How we compare
|Short Term Loans||Loancapita||Why use us?|
|How much can new customers borrow?||Up to $5,000||No fees, ever!|
|What are the repayment terms?||3 to 36 Months||No paperwork|
|Representative APR||49.9% (variable)||No obligation quote|
|Can I apply with bad credit?||Yes||Instant decision|
|Can I repay in instalments||Yes||Flexible repayment|
|Do we credit check?*||No||No credit footprint|
Online Installment Loans for People with Bad Credit – Loancapita
Installment loans are a type of short term borrowing where the repayments are done through monthly installments. This can be perfect for borrowers that may not be in a very sound financial state since this allows them to spread out the loan costs into convenient monthly payments until they pay off the whole thing.
If you want to take out an installment loan, here are some of the things that you can do on where to get them and how to get the best deal possible. Every borrower needs to find the right lender. It is always best to refer to a direct lender instead of a broker since this allows you to deal with the actual loan provider instead. Getting rid of the middleman can also make it possible for you to save on costs since you won’t ever have to pay for the services of a broker anymore.
Installment Loans Online: Consider Your Credit Score
There is just no escaping your credit score when you take out a loan. No matter how small the amount is or how big it is, how you have managed your finances in the past will always figure in the decision of the lenders. Good credit score would mean having an easier time getting approval and having more options available. Installment loans for bad credit can often mean limited options and more expensive loan costs.
Fix Your Credit Score for Installment Loans Online
If your need is not that urgent anyway, it does not hurt to take some time to get your score fixed first before applying. Manage your current bills effectively. Pay your dues on time. Try to lower the balance of your existing bills. You’ll be surprised at the difference this is going to make when it comes to getting approval. Lenders may also be able to offer you some competitive rates too when you improve your credit score.
If you’re not in such a rush, take your time before you send in your application for an installment loan. Having a bad credit or none at all while applying for a loan is like a fresh graduate from college looking for a job. Jobs require experience, and whatever experience you had been is not in line with the job you want.
While not easy, there are still options for you out there, just need to find the right lender with flexible terms and rates. There are lenders who specialize in bad credit installment loans. In this scenario, a lender will take a look at your ability to pay what you borrowed rather than how well your credit score is. With installment loans, you are usually given a minimum of 6 months to pay off your loan, which makes this one of the better options for people who have bad credit but need the money.
How Do Online Installment Loans Work?
Just like any other organization or lender, you start the process by applying for the loan, submitting your application and get approved, which won’t take long. You can expect to have your funds by tomorrow when you get approved.
An installment loan repayment is different, rather than paying it all in one go, your repayments are spread out over a few months, depending on what terms you have agreed on with your lender.
Advantages of Installment Loans
- Many lenders to choose from. Which then means that you have a lot of options of terms to choose from.
- Gives you a generous amount of time to repay the loan compared to short-term loans.
- Having a bad credit is OK. It’s not your credit that’s important, it’s how well you’re able to repay what you borrowed.
- Turnaround is quick. Approval takes only a few minutes and the cash distribution will take 2 days max.
Disadvantages of Online Installment Loans
- Compared to any conventional loans, an installment loan has high interest rates.
- Planning and more budgeting is required. This is to ensure that you are on track with your repayments.
- Shady lenders. There are many lenders just waiting for an opportunity to screw you over, not just on installment loan types but on others as well. So do your research.
- Direct Debit can be a good thing if you have more than enough funds to pay for it when its time, but it can also be worrisome when your account gets overdrawn.
Knowing all that, it’s time to apply for one. Find out the best lender for you, ask for their requirements, and if you do qualify, the process is pretty straight forward from there. After your application, all that’s left is repayment.
Frequently Asked Questions
You have got some Questions? We have Answers
Do I Need A Guarantor?
If you have bad or no credit at all, most lenders would require a guarantor as an added security. Since unsecured loans doesn’t require a collateral, it is extra risky for lenders. However, if your credit is good, most lenders would be okay without a guarantor.
Is There Any Complicated Requirements?
No. You are only required to provide your personal information, a checking account, and proof of income or employment verification. There’s no need for other extra documents or any complicated process.
How Fast Can I Get The Funds?
The application process is extremely easy-to-use. It would only take you at least 15 minutes to complete the application from start to finish. You will receive a notification once you are approved for a loan. Immediately, you will receive the payment directly to your account.
What If I Miss My Payments?
It could happen. We understand that there are circumstances that causes you to delay your payment. You may reach out to the lender if you have difficulties paying back the loan. Delayed or missed payments could result to additional charges or fees.