How Do Guaranteed Installment Loans For Bad Credit Work?
Obtaining loans from traditional lenders such as banks and credit unions often involves endless paperwork and interminable processes. Throw in a bad credit score into the mix, getting a loan from them becomes even more challenging. That is why many people turn to alternative lenders who can offer guaranteed installment loans for bad credit.
Installment loans are loans taken out to finance significant expenses and repaid in regular fixed installments for up to seven years. If you are in a difficult financial position and have been rejected by your bank due to a poor credit score, an online lender that offers guaranteed installment loans may be your second way out.
Do Guaranteed Installment Loans Exist?
No. There are no guarantees a lender will approve your loan request. The "Guaranteed Installment Loan" claim is usually a marketing gimmick used by unscrupulous lenders and loan brokers to attract borrowers in dire financial straits.
No reputable lender will give you a 100% guarantee of loan approval because there's always a risk involved when a lender issues a loan. Lenders, therefore, have to take steps to mitigate risks of loan default by ensuring they only give loans to people who prove they can repay.
US Installment Loans aims to help customers with their financial needs, working closely with a vast amount of lenders that are fully experienced in dealing with bad credit borrowers, which will maximize the chances of you getting an installment loan online.
How Can I Use My Guaranteed Installment Loans?
Unlike the loans you got from a traditional bank or creditor, there is basically no limitation in usage with online installment loans. If the lender you choose to work with approves your requests, you can use your online bad credit installment loans to make any purchases you want. Some of these include:
- Home renovations
- Car repairs
- Debt consolidation
- Medical bills
- Emergency expenses, etc.
While installment loans are versatile and can be used for various purposes, you shouldn't take out a loan to fund a lavish lifestyle or for other irresponsible purposes. Note that you'll still have to repay them, and missing payments can worsen your credit situation.
Can I Get Guaranteed Bad Credit Installment Loans Online?
Getting an installment loan online when you have poor credit may be challenging. But you can still get many great offers online if you know where to look.
US Installment Loans is an online full-service loan platform that links you with reputable installment loan lenders.
Even with your abysmal credit score, US Installment Loans can connect you to our partner lenders in 4 simple steps:
- Submit your details: Use our simple and secure online form to submit the required information. You can complete this in minutes from anywhere using any internet-enabled device.
- Select an offer: Our partner lenders will quickly send you offers after reviewing your eligibility based on available information.
- Review and sign agreements: Carefully compare the offers and select the most suitable for your circumstance. Sign off when satisfied.
- Receive funds: Finally, submit your account details or any other preferred mode of payment and receive the requested funds.
How Much Do You Want?
How Can US Installment Loans Improve My Online Loan Experience?
Anyone who's tried will tell you that getting a good offer if you have a bad credit record is not easy. With US Installment Loans, we take the pain out of the entire process and link you with experienced bad credit online lenders. Here are why you should choose US Installment Loans:
Online Fast Approval
When you submit your details on our platform, our partner lender will send you offers within minutes.
Large Pool of Partner Lenders
Using our services means you'll have access to a pool of more than 100 reputable and licensed direct online lenders across the country. You can compare the different offers and choose the one most appropriate for you.
Get Instant Funds
After accepting an offer and signing the agreement, you may receive funds to your bank account from the lender within the same day in most cases.
Installment loans with bad credit typically charge higher interest and fees. However, you can always find the one that suits your needs via our network of partner lenders. Additionally, you'll receive plenty of offers to compare before choosing the lender to get funds from.
Bad Credit Loan Experts
Getting a loan is no big deal if you have a sterling credit record. However, due to a few oversights in the past, you may have damaged your credit and become apprehensive about getting loans from traditional lenders. US Installment Loans specializes in finding lenders who are experts in structuring loans for people with poor credit scores. Be assured that you can get the deal that fits your situation from our group of reputable lenders, so long as your lending criteria check out.
How Does US Installment Loans Compare?
|How much do I qualify for?||Up to $35000||Competitive rates|
|What's the max loan length?||Up to 36 months||Fast decisions|
|Do lenders check my credit?||Yes||Soft credit checks|
|All credit levels accepted?||Yes||Bad credit doesn't matter|
|Chances of approval||Good||High approval rates|
|When am I allowed to apply?||24/7 online||Easy application|
Why Should I Get A Guaranteed Bad Credit Installment Loan If I Already Have Bad Credit?
An instant approval online installment loan has the double benefit of providing you with much-needed funds in an emergency while fixing your poor credit history. But to take advantage of this boon, you must use the loan responsibly. First, you must ensure you can make each repayment on time.
Credit bureaus consider bill or loan payment history the most significant factor in determining your credit score. Paying your installments on time creates a favorable impression in your favor and also reduces your loan balance — a twofold boost to your credit score.
In summary, if well utilized, an installment loan for bad credit not only helps you out of a difficult financial situation, it can also boost your credit score and make you eligible for cheaper loans with better conditions.
What are installment loans?
An installment loan is a type of loan where a lender releases funds to a borrower with a bulk sum of money to be repaid at fixed, regular installments (comprising principal and interest) over a period. The repayment frequency is usually monthly, and installment loans can have a tenor of up to seven years, depending on the specific lender.
What are the requirements for online installment loans for bad credit?
Getting an online installment loan for bad credit is easy if you consult the right source. Essential lenders' requirements include:
- You must be above 18 years of age
- You must be resident in the US
- A valid bank account - saving or checking
- Valid social security number
- Valid government-issued ID
Other supportive documents such as bank statements and proof of employment status might be needed when you are looking for a larger amount of loan, and the specific documents required may vary between lender to lender.
Will my bad credit history stop me from getting an online loan with guaranteed approval?
Not really. Most of the lenders we work with consider other factors not tied to your credit scores when evaluating your eligibility for an installment loan with bad credit. These lenders specialize in giving loans to people with terrible credit. But you must prove that you can repay the loan by providing verifiable evidence of income.
Can online installment loans for bad credit without credit checks be possible?
No, you can not get online installment loans without credit checks, as credit checks are the regulated procedure for financial institutions to release loans. A hard credit check (which adversely impacts your credit score) may not be necessary for most online installment loans with bad credit lenders. In fact, most online lenders will carry out a soft check to give them an idea of your creditworthiness, without any negative impact on your credit score. They instead rely more on your source of income as comfort to be sure you can repay as at when due.
How fast can I get my funds from an online platform like US Installment Loans?
Obtaining installment loans and getting funded through US Installment Loans can be as quick as the same day. Once you submit the required details online, it takes only a few minutes for offers from various lenders to get to you. The loan process starts once you accept an offer and sign the agreement. However, depending on your lender, it may take anywhere from the same day to three business days for the funds to hit your bank account.
What are the easy approval loan alternatives if I have bad credit?
While there are a lot of online offers of installment loans for people with bad credit, sometimes, even the best credit lenders can’t help you if your credit score is too poor. But you don't have to fret. Alternatives exist which can give you access to some funds in an emergency. US Installment Loans provide other kinds of financial services, including bad credit payday loans, car registration loans, and pawnshop loans.