Bad Credit Installment Loans: What They are and How to Get Them.
No one knows when an emergency will happen. Most people try to save up for emergencies in emergency funds but end up spending all the money on other important things when they are not faced with an emergency for an extended period of time. This is very understandable. However, when you do not have extra money to use in case of emergency, things can get really bad especially if you have poor credit. Short term loans poor credit are hard to come by. Most lenders see it as a huge risk to lend to people who have poor credit. This is where poor credit installment loans come in. Installment loans are examples of modern types of loans which can be paid over certain periods of time. In most cases, these loans are repaid in either one or two installments. The loan term can be anywhere between 5 months and 20 years.
Unsecured personal installment loans for bad credit are becoming quite popular all over the world especially when people need money for emergency situations. These loans are not only great for people with bad credit but also those who would like access to the money within a short period of time. Unlike the traditional loans which require you to wait for the money for a period of about 3 days, direct lender bad credit installment loans can be processed within 12 hours. This is very advantageous for most people especially those facing medical emergencies or rent emergencies. With these types of loans, you can get yourself out of any financial emergency very fast.
What are the Best Installment Loans for Bad Credit?
The best place to get installment loans is online because most of these loans are normally found online. However, you need to be very careful with online bad credit installment loans. This is because there are so many con men out there that pretend to offer loans but they simply want to take advantage of unsuspecting individuals. Some of the best places to get installment loans online include:
- Lending Club
This is one of the best places to get installment loans and with good reason. This peer-to-peer lending site offers loans of up to $40,000 with an APR range of 5.99% to 35.89%. The best APR is given to borrowers who have excellent credit. Therefore, if you are looking for an installment loan and you have no issue with bad credit, this is the place to go. The only disadvantage of this company is the fact that they are very stingy when it comes to approval. If you are looking for a company that will approve you first, it should probably not be your first choice.
If your credit score does not allow you to take advantage of loans installment offered by Lending Club, Avant is the next best place to go. If you have a credit score of at least 580, you can get approved for unsecured and secured loans for people with bad credit on this website. The disadvantage of Avant is that they have higher APRs that start from 9.95%. However, you will surely get your money faster compared to other sites.
Personalloans.com is also a great place to get personal installment loans with bad credit. On this site, you can get loans of up to $35,000 that have APRs ranging from 5% to 36%. The disadvantage of this site is that it is not a direct lender. It is only a referral website. This means you will not be able to get important information like which APRs will be charged or which extra costs in fees you will incur when you get the referral. It might not be the best if you are looking for poor credit installment loans direct lenders but it is perfect for searching for suitable lenders. It will surely save you a lot of time when you are searching for top bad credit loans lenders.
Is it Easy to Get Installment Loans for Bad Credit?
The ease of getting installment loans is totally dependent on the lender. There are lenders who do not pay so much attention to a borrower’s credit history. With these types of lenders, it is very easy for your application to get approved. However, if you are comparing installment loans to cash pals loans and other traditional types of loans, they are way easier to get in terms of approval and the number of days you will have to wait in order to get the money. There are a number of things that can make it easier for you to get approved for installment loans. First and foremost, do not borrow too much money if you do not have a great credit history. This is because most lenders are afraid of taking the risk of lending lot of money to individuals with bad credit even if the loan is available to people with bad credit. The other thing you can do to improve your likelihood of getting approved is choosing a lender that does not have very strict terms and conditions. Such a lender will be more likely to approve you compared to one that is very strict. Last but not least, make sure you follow all the application instructions and provide all the document sand information required before you hand in your application. Failure to do so might result in your application being rejected.
If your bad credit has been preventing you from getting access to loans, you should consider monthly installment loans for bad credit direct lenders. These are better than payday loans and traditional loans because they do not focus on your credit history and they have a good repayment option. It is definitely worth a try especially if you urgently need the money.