Installment Loans for Bad Credit
Want to get an installment loan even with poor credit history? You've come to the right place! We can connect you to lenders whose loan packages are designed especially for people with bad credit. Bad credit means only very little on their end. Get started today!
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What Are Installment Loans for Bad Credit?
Installment loans are unsecured, short-term loans borrowed as a lump sum and are to be repaid in fixed monthly payments over a period. These fixed monthly payments are known as installments. Installment loans for bad credit are installment loan packages designed especially for people with bad credit.
You belong to the bad credit category if you have a FICO score that is less than 579. Since people with bad credit are seen as a lending risk, banks and traditional lending institutions hardly consider them for poor credit. But our lenders can and would as long as you can prove it is a debt you can afford.
Common Types of Installment Loans for Bad Credit
A personal loan is a type of loan that mostly has a repayment period of two to seven years. The loan can be used for a variety of purposes, like paying off sudden expenses like medical bills, debt consolidation, car, home repairs, etc. Moreover, even one with a poor credit score or bad repayment history can be approved for the loan.
Mortgage loans are secured loans that can be used only for a single purpose, that is usually to buy a house. You need to provide collateral which is usually the house in order to secure the loan. For this, monthly installments of 15 to 30 years can be set to repay the loan amount.
An auto loan is used to purchase a new vehicle, where the vehicle in view serves as the collateral to secure the loan. The loan can be easily repaid in monthly installments, typically in two to seven years of duration. These kinds of loans usually have fixed interest rates. However, before acquiring an auto loan make sure that you have clarity in the terms of payments, and are aware of all the hidden fees.
What Can You Do With an Installment Loan?
Installments loans can help the borrowers to finance various major purchases in their lives. Some of the uses of online installment loans include:
Funding home repairs
Instead of going for high-interest credit card payments or reducing their savings, nowadays people prefer to take up installment loans to fund home repairs and improvements.
Medical bills can eat into your savings and make you dive deeper into debt. To swim out of such a crisis one can take a lump-sum installment loan and wipe out the medical expenses instantly.
Buying a car
If you're in the market for a new car and need to purchase it with a down payment, an installment loan could be perfect for you. You can spread the costs over a longer period and repay them more comfortably.
Consolidation of debt
You can also take out an installment loan for debt consolidations, which is a way to get rid of your debt. It allows you to combine your debts into one loan and makes it easier for you to repay.
Installment loans are the most preferred way to secure money for emergency expenses and save oneself from a crisis. You can use them to pay for sudden plumbing problems, medical bills, and more.
Where Can I Find Local Installment Loan Stores?
As one way of finding installment loan stores near you, you can check out the list of states below. They will show you the details about installment loans in each state and our recommended services there.
- Installment Loans in Alaska
- Installment Loans in Alabama
- Installment Loans in Arkansas
- Installment Loans in Arizona
- Installment Loans in California
- Installment Loans in Colorado
- Installment Loans in Connecticut
- Installment Loans in District of Columbia
- Installment Loans in Delaware
- Installment Loans in Florida
- Installment Loans in Georgia
- Installment Loans in Hawaii
- Installment Loans in Iowa
- Installment Loans in Idaho
- Installment Loans in Illinois
- Installment Loans in Indiana
- Installment Loans in Kansas
- Installment Loans in Kentucky
- Installment Loans in Louisiana
- Installment Loans in Massachusetts
- Installment Loans in Maryland
- Installment Loans in Maine
- Installment Loans in Michigan
- Installment Loans in Minnesota
- Installment Loans in Missouri
- Installment Loans in Mississippi
- Installment Loans in Montana
- Installment Loans in North Carolina
- Installment Loans in North Dakota
- Installment Loans in Nebraska
- Installment Loans in New Hampshire
- Installment Loans in New Jersey
- Installment Loans in New Mexico
- Installment Loans in Nevada
- Installment Loans in New York
- Installment Loans in Ohio
- Installment Loans in Oklahoma
- Installment Loans in Oregon
- Installment Loans in Pennsylvania
- Installment Loans in Rhode Island
- Installment Loans in South Carolina
- Installment Loans in South Dakota
- Installment Loans in Tennessee
- Installment Loans in Texas
- Installment Loans in Utah
- Installment Loans in Virginia
- Installment Loans in Vermont
- Installment Loans in Washington
- Installment Loans in Wisconsin
- Installment Loans in West Virginia
- Installment Loans in Wyoming
What Are the Advantages of Online Bad-Credit Installment Loans?
The advantages of online installment loans are many. Here are a few of them:
Predictable fixed monthly repayments: Borrowers are made aware well in advance of the monthly installment that they need to pay on acquiring the loan. And this payment remains the same every month, making it easier to account for.
Helps build credit score: Online installment loans for bad credit are generally paid back in monthly installments, which are fixed well in advance. This can help the borrower plan the repayment and push the credit score upwards.
Easy approval process: Online installment loan process needs you to submit less information compared to that of a traditional loan procedure. The approval of these loans is also done in a shorter time.
Convenient: Using online installment loans is very convenient as all the processes can be done from the comfort of your home without any trouble.
What Do I Need to Apply for an Installment Loan with Bad Credit?
During financial crises, installment loans can be a great option to get fast cash. To get the loan approved and fast, a borrower needs to provide various documents during the loan application process. The commonly required documents include:
- Personal banking information
- Contact details
- Proof of income (be it bank statements, pay slips, etc.)
- Personal ID (any government-issued state ID or license)
- Any other possible financial information
Things to Consider When Getting an Installment Loan for Poor Credit Online
There is a list of things one should look into before getting an installment. Some of them are:
Improving credit score
It is no secret that borrowers with healthier credit scores can enjoy lower interest rates and higher loan amounts than those with poor credit ratings. Therefore, before securing an installment loan, try to work on your credit score to obtain a fairer offer from lenders.
Evaluate your financial needs
Do think about what type of loan will suit you best, whether you wish to pay back the loan as soon as possible or stretch it out for smaller installment payments. So, better analyze the purpose and choose wisely.
Learn about the annual percentage rate
APR is the cost of your loans which is calculated using your loan amount and the fees incurred. Before applying for an installment loan, compare various quotes and choose the one with the fairest APR.
Read about the repayment terms carefully
It is very important to read the repayment process details quite carefully before signing the loan document. Knowing about the interest rate calculation is essential to avoid any activity of fraud in the future.
Most Searched Topics about Installment Loans
1. How do I apply for an installment loan for bad credit online?
With iPaydayLoans, you can easily find trusted lenders to apply for installment loans by filling out an online application.
2. If approved, when will I receive my funds?
Once approved, you will have the funds as early as 24 hours in your bank account.
3. Is it possible to get “Guaranteed” loans for bad credit?
To keep it plain and simple, there are no guaranteed loans for bad credit. You won’t be able to get a loan if results from the lender’s assessment suggest you can’t afford extra credit. Your chances of approval are however very high if you meet the basic eligibility requirements and have proof of income.
4. What are the eligibility requirements for installment loans for bad credit?
To qualify for an installment loan for bad credit, you must be a citizen of the US, be over 18 years old, have a checking account to receive deposits, have a steady monthly income of at least $800, and have a valid phone number and email address to verify your loan.
5. Are installment loans any different from payday loans?
Yes, they are. To begin with, installment loans have longer payment terms than payday loans. While payday loans are due between two to four weeks, installment loans can have loan terms as long as two to five years. Also, payday loans have higher annual percentage rates (APRs) than installment loans.
6. Do you grant bad-credit installment loans with no credit checks?
Not exactly. Firstly, we are a loan broker service, so we connect you with lenders who give these loans. We do not directly let out loans. Also, the term “no credit checks” isn’t implied literally. If what you fear is checks affecting your credit score, relax. You have nothing to worry about. We connect you with lenders who run soft credit checks. These checks do not affect your credit ratings.
Get an Installment Loan in Just a Few Clicks!
In need of a quick cash infusion with distributed repayment options? Then installment loans are your key. Use iPaydayLoans to find the fairest installment loans near you effortlessly. Get quotes from various lenders, compare, and get approved for loans as early as one business day.Get a Quote