.

Answer: No. LoanByPhone only allows you to have one credit product at a time.

Answer: To be approved for an Installment Loan, you only need:

  • A verifiable source of income
  • An open and active checking account
  • A working home and/or cell and work phone number
  • A valid email address
  • Be at least 21 years of age
  • Be a citizen or permanent resident of the United States

Answer: Once your Installment Loan is finalized, the money will be electronically deposited into your checking account. Typically funds are received on the next business day.

Answer: Even if you have bad credit, you may still be able to get the money you need from LoanByPhone if you meet our credit check and underwriting requirements, so don’t hesitate to apply!