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.
Unlike a bank, FastBucks does not run a standard credit check through one of 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.