How Much Can I Borrow on an Installment Loan?
One of the most common questions we hear at Speedy Cash is, “How much can I borrow?” There’s no simple answer to that question, because your loan amount will vary based on different factors that may include your monthly income, your credit history and your state’s maximum installment loan amount.
Here's the process that we go through to determine how much you’re eligible to borrow:
Collect InformationSpeedy Cash collects personal and income information on your loan application. This includes income information to verify that you meet income requirements, birth date and valid ID to verify that you meet minimum age requirements, and contact information to see verify the maximum loan amount available in your state.
Process ApplicationSpeedy Cash installment loan applications are processed by an internal scoring system that assigns a numerical value to the various items of information that we consider in evaluating an application.
Provide Lending DecisionBased on the results of our scoring system, we will provide you with a lending decision. If approved, your installment loan amount may vary depending on the number of points for your application.
At minimum, you will need the following to qualify:
- Steady source of income
- Valid checking account
- Working telephone number
- Valid ID showing you meet minimum age requirements