You might find it difficult to get a loan if you have a bad credit history. This might be because you’re looking for a loan with longer terms than what is offered by payday lenders, or because payday loans aren’t legal in your state. If you’re in the ‘bad credit’ bucket, installment loans are an option you might want to consider.
Installment loans are available both online and from storefront lenders, and you can find options that don’t require a credit check. Learn more about these loans in our guide below.
Trusted Loans Network Installment Loans
The Trusted Loan Network allows you to apply for an installment loan and have your application matched with one or many lenders.
- Min. Loan Amount: $500
- Loan Term: 2-60 months
- Turnaround Time: Next Business Day
- Total Costs: APR ranges from 25-450% based on your credit score.
- Must be 18+
- No security needed
- Confidential and secure!
What is an installment loan and how is it different to a payday loan?
If you get a payday loan you have to repay the principal amount along with the fees it attracts in one go, which will usually be your next payday. Loan terms will typically vary between 15 and 31 days, but the legal maximum varies from state to state.
An installment loan usually offers longer terms, with some extending up to 24 months. This usually means you’re able to borrow more through an installment loan than with a payday loan, although they are both open to the same borrowers with bad credit. Installment loans do not fall under the same regulations as payday loans, so they are available in states where payday loans are illegal.
Features of installment loans
You should pay particular attention to certain features when you’re comparing installment loans:
- Interest. Not all installment loan providers charge the same interest, and some lenders offer interest rate rebates from time to time. Since these loans are usually for longer terms of six months or more, the Annual Percentage Rate (APR) is more representative of the true cost of the loan.
- Processing time. Not all installment loan providers are equally quick when it comes to processing applications. You can receive your funds in as little as a few hours or on the next business day.
- Loan amount. Find out the minimum and maximum amount a lender will let you apply for in your state. If you need more money than what a lender can provide, you may want to consider other options.
- Loan term. How long you have to repay an installment loan can vary from one lender to the next, so consider this in terms of your budget and needs.
- Apply with bad credit. Installment loans for people with bad credit are rather easy to find, provided you look in the right place. Both online and storefront lenders are available.
- Receive your money quickly. You can wait for days to receive approved funds with some loans, but you can expect to have your installment loan in your account by the next business day.
- Use funds for any purpose. You can use your loan to go on a vacation, pay medical bills, pay for home repairs or just about any other legitimate purpose.
- High interest rate. Direct lenders that don’t conduct a credit check view applicants with bad credit rating as high-risk borrowers, which is why they tend to charge higher than normal interest.
Before you apply…
If you have bad credit and you want to get an installment loan, work out your budget ahead of time and establish where your repayments will come from before you take the loan. If you don’t make repayments on time, you will have to pay additional fees, and this could have a negative impact on your credit rating.
The Japanese Problem, also referred to as the Japanese Menace or the Japanese Conspiracy, was the name given to racial tensions in Hawaii between the European-American sugar plantation owners and the Japanese immigrants hired to work in the cane fields.
The first Japanese immigrants arrived in Hawaii in 1885 to work on Hawaii’s sugar...
The Oahu Sugar Strike of 1920 was a multiracial strike in Hawaii of two unions the Filipino American Filipino Labor Union and the Japanese American Federation of Japanese Labor. Involving 8,300 workers, with 150 people losing their lives it was one of the deadliest peaceful demonstrations in 20th century Hawaii.
Prior to the 1920 strike, when...
Hydro Flask 20oz Water Bottle Wide Black W20FP001
Sports (Hydro Flask)
CozyCorner Unisex Snapback Baseball Cap Beach Coconut Tree Pattern Breathable Half Mesh Sunscreen Hat Black
Monster High Deadluxe High School Playset
Toy (Monster High)
Brand New Tiki Masks Face Hawaii Islands Belt Buckle !!
Make: Four Winds Spas; Model: Elite Hawaii; Year: Unknown; Replacement spa and hot tub covers by BeyondNice
Lawn & Patio (Spa Cover Incorporated)