Installment Loans for Bad Credit
An installment loan can be a great solution to the most common financial challenges. Whether you need to make a big purchase or consolidate your debt, this kind of loan is easy to get.
What is an installment loan?
How do online installment loans work?
When you apply for an installment loan, you immediately receive the money in your bank account. Eventually, you will need to pay it off in accordance with the fixed plan. Once the loan is paid back, the account is closed permanently.
Bad credit installment loans borrowing possibility
Key features of installment loans for bad credit
Poor credit loan installment functions just like any other type of loan. Its major features include:
- Loan amounts may be as high as several hundred or thousand dollars.
- Repayment schemes consist of fixed payments covering a certain period of time, from several months to several years.
- Interest rates come along with installment loan scheduled payments.
- Fixed rates remain unchanged throughout the repayment process. Variable rates are based on a particular financial index, which makes it fluctuate from one case to another.
An interest rate and fee usually vary from one lending company to another. Here are the terms:
- Higher interest rates. Borrowers with a bad credit score have higher interest rates than borrowers with a good background.
- Higher (or more) fees. Bad credit installment loans usually come with higher fees.
Most common types of personal installment loans
Most lending companies deal with the same type of installments. Before you make the final loan decision, you should know the whole list of options. Here they are:
Personal installment loans are money borrowed for “personal” reasons. Whether you have a medical treatment, home repair, large purchase, or debt consolidation, you can cover it with a personal type of borrowing. Depending on the requested sum of money, a specific interest rate and fee will be applied.
Installment loans rules and regulations
Are there installment loans near me option?
Do installment loans have no credit check?
Alternatives of installment loans online
Pros and Cons of installment loans instant approval
Installment loans online advantages
The popularity of installment loans is determined by the numerous benefits. Let’s see some of them.
- Predictability: Installment loans are predictable compared to other types of loans. Regardless of personal circumstances, you will have better budget control and more stability.
- Freedom: Installment loans don’t put you in a trap. Due to fixed interest rates, you don’t feel like there’s no way to escape the debt.
- Convenience: Installment loans come up with instant approval. You can get evaluated in a matter of hours, and receive the requested sum of money on the same day. All this can be done without leaving the comfort of your home.
Online installment loans disadvantages
Installment loans vs payday loans: significant differences
Eligibility Criterias for instant approval installment loans
Installment Loan Application
Installment loans are easy to get. But you will have to go through the application procedure. It includes several steps:
- Complete an application form. An online application form requires some of your personal, financial, and employment information. It is required to provide an immediate decision on your loan application.
- Wait for the response. It takes just a few hours to get your application processed. If the provided information is accurate, the process may be even shorter.
- Read the offered terms and conditions. After receiving approval, you need to put an electronic signature. Make sure to look through the offered policies not to miss some crucial details.
- Receive your funds. Then, funds will land in your bank account on the same day.
To apply for an installment loan, you don’t have to go through a lengthy process. Our offering is pretty clear. Moreover, we tend to keep things simple when it comes to quick cash for urgent purposes.