Installment Loans When You Need Cash Fast
What are your options when you need cash quickly, but your credit score is below average? One of the most convenient ways to borrow is through online installment loans for bad credit available from PayDaySay. You’re guaranteed a quick prequalification process and, if approved, funding in as little as one business day. To help meet the financial challenges you face, submit the short application form for an installment loan at our website.
Best Installment Loans for Bad Credit in 2022
Applying for a loan at a bank is a lengthy process that requires a lot of documents and compliance with strict requirements. One of these requirements is good credit history. That is, if earlier there were delays on at least one loan, there are unpaid loans, or there were fines, then it is more likely that a new loan will not be given to the borrower.
However, everyone can get an installment loan with a bad credit history from online lenders. They issue loans with minimal requirements and on more favorable terms. The interest on the loan is higher, but there often is no need to show documents on employment and wages documents, look for guarantors, or provide collateral. It directly depends on the lender you choose.
Best Bad-Credit Installment Loans
An installment loan for bad credit is a broad umbrella term that covers the vast majority of both personal and commercial loans to borrowers with poor credit. It provides the borrower with a fixed amount of money to be repaid in regularly scheduled payments. Each debt installment payment includes the repayment of part of the principal amount of the loan, as well as interest payments on the debt.
The main factors that determine the amount of each regular loan payment include the amount of the loan, the interest rate, and the repayment term. The amount of the regular payment, as a rule, remains unchanged during the entire term of the loan, which allows the borrower to plan own expenses in advance and allocate funds for repaying the debt. The main advantage of an installment loan is flexible terms and good interest rates. Disadvantages include the risk of non-compliance with the obligations and loss of collateral.
Personal installment loans can be taken by adults (unemployed, students, pensioners, borrowers with delays, etc.) who correctly fill out the application and submit the necessary documents, which vary from lender to lender. Most often, an installment loan is taken to profitably purchase a long-desired product or service (for example, a last-minute tour for a third of the price).
The other category is human misfortune. Money may be required when a work machine or laptop suddenly breaks down, medical bills need to be paid, etc. In general, an installment loan turns out to be very necessary for a number of life situations. Find out below which online lenders are the best today and deserve your trust the most.
Upgrade — Best for Borrowers Who Need Fast Financing
Upgrade is a personal lending company founded by Renaud Laplanche, former CEO and founder of LendingClub, an online lending pioneer. Upgrade offers fixed-rate loans up to $50,000. The annual interest rate varies from 5.94% to 35.97%. The application process is completely online, the company provides fast approval and funding within 24-48 hours.
Online installment loans are designed for a wide range of consumers and support a wide range of credit scores and incomes. The lender requires a minimum score of 560. Therefore, it is often chosen by those with poor credit. The lender provides borrowers with access to credit monitoring and training tools and is one of the few online lenders offering a personal line of credit.
Thanks to the availability of the Upgrade mobile application, loans can be taken without any difficulties at any time. Along with low-interest rates, this is one of the company's main advantages.
Universal Credit — Best for Couples With and Without Children
Universal Credit is a lending institution committed to providing quality financial lending services to all who need them across the UK through its growing network of business units. The loan is available even to those who have a low credit score starting from 560 and above. As for the loan amount, £348 is available if you are single, £464 if you have a spouse, and £812 if you have children. The Universal Credit installment loan for bad credit rates ranges from 8.93% to 35.93%.
Once you apply for a loan, it will take at least 5 weeks to receive your first payment. You will have enough time to think about how much money you should borrow. A feature of Universal Credit financing is that it takes into account whether the borrower has savings. If so, their total amount must not exceed £16,000.
LendingPoint — Best for Those Who Want to Borrow Money for Long Term
LendingPoint provides loans to borrowers with low scores and little existing debt. The company's management says it can finance the loans the next business day after approval. But practice shows that in some cases it takes more time.
The minimum score is 600. Available amounts range from $2,000 to $36,500. The annual interest rate is 7.99%-35.99%. There is also a commission for issuing, which can reach 6%. Therefore, it is important to clarify this in advance. Loan terms range from 2 to 5 years. This is very pleasing to those who wish to take the best installment loans for bad credit for a sufficiently long period.
OneMain Financial — Best for Borrowers Looking for Both Unsecured and Secured Loans
OneMain Financial is a consumer finance company. It provides issuance, underwriting, and servicing of personal loans, primarily for non-core clients. The company offers personal installment loans ranging from $1,500 to $20,000. Funding time: one day. Repayment terms – 24-60 months. It is possible to obtain both unsecured and secured loans.
Annual interest rates range from 18% to 35.99%. OneMain Financial does not impose any requirements on the score of borrowers. This feature distinguishes it from other companies offering online lending services to clients.
Upstart — Best for Those Who Prefer Automation
Upstart is an artificial intelligence (AI) cloud-based lending platform that partners with consumers and banks. The platform is designed in such a way as to satisfy both parties. With the help of artificial intelligence, Upstart enables banks to get conscientious customers. Consumers, in turn, get a better chance of being approved for a loan at a lower rate.
Upstart offers loans for bad credit ranging from $1,000 to $50,000. The minimum score is Vantage or FICO 600. Funding time: 1-3 days. Annual interest rates are typically 3.09%-35.99%. They directly depend on the borrower's score, the size of income, educational history, and work experience. In addition, the company charges a late payment fee of 5% of the overdue amount, or $15. Whichever is greater is chosen.
The main advantage of Upstart is platform automation. Today, about 70% of all work processes are automated. The service has already issued more than 620 thousand bad credit installment loans, therefore, it is really trustworthy.
SeedFi Borrow & Grow Personal Loan — Best for Borrowers with a Bad Credit Rating or Without It at All
This is one more well-known company that people with poor credit can contact to get online installment loans. Borrowers can receive from $300 to $4,000. The repayment period is usually 10-48 months. The minimum rating is 520.
The annual interest rate varies from 7.42 to 29.99%. SeedFi Borrow & Grow Personal Loan states that an installment loan for bad credit is usually provided to the borrower the next day after the application is approved. But according to customer feedback, it often takes 2 business days.
The advantage of the company is that it provides online installment loans even to those who do not have a credit rating at all.
About Bad-Credit Installment Loans
As mentioned above, installment loans for poor credit are a great opportunity to get money and solve your financial problems in a minimum of time. They can be obtained in the presence of an identity document, a bank card, and access to the Internet. It is enough just to choose a reliable lender and fill out an application on its website.
Credit services are available to all categories of people who have a stable income. The main requirement of most lender companies is a score of at least 520-560. Annual interest rates are quite favorable and vary from 3% to 36%. The repayment period usually ranges from 10 to 60 months.
The purposes for which loans are taken are diverse. The most common are debt consolidation, home improvements and repairs, an emergency, and medical bills. Read in the next section about each in detail.
What to Use Installment Loans for?
Thus, you can use an installment loan to pay for:
- Debt consolidation. As it is known, debt consolidation is a process by which several small loans can be combined into one long-term debt. This allows the borrower to clearly see the amount of the total loan, the terms, and conditions of its repayment, as well as to receive a reduced interest rate;
- Home improvements and repairs. Many people are interested in home improvements and repairs but do not always have enough funds to turn their plans into reality. An installment loan is a great solution to the problem;
- An emergency. In the life of every person, emergency situations happen from time to time, for example, a car breakdown, or a laptop malfunction. All this requires additional costs. In such cases, personal loans for bad credit can be an excellent solution;
- Medical bills. Often the reason for taking out an installment loan is the need to pay expensive medical bills.
How to Get a Bad-Credit Installment Loan Online
If you want to get a bad-credit installment loan online, follow the simple steps below:
- Review your report. If you have previously taken out a loan, you have a certain credit score. It rises every time you repay the loan on time and decreases when you don't pay it on time. In the decision to issue a loan, lenders are based on the credit rating of the borrower. Companies that issue loans to people with poor credit require a low credit score, for example, 560. But this requirement must be met. Therefore, when applying for a loan, make sure that your score meets it;
- Check your budget. Calculate the amount of money you need and determine how long it will take to get it back. Assess needs and opportunities objectively. And remember, the smaller the amount of money, the more opportunities to get approval on the application;
- Pre-qualify. Treat your choice of lender responsibly. Trust only reliable companies that offer their services on transparent terms;
- Accept a loan offer and apply. Fill out an application on the lender's website, provide all the necessary documents (in most cases, only an identity document and a credit card number are required), and wait for the approval.
Bad-Credit Installment Loans vs. Payday Loans
Installment loans for poor credit are funds that you borrow and agree to repay within a specified period of time by making fixed monthly payments. A payday loan is a small, short-term loan that you agree to repay in full as soon as you receive your next paycheck. To find out the main differences and similarities between installment loans and payday loans, consider the list below:
- Loan amounts. Payday loans are issued in small amounts. As a rule, it is no more than $1000. Best installment loans for bad credit often reach $50,000 or more;
- Annual interest rates. The annual interest rates of installment loans are much lower than payday loans;
- Return periods. Installment loans are repaid over several months or even years. A payday loan is short-term and must be repaid as soon as you receive your paycheck.
Online Installment Loans For Bad Credit Are Readily Available
The year 2020 certainly took its toll on the physical and economic health of our society. The result has left millions of Americans without emergency savings. In fact, as of September 2020:
"61% of Americans now say their emergency savings won’t last through the end of the year or that they have already run out of savings."
The truth is that many folks are short of the cash they need to meet their immediate obligations. Yet the U.S. economy is expected to rebound in 2021. Installment loans are a reliable way to solve the need for financial help until the situation improves.
Even if you have bad credit, we can connect you to direct lenders who will let you borrow with no credit check. That is, our lending partners can provide personal loans up to $5,000 without a hard inquiry of your credit history. Rather, lenders look at income, bank information, and a range of other criteria to qualify applicants for loans. Because our service is online, you don’t have to ask, "Is the lender near me?" We are as close as your computer and ready to immediately process your loan application.
3 Steps to Request Funds Online
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Online Loans for Bad Credit with Monthly Payments
Opting for reputable online bad credit installment loans with monthly payments you will be able to choose more flexible conditions and less hassle. There are minimum requirements so that almost every borrower has a chance to receive prompt financial assistance and solve their issues. You shouldn’t be intimidated by the fact that you can’t bolster your personal finances at the moment. You can get extra funding today and have enough time to improve your earning potential in the future.
There are many benefits of choosing this option when you can’t finance certain expenses or want to cover big-picture goals. One of the best advantages is the ability to obtain the funds you need on the web from the comfort of your home. It is certainly better and more convenient than going to credit unions or local banks. Here you can find much-needed aid from a variety of reliable creditors as your application will be matched with the whole database of them.
Also, you can request personalized amounts and make regular repayments tailored to your needs and preferences. In many cases, a borrower will be allowed to select the amount to pay off each money as well as the duration of the repayment period. So, if you want to repay the debt faster you will be able to make bigger monthly payments or vice versa. What is more, such online loans with low monthly payments allow consumers to boost their credit rating.
It is especially relevant for low credit holders and those who have just started their way of building a credit history. When you want to build credit or improve it, making on-time payments on this lending solution can show your responsible behaviour and demonstrate your ability to make financially sound decisions. Don’t hesitate to change your future today. Apply online, and managers from PayDay Say will connect you with a huge database of direct lenders so you can get several offers.
How Do Consumers Obtain Monthly Installment Loans?
The online lending market has flourished in the last 10 years, but it's not always easy for consumers with bad credit to find a source of long-term personal loans. Thankfully, PayDaySay.com has created an innovative online service that can get you instant approval for your loan request.
Our service is so effective because we work with carefully chosen direct lending partners. We are a loan-connecting service rather than direct lenders, which means we can direct you to the best lender for your needs.
Our lenders make the lending decisions, so we don’t claim to provide 24-hour loans. However, our lending partners are very experienced working with borrowers of every credit type and can respond to your money needs on a 24/7 basis.
Certainly, there is nothing unusual in needing installment loans no credit check in the current environment, and we are happy to provide you the service you need without judgement or embarrassment.
Our job at PayDaySay is to help you apply for installment loan that we attempt to match to one of our many lending partners.
We find you the best partner so that you’d don’t have to expend the time and money to do it yourself.
In addition, we provide free professional help and educational resources that helps each customer navigate through our transparent lending procedure.
Our promise is to provide an unbiased online platform that will connect you to our trustworthy lending partners. We want you to secure the money you want in the timeframe you need.
What distinguishes our work is that we don’t let your bad credit rating prevent you from applying for an installment loan. We want you to feel welcome rather than fear rejection, and you can count on our help even if you’ve been turned down in the past.
You see, our direct online lenders look beyond the credit scores that control the loan decisions made by the big traditional lenders that are notoriously risk-averse.
Instead, our lending partners evaluate your employment and payment history to underwrite your loan request. By fitting your monthly payments to your budget, our lenders can help you arrange loan terms that you can live with.
Online Approval of Installment Loans
Once you have the installment loan, you are free to use the money. You might use it to buy a working car, make necessary home repairs, or purchase electronics for school. The choice is yours.
When pressed for funds, it’s important to identify the most beneficial solutions that are tailored to fit your unique circumstances. This is why online lending has become so popular.
You don’t need to visit individual financial institutions to learn the details for each loan, fill out complicated paperwork, gather and provide supporting documentation, and then wait days for a response. Our streamlined process is simple and fast.
PayDaySay does not issue installment loans or make any lending decisions. Instead, we help borrowers with challenging credit profiles apply for the best loans that fit their credit profile. The alternative creditors we have relationships with will provide you with near-immediate decisions, with no hassle and minimal effort.
Our platform connects consumers from all over the country with a vast network of lenders. No matter where you reside, you will receive a prompt response from the lender. You’ll soon know your approval status, and you and the lender can take it from there. A good money help is predictable, convenient, and can help you avoid turning to problematic loan products.
Instead you will enjoy a predictable lending solution with stable rates and terms that won’t fluctuate in the future.
You can prepare for the payments every month because you will always know when it’s due and how much it is. There are other advantages too. You may apply and receive the cash via your computer or mobile device rather than travel to a physical branch or office.
As a borrower, knowing how installment loans function will help you make the right decisions. Many other lending products come with fluctuating rates and additional fees. This way to borrow money can be suitable even if you have a low credit rating or no established credit history. More, as you pay the loan down, you will be building your credit history up.
And remember: your online request can be evaluated within a few minutes. We value every client and offer the highest level of service and expertise. You want to overcome temporary monetary disruptions, and we are here to assist. When you pursue bad credit emergency loans for veterans or another loan through our service, everything is transparent.
Because you have a set time frame with a direct deadline, the conditions of installment loans are precise and honest. Our managers are available to support you at every stage of the application process and will answer any questions that may arise.
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Why Do You Need Installment Loan?
Installment loans can meet a variety of needs and are not just for emergency expenses. Here are some compelling reasons to apply for a personal installment loan:
- Consolidating your debt: You can use the proceeds from a personal loan to pay off your credit card balances and other debts you may be carrying. By consolidating your debt, you only have to schedule one payment per month that is more affordable than all the other payments you’re currently making.
- Life events: Getting married? Going on a retirement cruise? Scheduling your child’s confirmation or bar-mitzvah? An installment loan lets you finance important life events by stretching the payments over many months.
- Home costs: You can use the loan proceeds to move to and/or remodel your home. Because it’s an installment loan, you don’t have to pledge any of your home’s equity to borrow the money. You can use the money to fix up or expand your home, purchase new appliances, even finance a car you may newly need.
- Alternative to short term loans: A payday or short-term loan is not always the best solution to money problems. If you need to borrow a larger amount, an installment loan can be shaped to yield affordable monthly payments that fit into your budget.
Online Installment Loans No Credit Check
Can you fund long-term expenses with this lending option? Yes, you can. Everything depends on your current financial needs and your preferences. If you experience a sudden emergency and require a few hundred dollars, this option can be better than taking out a payday loan with higher fees. If you want to fund a long-term expense or project, you can also rely on this lending solution. The main advantage is that you will have fixed monthly payments that can be automatically withdrawn from your bank account which makes it secure and guaranteed even if you forget about them.
On the other hand, there are some drawbacks. Offering long term long term installment loans no credit check direct lenders want to make certain their funds will be repaid on time. Having no credit history at all makes you a high-risk borrower as creditors can’t verify your creditworthiness based on previous borrowings. Whether you are a recent graduate or a person trying to build your credit profile from scratch, you should pay attention to the rates and charges. Some service providers offer APRs of up to 400% which is insane compared to traditional lending institutions.
Where Can You Get the Best Installment Loans No Credit Check?
Any monetary shortfall can easily unsettle you leaving you unprepared to cope with such difficulties. This is especially true for people without a savings account. Thousands of consumers live from paycheck to paycheck and may sometimes need fast funds to cover unforeseen events. There are several options and place to turn to:
- Local Banks – this place is suitable only for borrowers with a decent credit history. One of the key benefits of this crediting institution is the ability to obtain loans with the lowest rates and best fees.
- Credit Unions – they often accept consumers with less-than-stellar credit ratings. You may request $500 or more for your immediate needs in Ohio, Texas, and even smaller cities as Tulsa, Oklahoma. Some credit unions will be eager to offer you starter loans and credit cards necessary to establish and build your credit history. The average interest is 18%.
- Payday Creditors – we highly recommend you to avoid such companies as they charge the highest rates for their services. You won’t be able to obtain a long-term solution here as they specialize in offering quick funds for a couple of weeks until the next paycheck. The funds should be repaid in a lump sum at the end of the repayment term. If you fail to pay the whole amount on time, you will face extremely high charges and penalties.
- Alternative Lenders – such services usually cooperate with a huge database of direct creditors in each state. The advantage here is the ability to get in touch with the most suitable creditors directly on the web from the comfort of your home. Review the rates and conditions of several lenders to turn to the best one. Pay attention to the fine print and make certain you understand the loan terms.
Solutions for Low-Credit Holders
What if you are scared of being rejected? You have probably tried various lending solutions so far. In case you’ve applied to traditional finance-related institutions, you might have already been rejected. If you’ve come here, you’ve already made the right decision. Don’t believe those who suggest you can’t get approved for loans online with monthly payment. Bad credit doesn’t necessarily mean rejection.
You can apply to alternative creditors and service providers. Our platform is also designed to help every consumer in need. So, even if you’ve had some repayment issues in the past that led to poor rating, you still have the right to obtain quick financial assistance. According to Experian, anything lower than 669 is considered to be a poor rating. And if you happened to have less than 579, your credit is called very poor. While your options can be limited at other institutions, we give you a chance to apply and get matched with creditors.
Will I Work with a Lender Near Me?
The Internet has permanently transformed the way we think about time and space. In today’s networked world, everybody is but a few keystrokes away from everyone else, and the word “local” has lost its significance.
PayDaySay is as close as your keyboard at home, work, or on the go. You don’t have to travel to a local office or make an appointment during office hours. Instead, you can fill out a loan request form 24/7 online, without worrying about security concerns arising from third-parties.
The process is clear and simple:
- Complete the loan request form: You can fill out the form via a secure web connection that protects and safeguards your information. It only takes a few minutes to enter your employment, financial, and personal data.
- Get connected with a direct lender: We will transfer you to the network partner that is the best fit for your requirements. You will receive at least one offer even if you have poor credit.
- Get your loan: The direct lender may collect additional information before giving you a quick decision on your application. If approved, you may receive your funding into your bank account within as little as one business day.
You and your lender will agree on all aspects of the loan, including loan amount, interest rate, monthly payments, and loan term. By paying your loan on time each month, you have the opportunity to rebuild credit. And because it’s online, it doesn’t matter where you live – you’re only an Internet connection away from prompt service.
Everyone Welcome, from Postal Employees to the Self-Employed
Our company welcomes applicants with all types of jobs, even if your credit is bad. We connect you to lenders who can offer you installment payments you can afford. By stretching out your payments over months or years, you can borrow the money you need for big-ticket purchases, sudden emergencies, and important life events. Your income helps determine the amount you can borrow despite a low credit score. Let us help you overcome your money problems with 24/7 access to online direct lenders that will work hard to fund your request.
Take Your Debt Seriously
Everybody can experience financial troubles from time to time. This is life, and everything can happen. If you have steady employment, you should try to improve your budgeting skills and save each month from establishing a savings account so that your future can be more protected. Today, you can obtain easy payday loans online with monthly payments from reputable creditors. Of course, you also need to become a responsible borrower so that you get more offers.
Remember that any debt is still debt so you will have to return it on time to avoid late fees and extra charges. Pay attention to the conditions of the loan agreement and review the interest rates. You have an opportunity to choose the contract with the most affordable rates and terms that are more suitable for you. Even if your credit history isn’t perfect, you still can apply. Make sure you review several creditors and their offers before you sign the agreement. Cash needs can be urgent, but you need to remain calm and know your rights.
We accept every borrower and want to make lending solutions more affordable for you. Obtaining online installment loans instant approval is easy and secure through our web platform. Submit your application now, and resolve monetary issues today!
Frequently Asked Questions
What is an installment loan example?
In this example, you borrow $2,000 at an interest rate of 59% for 24 months. It turns out that your monthly payment will be $143.77, and you’ll pay $1450.46 in interest. Naturally, the terms of the loan will vary with the lender and the amount financed. All the lenders on the PayDaySay network welcome borrowers that have poor or thin credit.
How Installment Loans Affect My Credit?
An installment loan generally has a positive impact on a borrower's credit score by adding a history of timely payments to a credit report. In addition, such a loan expands the credit mix, which is one of the important factors in credit rating.
How Many Installment Loans Can I Take?
You can get two or even more installment loans at the same time. It does not depend on whether you choose one or more lenders. The main thing is to meet the standard approval requirements and make regular monthly payments.
Should I Take an Installment Loan if I Have Bad Credit?
If you have a bad credit score, you can still apply for an installment loan and get approved. You should even do this, as meeting your loan obligations and making payments regularly will improve your overall score.
Do Installment Loans Require a Credit Check?
Installment loans require a credit check. However, many lenders are willing to lend money even to those with poor credit scores.
Can You Get Online Installment Loans with Instant Approval?
In this example, you borrow $2,000 at an interest rate of 59% for 24
Keep in mind that real online installment loans instant approval do not exist.
Some borrowers seek this type of financial assistance from lending institutions as they can’t boast of having an excellent credit history. Still, they want to get qualified for installment loans to improve their monetary stability and fund some urgent costs.
If your FICO credit rating is lower than 650, you present more risks to the crediting companies. Hence, traditional lending institutions such as banks and credit unions aren’t willing to deal with such high-risk borrowers. When you have received a rejection from any of the conventional lenders, you can try your luck at alternative crediting services.
Alternative and direct lenders have fewer demands and more flexible terms when it comes to no credit check or bad credit installment loans. They are ready to accept borrowers with low credit provided that they have a steady income source. On the other hand, there is no such thing as “instant approval.” The advertisement can promise you this option but in reality your funds will be deposited into the bank account within 1 or 2 business days.
No matter whether you will apply for a loan in Colorado or Virginia, to get more chances do it strictly online. Take into account that a soft credit pull will still be performed to verify the applicant’s personal and employment data. No credit check installment loans do not exist. So make sure you choose reputable creditors. Take some time to review the conditions and the interest rates as fine print might also include some hidden charges and further details.
This lending solution can be a smart option for situations when you can’t wait and need cash in an emergency. Keep in mind that this is still debt, and it should be taken out with responsibility. If you already have less-than-stellar credit, you need to be careful with any other debt you take.
Are There Long Term Installment Loans no Credit Check from Direct Lenders?
Long-term installment loans are the same as traditional short-term installment loans but the repayment period is longer – up to several years. Most of the loans carry interest but it’s possible to find interest-free long-term installment loans. While you can qualify for bad credit installment loans, with high interest and less profitable loan terms, no credit check hardly exists. There is always at least a soft credit check.
The main use of these loans lies in consolidating credit card debt for a lower interest rate. Installment loans have another benefit over credit cards. Even when you make a little payment, you are gradually paying off the principle. When you do so with credit cards, the contribution is very small, almost invisible.
If the company insists on performing no credit check, they either lie or try to trap you into a bad deal.
Long-term installment loans online and from the local lending institutions usually offer lower interest rates but the loan terms are stricter. Therefore, not every bank or credit union will approve a loan request from the borrower with weak creditworthiness.
In such cases, borrowers often apply to long-term installment loans from direct lenders. These entities deal with borrowers without mediators and don’t charge additional fees for extra work. This is a sort of economy but if you are looking for no credit check long-term installment loans, you should be ready to lose some money, you will get any luck. If the company insists on performing no credit check, they either lie or try to trap you into a bad deal.
What is the best online installment loan?
The best online loans with monthly payments is one that is large enough to meet your needs yet requires a payment you can afford. And critically, the lender must say “yes” when others say “no.” The process should be fast, and your loan money should be available in as little as 24 hours. We work with a network of the best lenders offering affordable online installment loans.
Can you go to jail for not paying an installment loan?
Not unless you commit criminal fraud. If you have trouble repaying your loan, you may be able to negotiate easier terms with your lender. It is better to work out new arrangements with your lender rather than face collection or bankruptcy, both of which can devastate your credit score.
Can I get an installment loan with bad credit?
Yes, bad credit is not necessarily an obstacle for getting an installment loan. That’s because the non-traditional lenders on the network don’t perform the conventional hard inquiry of your credit reports. Instead, factors such as your bank information, income, and other data. Naturally, interest rates are higher for consumers with bad credit, but a long-term installment loan can result in affordable monthly payments.