You will be able to get approval even with bad credit, but understand that you are more likely to face higher interest rates and less favorable terms.
If you are facing a difficult life situation, you are most likely looking for the right type of funding for your needs. Of course, now there are a huge number of options that are worth paying attention to, however at the moment Installment Loan is the most suitable for you. Study more detailed information about this type of loan and decide if it suits your wishes
What Is Installment Loan?
An Installment Loan is a simple, secure type of financing that allows people to borrow a specified amount of money and repay the debt in regular monthly installments over a fixed period of time. Each payment is known as an installment, which is why this loan is called Installment Loan. Most often, this loan allows borrowers to receive from $ 1,000 to $ 5,000 for any need. However, you can also find a lender who will offer you a large loan to help you cope with your expenses. Repayment terms most often vary depending on the loan amount. The interest rate you receive depends on your income, credit history, and many other factors. Most often, you will be able to get from 6% to 36%.
Typical examples of Installment Loan are such loans as Title Loans, Mortgages, Personal Loans and others, as they are all paid in regular monthly installments. It is also worth noting that, in most cases, Installment Loans have fixed interest rates, which is very convenient for borrowers.
How Does An Installment Loan With Bad Credit Work?
In order to get funding as quickly as possible, you first need to know how an Installment Loan works. You need to choose a lender, fill out a form, wait for approval and receive money. Let’s take a closer look at each step:
- Choosing a lender. Of course, first of all, it is important to compare different loan offers from companies and lenders in order to get the most advantageous one. Pay close attention to the interest rate, as well as additional fees and charges, in order to avoid overpayments.
- Application. Once you have selected a lender, visit his website and fill out a simple, easy-to-use online form that shouldn’t take you more than 5-10 minutes. Provide basic information about yourself, such as name, residential address, income, and submit your application.
- Approval. Most often, lenders approve applications on the same day, so you do not have to wait long as in the case of a bank or credit union. If approved, the lender will contact you to discuss loan and debt repayment terms.
- Financing. If you are satisfied with the terms and you are sure that you can pay off the debt on time, you can sign a contract and receive money. The loan amount will be transferred directly to your bank account within one business day. So as you can see, getting an Installment Loan will be as easy as possible.
Can I Get Guaranteed Installment Loan For Bad Credit?
In difficult life situations, more and more borrowers are looking for guaranteed approval, especially if they have bad or poor credit history. However, is there a Guaranteed Installment Loan and is it possible to get a loan with bad credit?
Unfortunately, the guaranteed loan is nothing more than a myth. Lenders use these headlines to attract borrowers, but the truth is that none of them provide guaranteed loans because it is too risky. Thus, each lender has its own eligibility criteria that must be met in order for an application for funding to be approved.
However, you should know that you can get paid even if you have bad credit. Lenders work with different types of credit, so you will most likely be able to get approval if you meet the basic eligibility criteria. However, you must understand that with bad or poor credit, you will receive a less favorable offer.
Compare the Lenders Offering Guaranteed Installment Loan Approval
Of course, before applying, it is recommended to study various loan offers in order to choose the most profitable one. It is important to pay attention to factors such as the loan amount, interest rate, repayment terms, and so on. Below you can explore the best Installment Loan offers on the market and choose the one that suits your wishes and needs:
| Company | APR | Repayment Terms | Loan Amount |
| Pitri Loans | 4.99%-19.53% | A few months to a year | Up to $5,000 |
| Good Friend Loans | 7.04%-35.89% | 1 – 3 years | $1 -000 – $5,000 |
| Bad Credit Loans | 7.95%-35.99% | 3 months to 5 years | Up to $5,000 |
| Payoff | 5.99% | 2 to 5 years | Up to $35,000 |
| Prosper | 7.95%-35.99% | 3 to 5 years | Up to $40,000 |
| Avant | 9.95%-35.99% | 2 to 5 years | Up to $35,000 |
| Best Egg | 5.99-35.99% | 3 to 5 years | Up to $50,000 |
| Wells Fargo | 5.74%-19.99% | 1 to 7 years | Up to $100,000 |
After examining the offers of different lenders, you can choose the most suitable one for you. Remember that the longer the repayment period, the lower your monthly payment. However, a short payout period will reduce the amount of your monthly payment.
Other Options
In addition to Installment Loans, there are several other options that you should pay attention to if you need money for your needs:
- Ask friends or family for help. If you need a small amount to cope with expenses, friends and family are likely to be able to offer you money.
- Ask for an advance payment at work. Most likely, the employer will also be able to understand your situation and provide you with money so that you can cover your difficulties.
- Have a garage sale. Sell unnecessary items and get cash to cover expenses.
- Apply for a Payday Loan. This loan is short-term, so you will need to pay off the debt on the day of your next salary. You can get from $ 100 to $ 1,000 for your needs.
