What Are Easy Approval Bad Credit Online Installment Loans?
Your credit score plays a key role when you apply for a loan with a traditional financial institution. You will often need a minimum credit score of over 600 to qualify. Borrowers with a FICO score lower than 580 don’t usually get approved. The reason is that bad credit scores are indicative of past delays with payments or debts, which are risk factors for many lenders.
Guaranteed installment loans for bad credit are loan products overlooking a borrower’s credit history, as they carry easy approval. You don’t need good credit to apply. The direct loan providers offering installment loans for poor credit are more interested in your income source and debt-to-income ratio. These loans are easy to qualify for and obtain, making them suitable for emergency expenses and short-term financial goals. Your funds may hit your bank account the next business day or even on the same day if applicable for the payday lender.
Direct lenders offer installment loans online for a term of several months, depending on the exact loan request. You get your loan in one lump sum; then, you have to repay it in fixed monthly payments, based on a repayment plan within the agreed repayment term. Typical amounts range between $1,000 and $5,000, subject to state regulations and restrictions. Such loans have a very high approval rate, the number of accepted requests exceeding 80%.
What Are the Benefits of Installment Loans?
Getting an installment loan from online lenders is convenient for several reasons. Alternative lending businesses offer their clients more flexibility than banks and credit unions.
- Unlike borrowing through credit cards, an installment loan is more predictable; the interest rate doesn’t fluctuate;
- Installment loans online are famous for their accessibility and minimum requirements. Consequently, most applicants qualify even with bad credit scores;
- Unlike personal loans from traditional institutions, payday loans have a simplified application process. As a result, you get your money faster;
- Installment loans from direct lending entities don’t require you to provide collateral or have a guarantor. Lenders offer unsecured financial products;
- Payday loans are competitive, so financial providers will do their best to provide borrowers with convenient interest rates and terms. That improves the overall quality of their service;
- Direct financial providers only do a soft credit check (soft credit pull), a faster alternative to a hard credit check;
- The loan amount you can apply for are in line with your ability to repay the debt. That way, you reduce your risk of borrowing more than you cannot afford to repay.
How to Qualify for a Guaranteed Installment Loan?
Installment loan lenders have some of the most relaxed requirements. That is the main reason most applicants are eligible. A payday lender is tolerant of less than perfect or no credit, which speeds up their loan decision. As an applicant, you need to meet the criteria below to qualify for an installment loan:
- Be at least 18 years old and have a state-issued ID to confirm it;
- Have a verifiable steady job and a recurring source of income;
- Be a US citizen or permanent resident;
- Have an active bank account (valid checking account);
- Share your contact information (an email address and phone number).
Did you check all the criteria? Congratulations! That means you are ready to request your desired loan amount through us. Please note that some online lenders may have additional requirements.
People who don’t have a steady job but receive a regular income can also receive loan approval from payday lenders. That includes people on social benefits or single mothers who receive child alimony.
The Consumer Financial Protection Bureau is the entity that protects borrowers in case their rights are violated. Each state has an office that can assist you upon submitting a complaint. Reach out to your local bureau for assistance.
Alternative Loan Options for a Poor Credit Score
If online installment loans from lenders can’t provide loan offers that can solve your financial issue, you may want to consider a different type of loan. Depending on the exact amount you need, the most convenient terms, your credit score, one of the options below may be suitable.
- Personal secured loans or a personal installment loan from a bank;
- High-risk personal loans;
- No denial payday online loans;
- Long-term installment loans from credit unions;
- Tribal loans;
- Same-day loans;
- Title loans. A title loan will use a document confirming ownership as collateral. These are usually short-term loans;
- Credit cards. It makes sense to borrow money from your credit card issuer when you are not sure how much cash you need;
- Personal loans from lenders who practice a hard credit check;
- Short-term loans from pawnshops.
If none of the loan offers you get work for you, you can also try borrowing from friends or family. You would need no approval, but it’s a good idea to go through the loan details. Discussing the loan amount and terms will ensure a smooth process. Alternatively, applying for a social government program is also available. Even the best options don’t always work for all cases. If you often run into debt, consider credit counseling.
Why Choose BadCreditCashASAP?
Applying for guaranteed bad credit installment loans from direct financial providers via our website offers you additional security.
- Apply online from the comfort of your home, 24/7.
- Applying through us, you reach one of the top lending networks. That means you have a higher chance of getting approval.
- No hard credit checks. Lenders usually do a soft credit check using alternative credit bureaus. That means your credit rating does not drop if you apply for a loan.
- Almost instant guaranteed loan approval. When you need emergency cash, personal, installment and payday loans are a quick solution.
- A safe lending process. We ensure the security of your data at no additional cost. No third party has access to your personal information.
- No hidden interest fees. We only cooperate with trustworthy loan providers who are committed to fair lending.
- Licensed lenders. The lenders we work with have an active license to provide their services.
- All credit types are welcome to apply. A bad credit history or no credit is not an issue.
- Quick application. Your loan request will only take a few minutes.
A bad credit loan can carry an APR around 300%, and the loan term is up to 3 years. Your lender will determine the loan repayment period based on the loan amount and your details.
A direct provider will transfer your money as soon as you sign the loan agreement, even if you have bad credit. Before that, you need to apply and get approval from a lender. The process is fast due to the lack of a hard check.
You can apply for online installment loans via our website. If you prefer face-to-face service, visit one of our in-store locations. Once you get approval and sign the agreement, you should access your cash within one business day.
When you sign your agreement, you also need to authorize the automatic withdrawal of resources from your bank account on the due date. That way, you don’t have to worry about forgetting to repay your debt.
Bad credit loans should be paid back on time, in monthly payments, at the agreed interest rate. If you realize you don’t have enough resources on the due date, contact your lender.
Credit card loans are neither better nor worse than other loan types. When looking for quick cash, borrowers choose the most suitable loans based on their needs, credit score, annual percentage rate, and preferences. If you would like to avoid hard credit checks, payday installment loans could help you. Your credit report is not relevant in the decision-making process.