By Amber Kevin
People with a bad credit score know the impact of it. From paying big down payments for various traditional loans and home mortgages, they often have to pay a higher interest rate. If you find yourself in a situation where you suddenly need an advance but don’t have a perfect score, you can consider bad credit loans. There are lenders who offer guaranteed loans for bad credit, which can be paid in easy installments. These loans and fast advances are absolutely legal and require no collateral. In this post, let’s discuss in length about bad credit loans.
The basics
You can consider bad credit loans for almost any financial need, and lender is usually not interested in knowing the purpose. From paying some of the other bills, consolidating small debts, to financing a vacation with the family, you can use the money for anything. The term for bad credit loans is usually up to 18 months, and you can go for either secured or unsecured loan. The money is paid in installments, so you can be assured of getting enough financial freedom of using your income for other things too.
The requirements
To get installment loans on bad credit, the applicant must fulfill the following –
- Must be an adult aged 18 or above.
- Should have an active US bank account for receiving money and paying installments.
- Must have a stable, legal monthly income
- Should have an active mobile/cell number.
The benefits
There are many advantages of bad credit installment loans. Firstly, you can use the money for almost any purpose you want. These are short-term loans and wouldn’t impact your finances in the long run. The interest rates can be competitive. Payments are made on installments, which make bad credit loans better than payday loans. As long as you have a stable income, you can get bad credit installment loan approval in a day, and money can be transferred in your bank in just 2 business days.
Final thoughts
Just because you have a bad credit score doesn’t mean you cannot get an advance. However, be responsible with your loan borrowings and ensure that you have an intention to repay as per the terms. The good news is you can apply for these installment loans online, and it can be completely discreet. No one needs to know that you are going through a rough patch. Just read the terms, conditions in detail, and consider the APR rate.
