How can an installment loan work? Most installment loans for bad credit work the way that is same other loan kinds. To start with, the debtor is needed to submit their application. The applying procedure is easy along with your loan could be approved within 1-2 company times in the event that you apply online. But borrowers whom submit an application for the mortgage face-to-face can access the discovers the moment twenty four hours. Instead of repaying the mortgage in a swelling amount, borrowers could make monthly obligations for an agreed-upon duration until they clear the mortgage.