California Installment Loans Online
While traditional California payday loans are great for very small unexpected expenses, you may find yourself in need of a larger loan. Paying for a major auto repair, consolidating bills or managing multiple unexpected expenses may require a larger loan. In such situations, a small dollar payday loan may not be enough to help you meet your financial objectives and it may be appropriate to look into a larger value loan such as a Personal Loan or an Online Installment Loan. Online Installment Loans made pursuant to the California Finance Lenders Law (“California Installment Loans”) allow eligible California residents - who may not qualify for a traditional bank loan – to access larger credit amounts.
An Online Installment Loan in California has a higher maximum loan amount and a longer repayment schedule than a smaller dollar payday loan. Please visit our Rates and Terms and FAQ pages for more information on MoneyKey’s California installment loan product.
How California Installment Loans Work
Once a state licensed online lender has approved your application for an Online California Installment Loan, your loan will usually be deposited into your bank account within a few business days.
The minimum installment loan amount offered by many California Finance Lenders Law licensed lenders is $2,500. MoneyKey offers California residents Installment Loans in the amount of $2,600. Whether an individual will be approved is dependent on certain qualification criteria. Complete our online application form to find out if you qualify for our California Installment Loan.
Many licensed California Finance Lenders’ Installment Loans are paid back through a series of payments over an 18 to 24-month period.
Many Online Direct Lenders will set each installment payment amount to include principal and fees, scheduled as a series of reoccurring payments over the term of the loan.
To allow for flexibility, many direct lenders will allow you to make partial payments or to pay the loan in full, ahead of schedule, with no penalty. This option allows you to reduce the total amount of interest and/or fees payable on the loan.
Does MoneyKey provide California Installment Loans Online?
Am I eligible to apply for a California Installment Loan Online?
Most direct lenders that offer California Installment Loans require you to meet their minimum eligibility criteria in order to apply for a loan. These requirements will vary by lender, but some of the most common minimum requirements are that an applicant must:
- Be 18 years of age or older
- Be a US citizen or Permanent Resident
- Be a resident in the State of California
- Have an active bank account
- Have a regular source of income
- Have a valid contact number and an active email address
Does a California Installment Loan Help Build My Credit?
Some lenders may perform a traditional credit check to determine whether or not you qualify for an Installment Loan. Where a traditional credit check is completed and the lender has approved your application for an installment loan, the lender may report your payment history to a credit bureau.
This means that borrowing and successfully repaying a California Installment Loan with some lenders will help establish, maintain and rebuild your credit status if the loan is paid back according to the payment schedule or earlier. Having a positive payment history by paying back your California Installment Loan on time may assist in improving your overall credit score. Check with your lender to see if they are reporting to a credit bureau. MoneyKey currently does not report to traditional credit bureaus.