Installment Loans For Bad Credit Borrowers
Don’t let a low credit score hold you back. With ASCIN Payday Loans, you can apply and receive a guaranteed installment loan online today!
Guaranteed Installment Loans for Bad Credit Online
If you face an emergency, you can’t wait and need to act as soon as possible. Borrowing money from your family or friends is often impossible, and getting a loan from a bank or credit union takes too long. Furthermore, people often don’t meet the requirements of these financial institutions.
In such situations, guaranteed installment loans for bad credit from online lenders can save your day. Apply now and get an instant approval decision!
How Do Installment Loans Work?
Installment loans are loans you borrow in one lump sum and return in fixed monthly payments. The loan term generally takes from 2 to 24 months. You return funds with the interest rate specified in the loan contract.
Types of Installment Loans
You can borrow different forms of online installment loans depending on your purpose. The most common types of the loan are:
Where Can I Get an Installment Loan?
There are many options for taking a personal installment loan. You can choose between financial institutions such as banks, federal credit unions, and online lenders. Your choice will depend on your credit score, lender’s interest rates, repayment terms, and other loan providers’ conditions. Compare lenders and their offers to find the most suitable option.
Bank
The cheapest way to borrow an installment personal loan is to get money from a bank. Traditional banks offer many unsecured personal loans, but a borrower needs to have a good credit score to apply for them.
Credit union
A credit union is an excellent way to get an installment loan with a relatively low APR. It is generally around 18%. However, to apply through a credit union, you need to be a financial institution member.
Online lenders
If you don’t have good credit and other financial institutions’ requirements are unsuitable, consider borrowing money from online lenders. At ASCIN Payday Loans, you can get personal installment loan approval even with a low credit score.
How to Apply for Installment Loans Online?
You can apply for an installment loan quickly at ASCIN Payday Loans. The loan process includes four simple steps:
Do Installment Loans for Bad Credit Affect Your Credit Score?
Banks and credit unions generally report to major credit bureaus (Equifax, Experian, TransUnion). They search your credit report to see if you have had late or missed payments or other defaults. A hard credit inquiry by traditional financial institutions hurts your credit score.
At the same time, bad credit direct lenders have minimum loan requirements. They focus on your ability to repay loan amounts. They conduct soft pulls that do not affect your credit score. Therefore, you can apply for an installment loan even with poor credit.
Installment Loans Vs. Payday Loans
A payday loan is an alternative way to borrow cash with a poor credit score. It is similar to installment loans, and the two options approve bad credit borrowers and allow customers to get cash quickly.
However, there are significant differences between installment and payday loans:
Loan terms
Installment loans are long-term cash advances. People generally take them for 2-24 months and repay debts in affordable monthly payments. On the other hand, payday loans are borrowed for the short term and must be returned by the borrower’s next paycheck.
Loan amounts
You can apply for a payday loan if you need to borrow a small amount of up to $1000. Installment loans are suitable for higher costs, up to $5,000.
Interest rate
Payday loans are one of the most expensive loan forms, with an APR of nearly 400%. Installment loans are significantly cheaper, and their interest varies from 16% to 100%.
Credit score
Installment loans affect your credit history because most lenders perform hard credit checks. Payday loan providers don’t send your account details to the main credit reporting agencies, so such cash advances don’t affect borrowers’ credit scores.
Bad Credit Installment Loans
You can still apply for online installment loans with a fair credit score. At ASCIN Payday Loans, every borrower will find a suitable loan offer for themselves. The company connects you with truthful direct lenders, which don’t matter your credit history. Instead, online lenders pay attention to your ability to repay the loan.
In addition, lenders consider your debt-to-income ratio to make a loan decision. Calculating your DTI can increase your chance of being approved for the best installment loans. Divide your monthly debt payment by your gross monthly income and see how manageable you are to return your debt.
Benefits of Personal Installment Loans
Installment loans can be the right solution to your financial problems. They have many advantages over other loan types.
Eligibility Criteria for Guaranteed Installment Loans for Bad Credit
Online personal loans are available for almost all Americans regardless of bad credit scores. To borrow money from installment loan lenders, you need to meet the following eligibility requirements:
These criteria may differ depending on the region, so check your state’s regulations before applying for a loan.