Installment Loans for Bad Credit

Tired of being constantly rejected for an installment loan due to your poor credit rating? Don’t be discouraged because you’ve come to the right place. Apply for installment loans for bad credit through our responsive platform and receive fast approval from lenders today.

$2,500
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Can I Get Installment Loans with Bad Credit?

Bad credit can make you think you can never be eligible for an installment loan that keeps you out of the water during financial emergencies. In reality, your credit score is not the deciding factor in getting an installment loan for bad credit.

Nowadays, you can easily apply for an installment loan despite poor credit scores through banks, credit unions, and online lenders. Installment loans for bad credit come with a more flexible credit check or no credit check. However, you will have to repay the loan with high interest rates.

The only eligibility criteria for such loans include legal age, US citizenship, an active checking account, and stable income. Lenders will focus more on your repayment ability than your credit score when you apply for one by evaluating your income, debt-to-income ratio, previous debt repayments, and recent financial handling.

How Do Installment Loans Affect My Credit?

There are more ways than one in which installment loans can affect your credit. While your credit score may take an initial hit if the lender goes through with a hard credit check, you can boost your credit score higher than before in the long run with these factors:

Timely Repayment

Paying back your debt on time is the most important thing for your credit score. Online lenders report to national credit bureaus, which is why repaying the loan according to the set dates can come off as a positive mark on your credit rating. Alternatively, delaying payments can bring the score down.

Types of Credit

Using only credit cards to pay debt can negatively impact your credit score. What’s the solution? Diversify your credit types. Instead of depending on your credit card only, a loan can help add another debt medium and divide the total debt, which can give your credit score an upwards bump.

Decreased Credit Utilization

When you take out a loan to tend to urgent expenses instead of maxing out on your credit card or even to pay off your credit card bills, you’re doing your credit score a favor, and it may boost. The reason is that your overall credit utilization decreases, and that makes up a significant part of your credit score.

Where Can I Get Installment Loans for Bad Credit?

To make it easier for you to find a lender that offers installment loans for bad credit, we’ve compiled a list of the best installment loan providers.

WeLoans

WeLoans is not a lender itself but connects you with a network of 1000+ trusted lenders across the US. By prequalifying through the website, you’ll be able to compare offers that you receive from multiple lenders in one place.

Unlike other platforms, you don’t need a minimum credit score to apply. The application form is short and you can request a loan amount of up to $5,000 with flexible payment methods.

Upstart

One of the best-rated installment loan lenders, Upstart lets you borrow a loan between $1,000 to $50,000, an amount not many lenders can for bad credit borrowers. Plus, it allows applications from those with short credit histories that can’t be registered under FICO yet.

You may receive the loan within a day of approval in your bank account. It offers an estimated APR of 5.4-35.99% to eligible applicants with at least $12,000 gross income. But buckle up to pay for an origination fee and a late fee of 5% or $15.

CashUSA

Borrow anywhere between $500 to $10,000 with CashUSA. With a streamlined application process and quick approvals, you can get a loan faster than you’d expect. CashUSA forwards your application to relevant lenders that you can select from.

There are no limits on loan spending, you can use it anywhere that you like. The repayment duration can be set with mutual consensus between 90 days to 3 years with an APR of 5.99% to 35.99%. You can also opt for auto repayments directly from your bank account.

Lendingpoint

Lendingpoint has a reputation in the bad credit installment loans market for a reason. Some of the advantages that you get from borrowing a loan between $2000 to $36,500 here include pre-qualification, flexible repayment schedules between 2-4 years, and quick funding within the same business day.

However, you need a minimum 600 credit score and $40,000 income to be eligible for a loan, and the average rates and fees are higher than their competitors.

SeedFi

Known as one of the best bad credit installment loan platforms to borrow money while keeping affordability in check. You can put in a loan request for an amount between $1200 to $7000.

There is no origination or prepayment fee involved in the process, and the APR is relatively lower from 7.42% to a maximum of 29.99% compared to 35.99% of other lenders. You can receive the funds within 1-2 business days rather than waiting for weeks. The term lengths vary from 8 months up till 44 months for borrowers.

How to Select the Best Installment Loan for Bad Credit?

Explore your options and find multiple lenders before selecting one and accepting their offer. What you need to do before finalizing on any lender is to consider the following to make sure that you’re making a decision you won’t regret later on.

Compare Rates

An ideal scenario before choosing a lender that you think is the best is to compare the rates between different online lenders offering installment loans.

While bad credit increases the average APR you may be offered, select a lender that offers the lowest APR to avoid depleting your finances on APR by the end of the loan. Steer clear of lenders that offer loans with an APR of more than 36%.

Look Through Fees

Lenders may charge an origination fee, processing fee, or late fee on missed repayments. Other lenders may not charge fees at all. If you’re already in debt, go with a lender with a minimal or no fee. And don’t borrow a loan from a lender that’s shady or won’t disclose the overall fee and charges beforehand.

Check Monthly Installments

Monthly installments are dependent on the loan amount, term length, and APR. While a 3-year installment plan with $300/month sounds better than one that must be repaid within 2 years at $500/month, the latter may be better.

The longer your term length, the more you’re paying as APR by the end of the repayment period. In most cases, you can decide the loan term, so select a period where you can pay back the loan easily as soon as possible.

Opt for Pre-Qualification

With pre-qualification, you can find out if you’ll get guaranteed approval for the loan. Most online lenders and brokers offer a pre-qualification feature where the lender will let you know your chances of approval with a soft credit check that won’t harm your credit rating.

Get a Loan For Your Urgent Expenses With Hassle-Free Monthly Repayments!

We keep our customers and their needs in mind when connecting them with top-rated lenders across the US. WeLoans is in your corner with installment loans that can be paid back easily with time!

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