Do you have bad credit or no credit history and need a loan to pay bills such as energy monthly bills, repair car bills? Do not worry, because there are a variety of lenders offer installment loans for bad credit. In this topic, the readers along with Info Credit Free looking for the answer to the question: “Where can you get installment loans for bad credit in the US?”
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INSTALLMENT LOANS FOR BAD CREDIT
This article about “installment loans for bad credit” includes the main four parts which are: “What are installment loans for bad credit?”, “How to get the installment loans for bad credit?”, “The interest of the installment loans for bad credit” and “Benefits and Drawbacks/Advantages and Disadvantages of the installment loans for bad credit”.
1. What are the installment loans for bad credit
Installment loans for bad credit are types of short term bad credit loans which are payed over a period of months. They usually offer more money than a payday loan, have better APR and are available to those with bad credit histories.
Here are some features of the installment loans you might be interested in:
- Varied loan amount
- Varied loan terms
- Varied processing times
- Varied fees and charges
The installment loans are any loans that come in one fixed amount that people repay plus interest and fees in regular payments. Technically installment loans include personal loans, student loans, and car loans. However, most loans that credit unions or institutions refer to as installment loans are types of short-term loans — similar to payday loans.
The installment loans come in longer terms and larger amounts than its payday loan cousins, though they are usually smaller than the average personal loans. They can also higher rates than personal loans. People can borrow up to $5,000 and take six months to five years to pay it off.
2. How to get the installment loans for bad credit
The Loans Online is the best choice to get an installment loan. Why? Because there are a variety of reasons why taking out installment loans online are good solutions for borrowers who have bad credit:
- The lender of an online installment loan will not likely to check on you.
- Installment loans are approved even for bad credit borrowers so long as people (who have poor credit scores) have an adequate source of income to repay and a US-based bank account from which to repay.
- The installment loan terms with bad credit customers are much better.
- Paying back loan installments can help people out financially by improving their credit score.
- If you showing your ability to make regular payments on time, your credit score is determined.
- Installment loans online can help prevent customers’ credit score from suffering further damage by helping people avoid late payments by providing fast and timely cash.
In order to receive these installment loans, readers need to meet the following basic criteria:
- Be between the ages of 18 and 65 years old
- Need to be a U.S. citizen residing in the United States
- Have a bank account for repaying the loan
- Need to have a debit or credit card for backup payment for the loan
- Need to have a regular income that can be verified via bank account transactions
- Need an active cellular phone that can receive both voice calls and SMS text messages
3. The interest of the installment loans for bad credit
- Min Loan Amount: $500
- Loan Term: 9 to 36 months
- Turnaround Time: As soon as 1 business day
4. The advantages and disadvantages of the installment loans for bad credit
4.1. The advantages of the installment loans for bad credit
- Choose from multiple lenders.
- Take time to repay the loan.
- Bad credit is OK.
- Get money quickly.
4.2. The disadvantages of the installment loans for bad credit
- High interest.
- More long-term budgeting is required.
- Disreputable lenders.
- Direct debit.
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Wish soon everyone find the right loans and use them effectively!
Hillary (Team Content) – Info Credit Free