3 Easy Steps To Get A Poor Credit Installment Loan

  • 1

    Decide on the necessary loan amount

    Think carefully how much money you need so that it helped you to solve your urgent financial problems and at the same time it was affordable for your budget.

  • 2

    Fill out a simple application form online

    State the amount you need as well as your e-mail address. It's necessary to find you a suitable lender. Be sure your data will be safe and secure.

  • 3

    Get an instant approval decision from a lender

    As soon as you've requested a loan, you'll be matched with the best lender providing such cash advance at the lowest rates and most affordable terms.

  • 4

    Receive the cash into your account within 24 hours

    In case you are approved, and you're most likely to be, the money will be deposited into your bank account within 1 - 2 business days, or even same day if you apply as soon as possible.

Get your loan ONLINE

  • Compare rates and terms
  • Avoid visiting multiple banks and storefronts
  • Apply directly on a lender’s website
  • Get a guaranteed instant decision
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Author: Andrew Williams

How To Get Installment Loans With A Poor Credit Score?

To receive an Installment Loan, you will need to fill out a simple online form, wait for the approval of the lender and receive financing in your bank account.

How To Get Installment Loans With A Poor Credit Score

We all experience difficulties from time to time and need additional funding to cover our expenses. However, studies show that most Americans do not have emergency savings even to meet emergency needs. Thus, millions of people annually apply for loans in order to obtain financing. An Installment Loan is currently one of the most popular ways to get money for your needs. However, can you get approved with a poor credit?

What You Should Know About Installment Loans for Poor Credit

An Installment Loan is a simple type of financing designed to enable borrowers to obtain financing for their needs. A distinctive feature of this loan is that it is repaid in regular monthly installments over a fixed period of time specified in the contract. Thus, the borrower must make monthly payments until the debt is paid in full. The repayment terms of this loan can vary from a few months to 30 years.

With an Installment Loan, borrowers can receive anywhere from $1,000 to $100,000 depending on the type of loan, needs, and loan amount they need.

Installment Loan For Bad Or Poor Credit

Although many borrowers with bad or poor credit believe they cannot get financing, this is not true. There are now a huge number of installment lenders that provide loans to people with almost any type of credit. However, you should pay attention to the fact that the worse your credit history, the less favorable offer you can get.

Best Tips How You Can Get A Poor Credit Installment Loan

  • Review your credit report. Before taking any other action, you should request a free copy of your credit report and examine it for errors. Sometimes there are errors and inaccuracies in credit reports that affect your credit score. Thus, if you find them, you will need to report it immediately.
  • Compare different loan offers. As you know, each lender has its own eligibility criteria to be met, interest rates, loan terms and so on. Thus, you will need to pay attention to those installment lenders who work with bad credit.
  • Use prequalification. Now more and more installment lenders are offering to pre-qualify so they can see if they can get approved. Also, prequalification helps them understand what interest rates and loan terms they will receive.
  • Add a co-signer. If you have bad or poor credit history, you can increase your chances of getting an Installment Loan by adding a co-signer. A co-signer is a person who agrees to fulfill your obligations under the loan if you cannot do it yourself. Most often this is a family member or close friend with good or excellent credit.
  • Apply for a secured loan. Another way to increase your chances of getting approved is to apply for secured funding. A secured loan means that you will be required to pledge your property as collateral for the loan. However, you need to be careful, as if you are unable to make regular payments, you risk losing your deposit.

Installment Loan Eligibility Criteria

In order to be eligible for an Installment Loan, you will need to familiarize yourself with the basic eligibility criteria of the selected lender. They may vary depending on the laws of the state, but most often remain unchanged:

  • Age. You must be at least 18 years of age or older to qualify for an Installment Loan.
  • Citizenship. You must be a US citizen or official resident to receive funding.
  • Income. You must prove that you receive a regular monthly source of income.
  • Bank account. Most lenders also ask for your active bank account.
  • Social Security number. You will also need to provide your social security number in order for your application to be approved.
  • ID confirmation. You can provide a passport, driver’s license or government-issued ID.
  • Contact details. To contact you, you will need to provide the lender with your phone number and e-mail.

3 Easy Steps To Get A Bad Credit Installment Loan

Now getting an Installment Loan has become as simple as possible, as more and more lenders offer a simple and convenient online application. You can learn three simple steps to help you get a loan as quickly as possible:

  1. Fill out the form. Once you have chosen a lender that suits your wants and needs, you need to visit his website. Click on the “apply online” button and provide all the necessary information about yourself, such as name, residential address, monthly and annual income, and more.
  2. Wait for the lender’s response. After you submit the form, it will take some time for the lender to review your details and make sure you meet the basic eligibility criteria. Most often it takes about one business day.
  3. Get money. After the lender contacts you and you discuss the terms of the loan, you can sign the contract. The loan amount will be transferred directly to your bank account.

The Bottom Line

Obtaining an Installment Loan for poor credit can be a difficult task, but it is possible. However, you should pay attention to interest rates and loan terms in order to make sure that you can actually pay off your debt with interest on time.