Bad credit installment loan application

Installment loans for bad credit

Do you have bad credit and need a loan? Find out if you’re eligible for an installment loan that gives you time to pay back what you owe.

Getting a loan from a bank can be a challenge if you have bad credit, but there are many loan providers who specialize in installment loans for people who don’t have the best credit history. Most lenders who provide installment loans focus on your ability to repay rather than your traditional credit score.

With an installment loan, you repay your borrowed funds over a period of time, usually in six months. This is a better option for people who know they can’t make a payment by their next check but still need emergency financing.

OppLoans Installment Loans

OppLoans Installment Loans

Get fast funding up to $4,000 at reasonable interest rates.

  • Min. Loan Amount: $1,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: 1 business day
  • Must be 18+ years old
  • No security deposit needed
  • Confidential and secure

    Will lenders approve me for an installment loan if I have bad credit?

    The most important factor for most loans is a good credit score, but not everyone has this. If you’re one of the people who have struggled with money issues, there are lenders who might approve you despite your credit score.

    What matters most is your ability to repay. If you have a steady income and a valid bank account, a bad credit installment loan lender will see you as less risky than a traditional bank or credit card company.

    When you apply to one of these lenders, make sure you meet all the requirements listed on their page. There’s no guarantee that you’ll be approved, but making sure you are eligible before applying will increase your chances.

    Different lenders have different criteria for who they give loans to so compare providers and only apply for as much money as you need. This saves you in the long run and makes you appear as less of a risk to your lender.

    Installment loans you can apply for

    Check the websites of any providers you’re interested in to confirm they operate in your state.

    Rates last updated November 18th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    6 months
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    MoneyKey-arranged or MoneyKey Installment Loan
    *Apply for money when you need it and receive your funds in as quickly as one business day.
    $1,000 (unless otherwise stated)
    Varies by state
    1 business day*
    You must be a permanent US resident or citizen, at least 18 years old, and have regular income.

    Compare up to 4 providers

    How does an installment loan work?

    Most bad credit installment loans work in the same way. You start the process by submitting your application. In most cases, you can find out if you’ve been approved within a few minutes. Following approval, you can receive your loan within the hour if you apply in person or as soon as next business day if you apply online.

    Rather than repaying the borrowed money in one lump sum on your payday, the payments are spread out over a period of months. The exact amount depends on how much you borrowed, your state laws and your loan contract. Failure to do so may result in late charges and non-sufficient funds (NSF) fees.

    If your loan goes into collection due to multiple missed payments, your credit might be negatively affected. As with all short term loans, be sure you can repay both the principal and accrued interest before signing the contract.

    Read more about how installment loans work here

    Some of the features that come with installment loans

    If you’re considering applying for an installment loan with a direct lender or with a loan-matching service, here are some features you might be interested in:

    • Varied loan amount. The maximum amount you can borrow depends on state regulations. You can borrow more with an installment loan than with a short term loan. Your existing financial situation determines how much you can borrow, and some lenders require that you work up a tiered application system before you can borrow the maximum amount.
    • Varied loan terms. Depending on the state you live in, loan terms between 6 to 24 months are available. The longer the repayment term, the more you’ll end up paying in interest and fees.
    • Varied processing times. Some lenders take longer than others to process your application and make your funds available. If you need money quickly, opt for a lender who can get your funds to you as soon as possible.
    • Varied fees and charges. State regulations govern how much lenders can charge in interest and fees. Keep in mind that some lenders charge lower interest and fees compared to others.

    Look into bad credit payday loans if you only need to borrow a small amount

    Installment loans: benefits and drawbacks

    • Choose from multiple lenders. There are plenty of options when it comes to installment lenders. Compare your options online and find the right one for you.
    • Take time to repay the loan. You don’t have to worry about repaying your loan by your next payday as you do with short term loans. Repay your loan in installments as per the repayment plan set out in your loan contract.
    • Bad credit is OK. Lenders don’t rely solely on your credit rating when it comes to approving your application. As long as you can demonstrate an ability to repay you’re able to apply for an installment loan.
    • Get money quickly. If you apply in-store, you can get your money soon after your application is approved. With an online loan, your loan will be transferred directly to your account as soon as the next business day.
    • High interest. Installment loans typically have higher interest rates when compared to loans from a bank or conventional lender.
    • More long-term budgeting is required. You’ll need to budget carefully to ensure you can repay your loan in the long term. You’ll also need to account for unexpected expenses in your budget.
    • Disreputable lenders. There are many disreputable lenders operating online who prey on people with bad credit so make sure you evaluate the lender before you apply.
    • Direct debit. While direct debit can be a positive if you have the money to repay a large loan in the account you provide your lender, it can prove costly if your account becomes overdrawn by your lender automatically withdrawing owed funds.

    What to watch out for with installment loans

    If you have bad credit and need a loan, an installment loan can be a good idea if you have a repayment plan in place and know where the repayments will come from.

    If you think you may have trouble making your repayments or that the repayments might put a strain on your budget, you should reconsider applying. If you fail to make your repayments on time, you may have to pay additional fees and it can negatively affect your credit score.

    Before you accept any loan contract, go through the terms and conditions carefully so you have a clear picture of how much you may have to pay in fees and charges.

    Bottom line

    There are still options to borrow money if you have bad credit. An installment loan gives you the ability to repay over time. It means more budgeting, but bad credit installment loans can be paid off over time, leaving you less likely to default than a normal payday loan.

    Have more questions?

    An installment loan is a type of short term loan which is payed over a period of months. They usually offer more money than a payday loan, have better APR and are available to those with bad credit histories. Read more here.

    If you have the required information on hand, you can complete a typical application in minutes.

    You must have a regular source of income, you must be a US citizen or a permanent resident and you must meet your state’s minimum age requirement.

    Funds are usually deposited into your bank account on the next business day, though it may take longer depending on your bank.

    While not all lenders report to the big three credit agencies that handle credit, some might choose to report late or missing payments. This is at the discretion of the lender.

    The best solution is to contact OppLoans and inform them. Usually, they will be willing to extend the payment deadline and find ways to help you through difficult financial times.

    Are payday loans available in my state?

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    2 Responses

    1. Default Gravatar
      RoseannApril 23, 2017

      Looking for a installment loan I have really bad credit installment have applied everywhere and turned down need 10,000 where can I turn to.

      • Staff
        AnndyJune 29, 2017Staff

        Hi Roseann,

        Thanks for your question.

        The lenders above may consider you for a loan, but subject to eligibility criteria.

        You may want to try contacting these lenders to discuss your eligibility.

        Cheers,
        Anndy

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