An online installment loan is oftentimes more convenient than a traditional loan. You don’t have to leave your home and go to a brick-and-mortar location to sign a loan agreement. Instead, you can apply in your pajamas at any time of the day from the comfort of your home. An online installment loan may also be easier to get approved for than a traditional loan. You may be able to find a lender that forgoes a hard credit check and considers your income and employment history instead. This is great news if your credit report has some negative remarks. Beware that these loans can get expensive quickly, though. In addition, you may find that an online installment loan is more affordable than a traditional loan. This is because online lenders don’t have to cover the costs of maintaining a physical building. Their overhead is usually lower than that of a typical bank or credit union. Lastly, you can opt for an online installment loan without collateral, including a house or car. Many lenders offer unsecured loans that you may not be able to find at a traditional bank. An unsecured loan can be beneficial if you don’t want a secured loan, which will require you to put your assets on the line.