Bad credit installment loans are in fact the second chance for people those who have bad credit history or even with no credit history. The recent economic change has made a major change in many people’s life. Many have lost their job or potential source of income and have become helpless. It has made a huge change in the world economy. Many employers were bound to downsize their company to ensure their survival, which left a bad impact on many people’s personal life and their credit history. Even people who once had a better credit history were turned into people with bad credit history. Therefore, they have become as non-trustworthy to banks, financial institutions and lenders. As, credit history plays the most important role in getting a loan, so the recent change in the world economy has changed the life of these people. However, some companies have realized this situation and come up with a hope for these people, which are known as bad credit installment loans. Let’s find out what this idea is offering to people.
Bad credit installment loans
What are bad credit installment loans? Well, they are loans offering a chance to repay in a number of schedules for people with bad credit history or even no credit history. Bad credit installment loans are in face a second chance for people with bad credit to recover their credit score and the situation of emergency they are facing. Usually repayments are split into installments in loans for bad credit. These loans can be 12 month installment loans or even loans with convenient installment. You decide that an installment loan will be in what shape. It is up to your commitment and affordability to fix the schedules for payment. Therefore, if you have a poor credit or bad credit, don’t worry to get a loan to overcome your situation of emergency.
Where to find bad credit installment loans
You can find a lot of places for online installment loans on the internet provided by several installment loan agencies. There are a lot of websites providing the opportunity to people to overcome their credit score with a loan for the customers with poor credit history, even no credit history. Bad credit installment loans are termed differently by different companies or agencies. Some may call it as online personal loans for people with bad credit or bad credit loans retail installment, bad credit unsecured personal loans etc. They offer different services like personal installment loans fast and hassle free, personal installment loans for people with bad credit, bad credit personal loans for people with poor or no credit etc.
The process of bad credit installment loans
The process for applying bad credit installment loans is as usual as other online loans. Normally, the company providing the loan will surely have a website and there is an application form. All you have to do is just filling up that form that needs some basic information like your name, age, sex, billing address, bank account number etc. You must be over 18 years of age and must have a stable source of income, which will ensure the lender that you will be able to repay the loan in time. Usually there are no phone calls or faxing is involved in bad credit installment loans. Everything is done over the internet. Usually there is nothing needed to be approved for bad credit installment loans. However, anything more is needed it will also be done online. Normally, if approved, you will get the money within 1 to 3 business days. In some cases, you will get it within 24 hours. Some of the companies even offer $5000 as an installment loan!
Pros and cons of bad credit installment loans
The benefit of bad credit loans is that you will get a loan even if you have a bad credit history or no credit history. The lender will not check your credit history to value your trustworthiness. Rather they will rely on you and make their decision to give you a loan based on your source of stable income. Another important fact is that you can repay the loan in installments.
The disadvantage is the higher rate of interest of these types of loans. There is a higher rate of interest than the normal ones in these types of online loans. In fact, there is a reason for this, as they are taking a big risk by giving loans without checking your credit history. You can decrease the rate by putting up a security in some cases. But in most of the cases, it’s higher. However, whether it is good or bad, you should avoid taking loans, if you other options.
Another important thing is that there are a lot of companies out there on the internet. You should be careful before giving your sensitive information to them, because not all installment loans companies are to be trusted. Read the reviews about different companies and then take your decision. One good review is provided by Yahoo on the internet and there’s lot more!
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