Frequently Asked Questions
Whether you’re looking for a loan as a short-term solution or an installment loan for longer-term financing, Devon Financial is committed to helping you understand all of the services, options and payment plans available to you. Keep reading to learn more about how we can help.
Q: What is an installment loan?
A: An Installment loan's definition is "a loan that is repaid over time with a sett number of scheduled payments."
Q: How do I get an installment loan?
A: You can apply online or in-store, bring your documents into one of your documents into one of our conveniently located stores, sign your documents after you are approved and walk out with you cash as soon as the same day.*
Q: What's the difference between an installment loan and a payday loan?
A: Both loans can provide quick cash in an emergency. The main differences between the two loans are the repayment terms and the fee structure. With a traditional payday loan, your loan principal and fees are due on your next pay day. An installment loan typically is paid back over a longer, set period of time with a set interest rate where you owe nothing after your last payment.
Q: How do installment loans work?
A: After you're approved, you pay a specific amount periodically (usually bi-weekly or monthly) with a set interest rate over the lifetime of the loan. Once your repayment schedule is determined you pay back your loan principle and interest over the scheduled period of time.
Q: How long does it take to get an installment loan?
A: If you've been thinking, "I need a fast loan" or "I need money now," Devon Financial is the place to go! We are committed to get you your money as quickly as possible, in some cases, even as soon as the same day!* Funding times vary depending on how you choose to apply.
Questions about your loan documents?
What does “Amount Financed” mean when it appears in my loan documents?
The Amount Financed refers to the amount of the loan you will receive from Broadway Financial if you accept the loan terms offered to you and sign the loan documents.
What does "Loan Term" mean when it appears in my loan documents?
Your loan term is the amount of time where you repay your loan. You may also repay early with no penalty.
What does "Finance Charge" mean when it appears in my loan documents?
The finance charge is the dollar amount your loan will cost you, in addition to the amount financed. This is based off of your interest rate, amount financed and loan term.
What does "Total of Payments" mean when it appears in my loan documents?
This is the sum of the amount financed and the finance charge. This is the total amount you must repay.
Ready to start your applications process?
Our loan specialists are friendly, knowledgeable and here to help when you want money for unforeseen needs. Start your application today and get you money as soon as the next business day!