Installment Loans For Bad Credit
Finding a favorable loan in a financial emergency is often a challenge. It is even more difficult when your credit score is lower than what lenders deem mandatory. However, you don’t have to worry because we have got installment loans for bad credit that you can get as soon as tomorrow.
What are Installment Loans?
An installment loan is a loan that you can borrow and repay in fixed monthly payments. These loans can help you navigate the murky waters of financial emergencies or other financial burdens. At Slick Payday Loans, we provide you with access to installment loans for bad credit to a tune of $5000.
We understand that time is of the essence and therefore ensure you get funds for your needs. But what can you do with installment loans? You can use the installment loan to do anything, including the following:
- Home repairs– you can pay for repairs or improvements using these loans instead of high-interest credit cards or dipping into your savings.
- Medical bills– you can clear your medical debt with a lump sum.
- Down payment for a car– installment loans are an affordable option to pay for your car.
- Debt consolidation– sort out multiple credit cards and other unsecured debts.
Information Used in Installment Loans for Bad Credit
You may be wondering what the catch is now that your bad credit score is not considered. There is no catch. It’s all about getting you the financial help you need to get back to your feet. However, several factors are considered when deciding whether to award you a loan.
These factors include:
- Your monthly transactions
- How much debt you have
A few other factors may be put into consideration, depending on the lender. The lender must know your ability to repay the loan.
Without checking on your credit score, some lenders make up for the high risk with high-interest rates and short repayment periods when offering installment loans for bad credit. We pride ourselves on providing access to installment loans with low rates and favorable payment terms.
A network of Direct Lenders
We have a network of over 100 online lenders ready to help you get back on track. These lenders offer several flexible short term loans. Our partnership allows us to meet your need for an installment loan to offset an expense too big for you to afford immediately.
The process of application is simple and straightforward. We collect some information from you and use it to match you with lenders who are willing to give you a loan despite your bad credit score.
Every lender has been carefully evaluated by us to ensure you have high chances of approval for safe loans. The lenders are reliable and have positive reviews from those who have used their services.
As mentioned earlier, you have access to installment loans up to $5,000. For an online loan, that amount is quite adequate to cover your emergency and other financial burdens that need your immediate attention.
Requirements for Installment Loans for Bad Credit
Although the requirements are less stringent than what you will get from lenders who base on your credit score, you still have to meet some basic ones.
The basic requirements for you to qualify for an installment loan or any other loan are:
- Minimum age of 18 years
- Be a US citizen or a permanent resident
- Have a valid checking account
Additional requirements vary from one lender to another. These requirements are affected by several factors, as follows:
Size of Loan
The amount of loan you are applying for determines what the lender may require from you. Lower loans attract less strict measures as compared to higher amounts. A higher loan means a higher risk for the lender and therefore needs more assurance.
Income / Credit Situation
Although your credit score is not a major consideration, it may, in some cases, impact the decision making process to a small extent.
What is the Installment Loan Rates?
A big concern among many borrowers is the interest rate that comes with the installment loans for bad credit. However, you will be pleased to know that our lenders offer some of the most consumer-friendly interest rates.
Typically, lenders offer loans with fixed interest rates and a set maturity date. These rates vary from one lender to another.
However, we do all the work for you to ensure you get the best interest rates. When you apply, we will determine the interest rate basing on our assessment of the following factors:
- What you can afford
- Application information
- Credit history
Once our calculations are complete, we will show your loan offers with interest rates suitable for you. Besides the interest rates, we also consider the fees and other factors.
The terms will also vary from one lender to another. We do the filtering for you to make your decision making easy.
How to Choose an Installment Loan
Although we do all the heavy lifting for you, the most we can do is to present you with favorable loan offers from our customers based on the information you provide us. Consider the following when choosing the final lender:
- Compare rates
- Convenient lender fees for instance origination, prepayment, and others
- Manageable terms- repayments
- Lender perks
Ensure you pick one that works for you. As much as you are getting help for your current situation, you need to ensure it doesn’t get you in a similar situation in the future.
Advantages of our Installment Loans for Bad Credit
- Convenient as you shop, compare and apply online
- Easy application process- we require less information than most other options
- Fast and easy approvals- get a response today once you apply
- Quick funding- get the approved loan in your account as soon as tomorrow
- Competitive rates- over 100 lenders offering up to $5000