An installment loan allows you to repay over a fixed number of payments, also known as installments, which often involve fixed payment amounts as well. Payments are usually monthly, and terms such as these are between the borrower and lender.
Chances are you are already familiar with some of the many types of installment loans currently available. From car loans and personal loans to mortgages, the monthly payments of an installment loan makes it easier for most to manage their cash flow and personal finances.
Not everyone has great credit, and installment loans for bad credit can provide the money you need fast. Completing an application takes minutes, and a decision is often arrived at within a similar time frame. While every lender has their own process, most come to fast decisions.
Part of the appeal of installment loans is the predictable payment amount and schedule, allowing borrowers to repay without surprises.
Installment Loans Online for Bad Credit
When you need money now and looking for quick cash to help from a small personal loan can help with a crisis. Applying for installment loans is often the answer for many, even with bad credit installment loans can still be an option. The application process is fairly straightforward and when applying online installment loans for bad credit allow you to take care of any unexpected expenses that might have come up.
When you have bad credit, your options can seem limited. It can affect you in a number of ways, but it’s when you have a need for emergency cash to fix your car or something else that it becomes appealing to use installment loans online for bad credit or even no credit at all. They’re quick, safe and easy to get during those times you need them most.
Possibly the best thing about installment loans online for bad credit is just how quick and easy they are to get. Answer some basic questions, submit your online application, and you can have the funds in your account as soon as the next business day if you are approved.
Installment Loans for Poor Credit
Even with poor credit installment loans are a possibility for most. While the typical bank prefers loaning to people with good or excellent credit ratings, there are options for those without, like installment loans for poor credit to help you through tough times.
Having poor credit shouldn’t be a sentence or limitation, at least not when you truly need financial assistance to keep the lights on or put food on the table.
Easy Approval Installment Loans for Bad Credit
Applying online for installment loans isn’t difficult and one of the fastest ways to get quick cash when you find yourself having trouble making ends meet. These types of loans are similar to etransfer payday loans except you can repay with multiple payments rather than all at once.
Finding easy approval installment loans for bad credit means that even if your credit isn’t so good you still have a very good chance of receiving the loan. The easy approval part of installment loans for bad credit is sometimes in reference to the fact that many lenders do not rely on a credit score the way banks often do, and look at other details instead. Information like your salary, employment history, when your next payday is, along with other details provide direct lenders like the ones that we work with what kind of risk you are when it comes to borrowing, and what the chances are that you will repay the loan.
Since many lenders use this method to review your application, it makes getting approval easy or at least easier, and installment loans for bad credit might be more within reach than you may have originally thought.
In some cases people will use installment loans to avoid bounced checks or NSF fees, which in some cases can be more costly than the loan. But it’s not just those with bad credit that might consider this. There are some people with a good credit rating that will take an installment loan for the sake of protecting their current credit rating, all while avoiding those nasty NSF fees at the same time.
Considerations Before Taking Installment Loans for Bad Credit
When you have a low credit rating, it’s important to be careful about how you borrow money.
Properly used installment loans for bad credit can help improve your credit score. Since the payments are scheduled at monthly intervals, you can pay off the sum owed over time and treat it like another bill. Maintaining a good credit history by making payments on time and having a low debt to income ratio can help improve your credit score.
Be certain you understand the term of the agreement when taking an installment loan, including repayment dates, amounts due on these dates, along with all rates or fees involved.
Improving your credit score can allow for better rates, terms and probably a larger amount of credit available to you in the future. Only borrow what you will be able to afford and make your payments towards paying off your installment loan.
Do I Qualify for Installment Loans for Bad Credit?
The following are the basic requirements to be considered for an installment loan:
- You must live and work legally within Canada and be at least 18 years old or older.
- You must be employed and preferably for 90 days or more.
- You must have a bank account with your name, along with a working telephone number and a valid email address.
Having the above requirements does not ensure a loan, it will allow your application to be considered by the lenders that we work with. Some Canadians look for bad credit personal loans from direct lenders with guaranteed approval but such offers should be considered with caution since there is no guarantee with lenders approving an application.
Read more on guaranteed installment loans for bad credit for further details.
Many borrowers with bad credit (below 600) have been known to be approved for installment loans, along with some where they have absolutely no credit history at all.
Some lenders offer what they call no credit check installment loans but this is not exactly accurate since all lenders perform some kind of check before approving a loan request.
Further Questions and Answers about Installment Loans
How much does it cost to get an installment loan?
Each installment loan varies in cost depending on several factors, including the amount borrowed, length of time borrowed, and other terms set by the lender.
Can you get an installment loan with bad credit?
Installment loans for bad credit are an option and available to many with a low credit score and looking for alternatives to payday loans or a cash advance.
How does an installment loan work?
An installment loan typically involves principal loan amount along with the interest is paid back over monthly scheduled dates agreed to.
What’s the difference between payday loans and installment loans?
Where a payday loan requires the balance owed to be repaid on your next payday, installment loans can be repaid through multiple scheduled payments, making them easier to manage. If you are in need of fast cash, considering an installment loan and have bad credit, the first step is to apply and see whether you might be approved and have the option available to you. When looking at payday loans vs installment loans it is often about what you qualify for you. When you have bad credit, this often means a payday loan might be your only option.
Applying for an installment loan typically does not affect one’s credit score as it is usually what is regarded as a soft credit check. This means that it does not usually query the major credit rating bureaus such as Transunion or Equifax, although every direct lender has their own proprietary way of reviewing applications for risk and we are not privy to all methods used and they could change at any time. For the most part, the majority of installment loan lenders tend to use some form of soft credit check when reviewing your application.