An installment loan is a loan that is repaid over time with a set number of scheduled payments. A mortgage loan, for example, is one type of installment loan.
At FastBucks, we offer two different installment loan products: Secured (by a car title) and unsecured. Secured loans generally have lower interest rates than unsecured loans, and also carry a lower annual percentage rate (APR). That is because we may have the right to repossess the car if there is a default on a secured loan.
Our loan terms generally range from 6 to 24 months and are “fully amortized”. This means that each payment includes both principal and interest. If all payments are made on time, at the end of the loan term, the loan is paid in full.
Depending on the state you apply for a loan in determines the type of credit FastBucks utilized for the approval process.
In the state of New Mexico we pull your FICO score. FastBucks may not require as high of a credit score as a typical bank would. FastBucks in New Mexico does report back to the credit bureaus on time and past due payments, allowing you the potential of increasing your credit score as long as payments are made on time.
In the states of Idaho, Nevada and Utah, FastBucks does not run a standard credit check through the three major credit bureaus. Instead we use a company called TeleTrack to check an applicant’s credit. Teletrack specializes in providing information specific to our industry. Because of this, FastBucks can offer loans to more customers than a bank.
We make it easy to obtain cash when you need it most. FastBucks is a leading financial services provider, specializing in short-term consumer loans. In business since 1999, FastBucks focuses on serving consumers seeking alternatives to traditional banking relationships by gaining convenient, immediate access to financial services. We have served over 200,000 million customers.