If you urgently require money on the same day, you don’t have to worry because now same day loans are available that are pretty straight-forward. If in case of any emergency there is quick requirement of money, users can apply for installment loans online and get instant approval as this is the best option to get money on the same day you need. This is a kind of loan that users can repay in installments instead of repaying it at once like other loans. It includes car loans, money need for repairing homes etc. 

Benefits of online installment loans: 

1. Zero collateral required: No collateral is taken from those who had started for the first time. For the security, they check the borrower’s ability to repay the loan like the borrowers can give a paycheck that will show their ability that they can repay the loan that they have borrowed. 
2. Fast and easy: Their service is fast and easy due to quick availability of funds and they don’t waste time in approving and declining the financial documents thus they eliminate the clutter. The other best facility is that you can avail the loan by sitting at your home. It is because everything is done online and they deposit the money directly into your bank account. 
3. Lower fees: The interest rate and the installment fee is comparatively low and if you pay the installment before the completion of time period, they don’t charge any fees. 
4. Bad or no credit required: You can choose installment loan because credit score doesn’t matter while considering your loan eligibility. It can help you to make good credit if you do the repayment in the given time. 

Basic criteria to qualify for installment loans:

1. Legal requirements: You can apply for the loan if you had attained the age of 18 years and it should be not more than 65 years. You should be the citizen of the place you are currently residing.
2. Bank requirements: You should also have a bank account so that the lender can deposit the money in it. It will also help you at the time of monthly loan repayment. You can also use backup methods for the repayment by having credit and debit cards. 
3. Proof of income: You need not have to summit the collateral but instead of that you should have the proof of your employment like paycheck or you can also show them your bank statement that displays your regular transactions. 
4. Contact information: You can submit your contact details so that if any issue arises then they can contact you. This is mainly for security purpose.