Guaranteed Installment Loans for Bad Credit
At some in our life, we may need a guaranteed installment loan and we may have bad credit history. If this is the situation you are in, we have got you covered.
This article will provide you with information on guaranteed installment loans for bad credit!
In case you have emergency expenses you need to cover, or just need some extra money, you can borrow anywhere from $100 to $15,000 with some lenders even if you might have bad credit.
Some lenders offer installment loans for borrowers with bad credit, so you can apply and check your qualifications for an installment loan for bad credit.
What is an installment loan and how to apply it?
What is an installment loan?
An installment loan can be unsecured or secured, which means that you might need collateral for some installment loans. An installment loan is a type of loan that allows borrowers to take a certain sum at once and spend it for different purposes while paying off a fixed number of payments.
These payments are known as installments. If you apply for an installment loan with a fixed interest rate, the amount of your debt won’t change. On the other hand, your installment payments may change from month to month if you decide to go for flexible interest rates.
What are guaranteed installment loans?
Some lenders offer guaranteed installment loans, which are usually secured in case borrowers have bad credit. Bad credit indicates that you don’t have an appropriate financial history to prove that you can make regular payments to pay out your loan.
That is why lenders usually offer secured guaranteed installment loans. This is how you are guaranteed to get approved for an installment loan even with bad credit.
How can I get a loan with bad credit and no income?
A great number of online lenders may offer loans with bad credit and no income, however, many of these lenders will probably need you to disclose more about the situation and the reason why you are borrowing money.
Every lender needs insurance, usually in the form of collateral, so they would be sure that you will repay your debt and return the loan with interest.
In most cases, interest rates that apply on guaranteed installment loans for bad credit and no income will be higher.
Lending platforms such as Bad Credit Loans and Zippy Loan can connect you to lenders in the free lending market, that could grant you a loan with no income and bad credit.
What is the easiest type of loan to get with bad credit?
Aside from installment loans that are guaranteed even for borrowers with bad credit, the easiest type of loan to get with bad credit is a car title loan in case you have a vehicle title to your name.
In this case, car title serves as collateral, while higher interest rates may also apply. Some other types of loans that are easiest to get with bad credit are:
Home equity loan
Home equity loans involve borrowing against your home. This type of loan allows borrowers who are homeowners to borrow money against the equity in their real estate.
You can get a home equity loan with fixed rates or lines of credit based on the current value of your property. Home equity loans are usually approved even with bad credit and a lack of a regular source of income.
Co-signed installment loan
Co-signed loans don’t have to be only installment loans. You can have most of the loan types co-signed as a guarantee that another person, who has a more appropriate financial history, will be held responsible in case you are not able to make regular payments to pay off your debt.
Your co-signer is legally obligated to pay off your loan in case you don’t, which is why it may be difficult to convince someone to co-sign your loan. In case you do find someone to co-sign your loan, you can get approved with bad credit and no income.
Payday loans are secured with your regular source of income, so you can get approved for this loan even with bad credit in case you have a regular income.
Payday loans pay the borrowed amount in full and are paid off automatically when you receive your monthly payments. Payday loans can be paid out bi-weekly or monthly.
If you have multiple debts that need to be paid off urgently, you can apply for debt consolidation.
Debt consolidation can be more than useful to help you pay out your debt through a personal loan that will combine all your loan rates with high interest into a single loan.
Preferably, you can find a lender that could give you a lower interest rate on your combined debt rates.
Cash advances are a type of loan that usually involves smaller amounts and short-term repayment periods. You can apply for a cash advance loan in case you have a credit card.
This type of loan allows borrowers to get a line of credit on their credit cards so they can spend the amount they borrow whenever and however they like. Cash advances are paid out in installments within the agreed period.
How much money can I get with installment loans?
The amount you can get with an installment loan greatly depends on the terms of the loan, your qualification, and the lender of your choice.
Some lenders will only grant amounts from $500 to $5,000, while some lending services may offer from $5,000 to $50,000. Interest rates and repayment periods may also vary.
Can I get an installment loan without a credit check?
Many lenders will demand a credit check before approving your installment loan, however, luckily, there are many lenders and lending services that may grant you an installment loan even with bad credit.
In case you find a lender that can approve your loan without a credit check, you are more likely to pay higher interest rates and add collateral to prove that you can repay the loan.
How can I apply for guaranteed installment loans?
First, you need to find an appropriate lender, bank, financial institution, or lending service where you can apply for a loan.
Many lenders will ask you to disclose your financial history, information on your income, and the reason why you are taking a loan.
You can explore the free markets of lenders with different standards and qualification requirements on lending platforms such as Bad Credit Loans and Zippy Loan. On these platforms, you are likely to get approved in less than a day in case you meet the criteria.
What are the criteria for taking an installment loan?
Criteria for getting approved for an installment loan vary from one lender to the next, while getting approved for a loan depends on your qualifications.
Some of the general requirements to apply for an installment loan and get approved are:
1. A valid ID that shows that you are over 18 years old
2. Operating telephone number
3. A regular source of income
4. Valid checking account
You may be asked to disclose your credit score and your Social Security Number (SSN). In case you don’t have a regular source of income, you may be asked to provide collateral.
What lending services offer guaranteed installment loans?
Many lending services offer installment loans, while numerous lenders can grant you guaranteed installment loans for bad credit and with no credit checks.
These are some of the top services where you can apply online for a guaranteed installment loan:
Zippy Loan is a market of lenders much like Bad Credit Loans, so you may find an independent lender who can grant a sum from $100 to $15,000 depending on your qualifications and needs. You are likely to get approved or get a decline notice in less than 24 hours.
Opp Loans even without a regular source of income. You can get from $500 to $5,000 for an installment loan with interest rates starting from 5.99%.
Green Day Online
You can apply with Green Day Online for an installment loan and get approved for a sum between $500 and $5,000, while this lending service may approve an even higher sum.
Blue Trust Loans
Blue Trust Loans can offer from $100 to $3,000 for an installment loan without proof of income. However, this lending service has abnormally high and rather hefty interest rates, starting from 471.78%.
Cash USA offers interest rates on installment loans starting from 5.99% and can approve any sum from $500 to $10,000.
Personal Loans lending service also has favorable interest rates starting from 5.99% and can offer installment loans for amounts between $500 and $35,000.
Payoff online lending service offers the highest amounts for installment loans when compared to other services on the list.
You can apply for a sum between $5,000 and $40,000 with interest rates that start from 5.99% and can go to a maximum of 24.99%, which is the lowest maximum interest rate on the list as well.
How to choose the best guaranteed installment loan service?
To choose the best guaranteed installment loan service, you need to determine how much money do you need to borrow as well as check your credit score and make sure you have all the information and documents needed to apply for a loan. When choosing the best lending service, you should pay attention to:
1. Interest rates
2. The amount that you can get with your financial history
3. Repayment period
4. Repayment methods
5. Terms and conditions of the loan
6. User reviews
User reviews can be particularly handy when comparing different services in case you are having trouble making up your mind about the lender you want to go for.
Make sure that the loan you decide to go for matches your qualifications and your financial possibilities.
What do I need to know before applying for an installment loan?
You need to know that some lenders may offer secured installment loans, while others may only grant unsecured installment loans, while the second case is less common.
Secured installment loans involve collateral to protect the lender from losing their money and interest on the loan they provide to you.
Before applying for an installment loan, make sure that you have carefully read the terms and conditions of the loan and that you are completely familiar with your repayment program, interest rates, the amount you need to repay in total and on the monthly basis.
You should consider the following before applying for a guaranteed installment loan:
1. Your ability to make regular payments
2. The necessity for a loan – Do you need to take a loan before boosting your credit score?
3. Your ability to support the given interest rates, flexible or fixed
4. Your qualifications in comparison to the loan criteria
5. The consequences of late payments
Alternatives to installment loans
You can opt for other types of loans aside from installment loans. Here are some alternatives to installment loans that may come in handy when you need to borrow money:
The two online lending service providers have created two major markets of lenders where borrowers can directly connect to individual lenders and apply for a loan. P2P lending might be a great choice for borrowers with no regular income and/or bad credit.
Credit unions are member-owned financial cooperation institutions that are gathered around the idea of helping people with urgent financial matters.
Borrowers with bad credit or no regular source of income are more likely to get approved for a personal loan with credit unions.
Pawnshop loans are perhaps the most casual type of loans as you can get approved for a loan in minutes without a credit check, while you don’t need to disclose information about your employment status or income.
The only thing you need to get approved for a pawnshop loan is collateral in the form of an object with value, such as jewelry. You will also have to pay interest rates that are usually lower in comparison to other alternatives.
In conclusion, installment loans for bad credit can be a great way to get the money you need without having to go through a lot of hassle.
If you’re in need of some extra cash and have a poor credit history, these loans may be just what you’re looking for. Be sure to do your research and compare different lenders to find the best deal for you.