I understand that anyone can require an installment loan at one point in life. However, most traditional banks have made loan qualifications one long chain. Therefore, discouraging borrowers and making their life challenging. However, there are guaranteed installment loans for people with bad credit that can help you in time of need.
Due to the growth of Fintech in the financial world, multiple lenders have gone online to lend money to people. That’s why it’s becoming easier to get an emergency loan without going out of your house.
In this post, I will show you trusted places where you can get guaranteed installment loans regardless of your credit score.
But first, let’s understand more about installment loans.
What Are Installment Loans?
An installment loan is any loan you pay in a small amount over a specified period. For example, if you agree with your lender that you will pay a certain amount each month or make bi-weekly payments, that’s an installment loan.
Installment loans are a good choice because you will not experience much pressure when repaying the loan. In addition, you will manage to save some cash since you will know how much you will pay and for how long.
What Are Guaranteed Installment Loans For Bad Credit?
If you need an installment loan, but your credit score is below standard, you may consider knowing about these loans. Indeed, it’s possible to get an installment loan regardless of your credit history.
Some lenders do not judge you by your past mistakes. Instead, they believe that you can still change. First, however, the lenders need to prove that you can afford to repay the loan on the agreed time.
Therefore, to qualify for an installment loan with bad credit, here are a few requirements that you should adhere to them.
- It will be good if you have a valid identification document and be over 18 years
- You must have an income source, whether its employment or any other source
- Your checking account should be active
- You must provide an actual resident address
As you can see, the lenders do not need much from you. The above list is typical for any lending institution, whether online or traditional. So, now we can head to the trusted lenders who will help you with guaranteed installment loans for bad credit.
Direct Lenders For Installment Loans For Bad Credit
1. Heart Paydays
Heart Paydays is a direct lender that can help you get a guaranteed installment loan. With this lender, you can get installment loans starting from $500 to $5000.
The repayment term can extend up to five years. In addition, the minimum APR you can get here starts from 9.99%. Therefore, I depend on your affordability and credit score to get better deals. However, you can still get something regardless of your credit score.
2. One Main Financial
One Main Financial is another direct lender who can help you out whenever you need a bad credit installment loan. The lowest amount you can get here is $1500, and the maximum is $20000.
The APR on this site starts from 18% to 35.99%, and the repayment term can extend to five years. In addition, you can get an installment loan here with a bad credit history.
Oportun is another direct lender that can give you an installment loan with no minimum credit score requirement. With this lender, you can get a loan starting from $300 to $10000, and the repayment term can extend to 48 months.
The maximum APR here is 35.99%. In addition, they don’t have a minimum score requirement. Instead, all they need is proof of your affordability.
4. Upgrade Loans
Upgrade Loans is another direct lender that can help you get installment loans regardless of your bad credit. With this lender, you can access loans of up to $50,000, and the minimum is $1000.
The APR on this site ranges from 5.94% to 35.47%. This lender also charges an establishment fee. In addition, the lender can still accept you even if you have a credit score as low as 560.
5. Upstart Loans
Upstart loans will help you get the financial help you need, regardless of your credit score. The good thing about Upstart Loans is that they don’t have a minimum credit score that they consider.
With this lender, you can get installment loans starting from $1000 to $50,000. In addition, the APR you can get here ranges from 5.38% to 35.99%. Therefore if your credit score is good, you can get better deals as low as 5.38%.
As it’s simple to get an installment loan with bad credit, I advise you to be careful with loans. The best thing you should consider is building your credit score to land better deals.
However, it will be good to gain financial freedom early enough to avoid constant borrowing.