Guaranteed Installment Loans for Bad Credit

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.

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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:

1. Debt consolidation;
2. Home improvement;
3. Repair works;
4. Planning a vacation;
5. Preparing for holidays;
6. Rent payments;
7. Medical expenses;
8. 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.

Bank loans

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

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.

P2P loans

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:

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: