What Are the Guaranteed Installment Loans for Bad Credit
Guaranteed installment loans for bad credit refer to loans provided to people with poor credit scores. They are typically repaid with scheduled payments called installments over a specified period.
Most lenders providing these loans do not put much consideration into your credit score. Instead, they focus on other factors such as your:
· Current employment status
· Residence type
· The loan amount you request, etc.
Some of the guaranteed installment loans for bad credit you can get are mortgages, student loans, auto loans, and personal loans. Usually, these products come with fixed monthly payments and rates, except for various student loans and mortgages.
Tips for Getting an Installment Loan with Bad Credit
Although there are guaranteed installment loans for bad credit and low income, the choices are usually limited compared to when you have a high or fair credit score. The good news is there are several ways you can improve your chances of securing loans with bad credit, and they include:
Work on improving your credit score first
If you want better lender choices and loans with lower interest rates, it’d be best to first improve your credit history before applying for a loan. However, this is the best solution if you don't need the loan urgently.
The usual credit score ranges are extremely poor (below 620), poor (620 – 659), fair (660-699), very good (700-759), and excellent (760-850). You'll have more loan options with better terms if your score range is above average.
Avoid expensive lenders and loans
Some installment loan types like auto title loans usually come with high-interest rates and unfavorable terms.
Therefore, it’s always best to research the loan options you’re considering to avoid taking out expensive loans
that will stress you in the long run.
Also, lenders provide loans at varying rates and terms. Therefore, it's crucial to compare different lenders and select those with criteria, terms, and rates favorable to you.
You can access affordable and guaranteed installment loans at WeLoans. Our comprehensive lenders' network provides multiple installment loans for bad credit, fair interest rates, and reasonable terms.
Consider credit unions
Credit unions are a great option when looking for a bad credit loan. They’re simply non-profit organizations developed to serve their members. Credit unions usually work like banks, offering various financial services like depositing and loaning, but their services are generally faster and more affordable.
Get pre-qualified first
A pre-qualification tool can help you assess your potential rates and approval odds for various loan types. This information can help you know your stand before applying to multiple lenders and make more informed decisions when taking out a loan.
These details will also help you avoid submitting your details to lenders who are more likely to decline your loan request.
What are the Eligibility Requirements for Bad Credit Loans?
You don’t require a good/excellent credit score to obtain loans. Most guaranteed installment loans for bad credit direct lenders will only require simple eligibility requirements to give you the loan amount you request.
These requirements include:
- Be 18 years and above
- Be a United States citizen/permanent occupant of your state
- Be able to repay the loan you take out
- Have an active phone number
- Have a steady income and active bank account
How much would you like?
How to Improve Your Chance of Getting Bad Credit Installment Loans
There’s no general technique to win approval for bad credit installment loans. Lenders usually have different terms and requirements for giving out their loans. But one common aspect of all lenders is they all want their loans to be repaid on time.
Therefore, they’ll ensure to give out the loans to individuals who meet their eligibility criteria. Some of the ways you can boost your chance of getting online loans with different lenders include:
By Cleaning up Your Credit History
Ensuring your credit history is clean of errors and constantly improved is one way to win a loan approval. You can accomplish this by confirming your credit reports are mistakes-free, reducing debts, getting on top of your payments/bills, etc.
By Balancing Your Income-debt-ratio
Balancing your debt-to-income ratio will highly favor you when lenders assess your creditworthiness. You can achieve this by boosting your income sources and reducing your debts.
By Not Asking for a High Amount of Cash
Requesting more money than you need or qualify for limits your chance of securing a loan. It's best to conduct a pre-qualification check to estimate the possible amount you can get based on your info and situation to avoid applying with the wrong lenders.
Selecting the Right Lender
Many direct online lenders usually disclose their products/services' minimum requirements. It's good to recheck them to apply for loans with lenders who are more likely to approve your request.
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How to Pinpoint Bad Credit Installment Loan Scams
As the online bad credit installments loans direct lenders continue to rise, so do the scams. Some of the ways to spot fraudulent lenders include;
- Guarantee loans without approval
- They aren’t registered in your state
- They use fishy advertising techniques like door-to-door solicitation and frequent calling
- They request upfront fees
- Their website is unsecured
- They don’t have a physical address
1. Do You Offer Installment Loans with Bad Credit?
We can connect you with plenty of direct lenders offering up to $ 5000 installment loans with poor/bad credit. Our lenders' network provides multiple loan types with quick responses in as little as 15 minutes and money disbursement in as fast as one business day.
2. Do Paying-Off an Installment Loans Impact Credit?
Paying off your installment loan can negatively impact your credit score, especially if you don't have other open installment loans. You can quickly close your active account and reduce your credit mix by paying off your installment loan, temporarily lowering your score.
3. Can I Get Guaranteed Approval No Matter My Credit Score?
Yes. At WeLoans, we can link you up with multiple lenders giving loans to individuals with little to poor credit history. Most lenders in our network mainly consider your current affordability and situation and perform soft credit checks.
4. Is There Risk in Bad Credit Loans?
Yes. Taking out bad credit loans is usually associated with several risks, especially if your income is unsteady. It’s good to take loans you can pay comfortably and keep a close eye on your expenditure, income sources, and debts to avoid defaulting and other inconveniences.