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Installment Loans for Bad Credit

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Nathan J. Lee

It is an unfortunate truth that life can throw all kinds of unexpected challenges in our direction – and more often than not such issues often emerge at the most inconvenient times. We have all faced that situation where money has been a little stretched but then something else has happened which means we need to pay out once again. It could be an issue with your car or even a washing machine that needs replacing.

In such situations, some people are able to call on friends and family for support, but others may have to consider auto loans or the best installment loans available to them. However, what happens if you have a bad credit history?

Seeking financial support with a poor credit score is not ideal but, while it may make the process trickier, it is not completely impossible. Here we answer some key questions on the issue.

Is There Really A Guaranteed Installment Loan for Bad Credit?

When you are seeking installment loans for bad credit, all you want is some kind of guarantee that you are not wasting your time with applications and that – no matter how bad things are with your credit score – you will be approved for support.

However, in our view, the idea that there is such a thing as guaranteed installment loans for bad credit is a bit of an urban myth. After all, no reputable lender can truly commit to online installment loans instant approval deals. What they can do though is offer some level of flexibility and this can be hugely beneficial.

Ultimately, the most important thing to do is to thoroughly research all of your options and what the providers out there are able to offer. We would also suggest not just looking at major organizations either, as you may find some more attractive deals at smaller, lesser-known names that you may not have considered before.

Taking such a step should give you a clear overview of all of the best installment loans for bad credit out there and will allow you to carefully assess your options and determine which is best for your current situation and needs.

Can I Get An Installment Loan for Bad Credit With No Credit Check?

Like a guaranteed installment loan for bad credit, an installment loan’s no credit check deal is also something that has become a bit of an urban myth. After all, wouldn’t it be perfect if lenders were providing such support without taking a peek at your credit history? Of course, as the old saying goes, if something sounds too good to be true it probably is – and that’s certainly the case when it comes to the idea of seeking installment loans online for bad credit which come without a credit check.

You should expect that every online lender will check your credit score when assessing whether to provide you with financial support, as the step has become a fundamental part of the process through the years. In fact, if you were to discover a long term installment loans no credit check offer, then that should send alarm bells ringing as to whether the provider can ultimately be trusted.

Put simply, any reputable provider should do it and if they do not, you should seriously consider whether you should go ahead with taking up an offer of installment loans for bad credit. It may be tempting, but you should always take absolute care.

Best Installment Loans for Bad Credit

So, as we have already touched upon, it can be tough to find a lender that offers installment loans for bad credit. However, a little bit of research can go a long way and here are just a handful of options that we have found which could be useful.

Best Personal Loans Lenders for 2020

  • Co-Sign Option
  • Hardship Plan
  • Min. Credit Score 600
  • Best: Consolidate Debt
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  • Quick funding - 1 Day
  • Grace period fee: 5% Max $15
  • No prepayment penalty
  • Min credit score of 620
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  • Day of Grace: 10 days
  • Annual income of $20,000
  • Min credit score of 580
  • Administrative fee: 4.75%
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How Much Money Can I Borrow?

It is difficult to say how much someone who is seeking installment loans for bad credit can expect to be able to lend, as ultimately that would be dependent on the provider in question and the criteria they apply when judging an applicant’s situation.

Some may not want to take the chance on lending a huge amount to those with a poor credit history, but on the flip side, others may not take that stance and could be more open to helping those in a tough situation. That is why it is important to take a good look around and try to find the best option for you.

Our Advice

It is a simple truth that life doesn’t always go to plan and everything from little hiccups to big bumps in the road can come along and knock us off course. Access to financial support can make a huge difference in such situations and while a poor credit history might make securing a loan more challenging it does not mean it cannot be done.

The one piece of advice we would suggest that you take away from this article on installment loans for bad credit is that deals are out there for those who are struggling. The most important thing is to spend some time researching your options and that should give you some indication as to what you could go for. It may also be useful to look at ways to build credit too, so the process becomes easier next time around.