Installment Loans Oregon

Installment loans Oregon are a kind of a loan that can be issued for any purpose without providing collateral in the form of property. Guarantors for such a loan are also not asked. Since this is a non-targeted loan, the borrower will not need to report on the funds spent. The money can be used for any needs.

Terms for issuing an istallment loan

An installment loan is issued under the following terms:

  • the borrower’s age must be at least 18 years old.
  • citizenship of the United States is a mandatory item when making a loan agreement.
  • installment loans Oregon are available to citizens who have mandatory registration in the state where the branch of the bank in which the contract was signed is located.
  • to apply for a loan, you are not asked to submit a certificate from your place of work and confirm your work experience. The work experience at the last place of work should be at least 6 months.

How is an installment loan Oregon issued?

You can apply for a loan both at a lender branch and online. To do this, you need to fill out an application and submit it. In addition, the lender can check the credit history of a potential borrower to make sure of his solvency.

To fill out a loan agreement, you must present the following documents:

  • an ID with a mandatory residence permit in the state where the loan is issued;
  • a completed application form;
  • certificates from the place of work and copies of the work book sheets (for greater loan amounts).

After submitting the documents, it is necessary to wait for the bank’s decision to issue a loan. Employees will examine your documents and credit history, analyze income information and your ability to make regular loan payments. As a rule, it takes from several hours to two working days to make a decision, depending on each specific case.

Types of installment loans

Although there are quite a lot of types of installment loans, we may specify targeted and non-targeted.

Targeted loans

A targeted installment loan provides for the issuance of money for specific goods or services. The funds are transferred to the seller’s current account. The purchased products are usually shipped immediately after the receipt of the required amount on the personal account.

The situation is somewhat different with consumer lending for services. The latter do not always turn out in a short time. Vivid examples of this are education, apartment renovation or the construction of private houses.

For the most part, targeted installment loans are issued by different outlets. Let’s say you come to the store and want to buy a TV, but there is not enough money. As they say, without leaving the cash register, you take out a loan and pick up the right product.

Some types of installment loans for targeted needs:

  • for education;
  • to pay for Internet, cable TV, mobile communications, etc;
  • for holidays;
  • on a personal subsidiary farm;
  • to repay the loan;
  • to buy a car or an apartment.

Although mortgages and car loans are essentially the same consumer loans, they are designated as separate types. This is explained by the long terms of lending and the large amounts that are allocated for it. The same mortgage loans are issued for 10-20 years, and car loans – up to 5.

Non – targeted loans

Non-targeted types of loans assume that the borrowed money can be spent at the discretion of the borrower. Banks do not check where funds are spent. The main thing is that the client returns the amount with interest in a timely manner.

Due to the flexibility and transparency of terms, the number of installment loans for non-target needs is constantly increasing. The main advantage of these loans is the ability to distribute funds. The amount issued by the bank is divided into parts and spent on different purchases.

Suppose you want to renovate the kitchen, buy a lawn mower and change tires in a car. In the case of targeted consumer lending, 3 loans would have to be taken out. A non-targeted loan eliminates unnecessary bureaucratic red tape.

What are repayment terms?

The terms of loan repayment are prescribed in the contract. In order to avoid paying fines and accrual of penalties, it is recommended making payments on time. Lenders make concessions and grant deferrals only for good reasons. When there are none, penalties are applied to customers.

Delays not only lead to fines, but also spoil the credit score. The lower the credit rating drops, the less likely it is to get a loan on favourable terms in the future. If there are financial difficulties, we advise you to contact the bank immediately and consult about changing the terms of payments.