Guaranteed Installment Loans for Bad Credit
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What Are Bad Credit Installment Loans?
When payday loans are not enough to cover your current needs and personal loans are not accessible due to credit history issues, here are guaranteed installment loans for bad credit to solve your financial problems. Apply online and get fast cash from a direct lender with no credit check. It is easy to repay in equal monthly installments within the loan lifetime.
Installment loans for bad credit are easy-to-get cash advances with flexible repayment terms and convenient payment schedules. They combine the main features of both payday loans and personal loans.
Unlike an online payday loan that you must repay in one lump sum on the due date, an installment loan allows you to borrow up to $5,000 and turn back the money in fixed monthly payments. Thus, guaranteed installment loans are almost as stress-free as online personal loans. That is why they are more popular with people with below-average income or some financial matters.
At the same time, an installment loan has no strong document or credit score requirements. You can get it within a business day just by filling out an online loan application form. You are still eligible for an installment loan even if you have a poor credit score. Moreover, online lenders usually don't perform hard credit checks through major credit bureaus. It means that your credit rating will remain unchanged. So, in terms of accessibility, installment loans are more like payday loans.
Also, installment loans offer quick money deposits to your bank account as soon as the next business day. A direct lender will transfer cash to you after completing your loan verification. So, an installment loan is a fast way of getting the money you need.
However, a guaranteed installment loan usually comes with high-interest rates. An annual percentage rate on most installment loans is from 16% to 100%, which is pretty costly compared to a personal loan.
Online installment loans are unsecured loans. It means that they don't require you to put up collateral to get a cash advance. Therefore, except for the high cost, an installment loan is one of the best long-term financial solutions for people with bad credit history.
Installment Loans vs. Payday Loans
Payday loans may be your best option to cover some small needs or cash shortages. They offer limited loan amounts from $100 to $1,000, as well as limited loan terms that usually don't exceed 30 days. Payday loans are short-term loans created to serve people in case of financial emergencies.
Although installment loans may also be used to cover unexpected expenses due to instant approval and fast money transfer, they offer terms of up to 24 months. You can repay the loan amount plus the interest rate in equal monthly payments, which is much easier than paying the debt in one lump sum. Thus, a guaranteed installment loan is more likely to be used as a long-term financial solution.
Both payday and installment loans for bad credit are pretty expensive. At the same time, online payday loans have more affordable lender fees because of the shorter terms. If you decide to take out an installment loan, you should be ready to overpay.
Summing up, both these bad credit loans provide instant loan decisions and fast money deposits and are available for people with a poor credit history. However, paycheck loans are a good option to cover some small emergencies, while installment loans are better for your long-term financial needs.
What Can Online Installment Loans from Direct Lenders Be Used for?
Direct lenders basically allow you to use a loan amount for any purpose. Therefore, guaranteed installment loans for bad credit may be used to cover any of your current needs. However, as lenders offer installment loans at high-interest rates, you should be cautious when using them. Here are the most common reasons for taking out a bad credit installment loan for $2.500, for example:
- Debt consolidation;
- Home improvement;
- Repair works;
- Planning a vacation;
- Preparing for holidays;
- Rent payments;
- Medical expenses;
- Utility bills.
Thus, people can use online loans for almost everything. Installment loans are an available alternative to a personal loan for borrowers with bad credit scores.
Am I Guaranteed to Get Easy Approval Installment Loans for Bad Credit?
Direct lenders offer guaranteed loans generally means you will get a secured loan approval decision. Although a direct lender doesn't make a credit check through credit reporting bureaus, it still needs to analyze your application details before making a loan decision. That is why direct lenders can't guarantee you will be approved for a loan before checking your data through some alternative sources. Nevertheless, installment loans for bad credit are usually very obtainable with any credit score.
Online Installment Loan With Bad Credit - Is It Real?
An online loan is typically available with both good and poor credit. Installment loan lenders are more interested in your income amount as they want to estimate the risk of default. If you have a steady income and can prove you will be able to pay off your debt on the due date, you can get an installment loan with any credit score.
Can I Get an Installment Loan Today?
In some cases, it is really possible if you apply before 10:30 AM on a weekday. However, a direct lender can't guarantee you will get cash on the same day because it can't influence the process much. Everything depends mostly on how fast your verification process will be. Typically, borrowers access the money on a checking account as soon as the next business day.
Alternatives for Guaranteed Installment Loans for Bad Credit
Installment loans from direct lenders are good loans for people with bad credit scores. However, they are not the only option. Consider the following online loans before deciding on a loan to make an informed lending decision.
Auto title loans
Title loans are secured loans that use your vehicle as collateral. These cash advances usually offer lower interest rates as your car acts as a guarantee in case of missing payments or defaults. Title loan lenders commonly consider bad credit borrowers, so this product is worth considering if you're looking for a less expensive option. Nevertheless, make sure you estimate the risk of losing your car if you will not be able to make your monthly payments on time.
Bad credit personal loans from banks and credit unions are another long-term option that provides borrowers with a loan amount of up to $15,000 at a fair interest rate from 8% to 36% APR. You can repay a loan cost in fixed monthly payments within a flexible term, which is usually up to 60 months. In most cases, a bank loan is an unsecured loan that doesn't require any pledge.
At the same time, applying for it may lead to some credit implications. Banks and credit unions always perform hard credit checks through main credit bureaus. Thus, applying for a personal loan affects borrowers credit scores and may lower them by a few points. Traditional financial institutions may also reject your loan request or offer you a higher interest rate if you have bad credit.
Also, personal loans may not meet your expectations if you need to get cash fast. They usually require you to gather a lot of documents and wait for days or even weeks until your loan verification is complete.
Payday loans are short-term loans with the repayment period by your next paycheck. They have smaller loan amounts from $100 to $1,000, depending on the lender and your state lending law, and require you to repay the money in one large payment when due. These loans are almost perfect for covering unexpected expenses. A paycheck loan offers fast money transfer to your bank account via direct deposit within a business day. At the same time, they have high lender fees from $15 to $30 for each $100 borrowed. Thus, the APR on short-term loans may be over 400%. Loans till payday may also be prohibited in some states.
Peer-to-peer lending may be a good option if you want to save money on interest rates and fees. Nevertheless, if you need a significant amount to borrow, it is not always possible. Your family members or friends may not have some spare money to lend to you. Some people also consider this option a bit embarrassing.
Who Can Get Bad Credit Installment Loans Guaranteed Approval?
Applying for Installment loans online requires you to meet just a few basic criteria. There are no minimum credit score requirements or much paperwork you should do to apply. Although direct lenders may have some additional requirements, here are common criteria you must meet to be eligible:
Reach the age of majority in your state;
Have a valid residential ID;
Verify your income;
Have an active bank account;
Have a permanent address;
Provide us with your contact and personal information, including your mobile number and email.
How to Apply for Online Installment Loans Instant Approval?
An installment loan application is one of the easiest ones. The process is very similar to a payday cash advance application. Follow these steps to get an installment loan with guaranteed approval:
Complete a loan request form.
It doesn't require much information, effort, or spare time. Our online form is very simple and takes less than 10 minutes to fill out and submit.
Wait for a response.
The lender emails you a loan decision as soon as it checks your personal details. It usually takes about 5-15 minutes to get approved. Once approved, you will get a loan offer.
Read a loan agreement.
This electronic document contains all the important information about your loan's terms and conditions. You should read it carefully and pay attention to the details that directly affect your monthly payment. Check the amount of your APR and loan term and make sure there are no additional fees you were not warned about. If you have some questions, contact the lender to make everything clear before signing.
Sign a loan contract.
If the conditions are good for you, you need to electronically sign a loan agreement. This process usually takes place online and doesn't require any paperwork.
Get your loan.
The lender will deposit money to your active checking account as soon as the next working day. It may also happen within an hour or by the end of the same day, depending on how fast your loan verification will be.
Why Choose ASAP Finance for a Guaranteed Installment Loan?
ASAP Finance is more than just a connecting service. We take care of our clients and strive to help them in any possible way. By applying for a guaranteed installment loan with us, you will get multiple benefits!
Apply online without leaving your home in just a few minutes. We value your time and do our best to make the process fast and easy for everyone;
Our managers know what they are doing and why. We are eager to share our knowledge with you. You may contact us in any convenient way and get competent answers to all your questions;
We can help you save your time and money on third-party fees. We work with trusted direct lenders only so we can guarantee you competitive offers without any additional charges;
Your privacy is our priority. We share your personal data through a secured connection and use the best security systems to keep your data confidential;
All loans of our providers are unsecured. Applying with us, you don’t need to worry about losing your property if anything goes wrong.
Frequently Asked Questions
Can I Get an Online Installment Loan With No Credit Check?
No credit check loans basically mean that loan providers perform soft credit checks that don’t hurt your credit rating. Nevertheless, a lender checks your personal data through alternative means before making a loan decision. So, when lending services offer you no credit check loan, it is not completely true.
How to Get an Installment Loan With a Bad Credit Score?
You can get an installment loan online with any credit type. Installment loans have no minimum credit score requirements. Online lenders usually pay more attention to your income. Thus, if you’re employed or have any other stable source of income you can verify, your chances of getting bad credit loans are pretty high.
Can I Get Guaranteed Approval for an Installment Loan?
Loans with guaranteed approval are the same misbelief as no credit check cash advance loans. In fact, a lender can’t guarantee you will be approved for a loan until it checks your personal data. Although the approval rate is high, you can still be rejected for different reasons, for example, a high debt-to-income ratio.
Where Can I Get Guaranteed Installment Loans for Bad Credit?
Multiple lending companies offer installment loans for bad credit. It may be a traditional lender, such as a bank or a credit union, a loan agency, a matching service, or an online lending company. You can find the right lender near you or apply online on our website without wasting time.
How to Repay Bad Credit Installment Loans?
In most cases, the repayment process doesn’t require your additional actions. All you need is to make sure you have enough money in your checking account to cover your monthly payment. On the due date, the lender will automatically withdraw the amount of your monthly payment directly from your account.