How long do installment loans stay on your credit report? | finder.com
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Installment loans and your credit report

Before you take out an installment loan, find out how it will affect your credit.

Applying for any type of credit is a financial decision that shouldn’t be taken lightly. Before committing, you’ll need to consider your reasons for taking out the loan, compare your lending options and work out whether you can afford the repayments.

In addition, you should consider how taking out an installment loan will impact your credit score. Our guide will help you learn the ins and outs of installment loans and your credit.

What is an installment loan?

Installment loans allow you to borrow a large sum of money over a longer period of time, usually between 6 and 60 months. You make payments on the principle and interest back to the lender in monthly installments. This type of loan is meant to help finance a car purchase, home renovation or any other large purchase.

OppLoans Installment Loans

OppLoans Installment Loans

Get fast funding up to $4,000 at reasonable interest rates.

  • Min. Loan Amount: $1,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: 1 business day
  • Must be 18+ years old
  • No security deposit needed
  • Confidential and secure

    How long does an installment loan appear on my credit report?

    It depends on whether you currently have an installment loan and have been on time making payments.

    • If you had an installment loan and it’s been paid in full. The account will remain on your file for up to 10 years from the date of last activity (DLA).
    • If you currently have an installment loan and have made late payments. Late payment history will generally remain on your file for up to 7 years.
    • If you have an overdue installment loan. Accounts considered “not paid” generally remain on your file for up to 7 years.
    • If you had an installment loan that went to a collection agency. Accounts that go to collection agencies are generally listed on your file for up to 7 years from the date the account file became past due.

    If you don’t have time to go to a lender, you can get an installment loan online

    Installment loans you can apply for

    Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

    Rates last updated February 21st, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit and meet minimum income requirements.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    6 months
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
    MaxLend Installment Loans
    Get up to $1,000 as a first-timer, with loans of up to $2,000 and lower APRs for repeat borrowers.
    $2,000
    6 months
    As soon as the next business day
    Must be at least 18 years old and a US citizen, have a valid bank account and provide a verifiable source of income.

    Compare up to 4 providers

    How does an installment loan affect my credit?

    The most common type of credit score is a Fair Isaac Corporation (FICO) score, which is made up of five components. You can better understand how your installment loan affects your credit by understanding how the components are weighed.

    • Payments made to your installment loan. Your payment history makes up 35% of your FICO score so making timely payments on your installment loan should be a priority.
    • How much you have left to pay. Your amounts owed, or how much you have left to pay, makes up 30% of your FICO score.
    • How long your credit history is. The length of your credit history makes up 15% of your credit score. Installment loans are for longer terms, so they can have a potentially good impact on this component of your score.
    • The type of credit being used. 10% of your FICO score is made up of four types of credit. Installment loans are one of these.
    • Inquiring about a loan or taking on new credit. If you apply for an installment loan, even if you aren’t improved, it can be listed on your credit score. In addition, any new loan can stay on your file for up to 2 years.

    Before applying for an installment loan, make sure you know how they work

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    TransUnion credit score, monitoring and identity theft insurance.
    • Unlimited updates to your TransUnion credit score
    • Up to $1,000,000 in identity theft insurance
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    CreditRepair.com
    Repair your credit online with CreditRepair.com or call directly 855-897-9466.
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    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

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