What Are Bad Credit Installment Loans?
Installment loans for bad credit are easy-to-get cash advances with flexible repayment terms and convenient payment schedules. As poor credit borrowers are eligible for these loan products with ASAP Finance, they are sometimes called ‘guaranteed installment loans’.
What Can Installment Loans 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. Here are the most common reasons for taking out an installment loan:
Source: Investopedia
How to Apply for Online Installment Loans with Instant Approval Decision?
An installment loan application is one of the easiest ones. 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.
Sign a loan contract.
If you read the loan agreement and the conditions are good for you, you need to electronically sign it. 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.
Who Can Get Bad Credit Installment Loans with Guaranteed Approval Decisions?
Applying for bad credit installment loans online makes you meet just a few basic criteria. There are no minimum credit score requirements or much paperwork you should do to apply. Although loan providers could need some additional documents, here are common criteria you must meet to be eligible:
- Reach the age of majority in your state;
- Have a valid residential ID;
- Prove your steady income;
- Have an active bank account;
- Have a permanent address;
- Provide us with your contact and personal information, including your mobile number and email.
Installment Loans vs. Payday Loans
Sometimes, it is hard to choose the right loan type loan. That's why we have made this short comparison to make your decision faster. Analyze each feature and see how installment loans differ from one-hour payday loans:
| Payday Loans | Installment Loans | |
|---|---|---|
| Loan Amounts | $100 - $1,000 | $1,000 - $5,000 |
| Repayment Terms | 7 - 31 days | 6 - 36 months |
| APR | Up to 395% | Up to 35.99% |
| Additional Fees | Up to 10% | varies |
| Funding Times | 24 hours | 24 hours or more |
| Purpose | Emergencies till paycheck | Major expenses |
Alternatives for Guaranteed Installment Loans for Bad Credit
People with bad credit can easily access installment loans from online lenders. However, there are other ways to get money, even with a poor FICO score. Consider the following online loans to make an informed borrowing 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.
Bank loans
Bad credit loans from banks and credit unions are another long-term option that provides borrowers with a loan amount of up to $35,000 or more at a fair interest rate from 8% to 36% Sometimes, these loans can be secured by different collaterals, such as property, business, or other valuable assets. APR. Compared to online lenders, banks and credit unions always perform hard credit checks through main credit bureaus.
Payday loans
Payday loans are short-term loans with a repayment period by your next paycheck. They have smaller loan amounts, from $100 to $1,000. 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.
Personal loans
A personal loan is a long-term financial product you borrow to cover more significant needs. Such loans have lower interest rates (up to 35.99%) and more flexible repayment terms. You can repay them between 12 and 60 months. These loans are usually unsecured if you borrow them from alternative loan providers.
P2P loans
Peer-to-peer lending may be a good option if you want to save money on interest rates and fees. You can search for a peer-to-peer loan on the special online platform that connects you with multiple loan providers. Nevertheless, if you need to borrow a significant amount, it is not always possible. The interest rates and repayment terms may vary, plus there may be additional fees, such as commissions.
Why ASAP Finance?
ASAP Finance takes care of our clients and strives to help them in any possible way. By applying for a guaranteed installment loan with us, you will get multiple benefits:
24/7 online application
Apply online in just a few minutes without leaving your home. We value your time and do our best to make the process fast and easy for everyone.
Qualified assistance
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.
Direct lenders only
We can help you save your time and money on third-party fees. We work with trusted lenders only so we can guarantee you competitive offers without any additional charges.
Safety
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.
No collateral backing
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
01
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.
02
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.
03
Can I Get Guaranteed Approval for an Installment Loan?
Loans with guaranteed approval are the same misbelief as no credit check 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.
04
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, or an online lending company. You can find the right lender near you or apply online on our website without wasting time.
05
Can I Get an Installment Loan Today?
In some cases, it is possible if you apply before 10:30 AM on a weekday. However, a lender can't guarantee you will get cash on the same day because it can't influence the process much. Typically, borrowers access the money on a checking account as soon as the next business day.
06
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.
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