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This is a list of the top online guaranteed installment loans for bad credit
Having bad credit may oftentimes feel like an exercise in futility despair. Lucky for you there are lenders that specialize in loans for people with less than stellar credit records. Truth be told, there is no such thing as a guaranteed “installment loan” some loans are simply easier to obtain and qualify than others. Nine times out of ten, these are payday loans. I would suggest that you stay away from payday loans unless it is absolutely your only option.
What Is A Guaranteed Installment Loan?
Bank Rate defines an installment loan as a financial product that permits individuals to borrow a large sum of money that they can then repay over time. The installment loan usually carries a fixed interest rate and requires regular monthly payments.
Typical installment loans are your car loans, Rooms To Go Furniture, or Ashley Furniture. Installment loans can be both short-term and long-term. You could borrow money from your parents and agree to pay it back over 24 months. This would still be an installment loan.
Just remember that installment loans are designed to be paid back over a regular set of payments, typically monthly.
Pros & Cons Of Installment Loans
As with anything, there is always the good, the bad, and the ugly. All installment loans are not created equal, so make sure you read all of your paperwork before you sign on the dotted line.
Benefit Of Installment Loans
The biggest benefit is that you know exactly how much your monthly payment is. If you are budgeting and you should be, then you know what the monthly amount is for budgeting purposes.
Drawbacks Of Installment Loans
Installment loans have a fixed amount, it’s not like a HELOC or a credit card, hence you can’t keep adding money or ask for an increase. You may also have to pay some upfront processing fees or administrative fees. Make sure to see if your loan has a penalty for paying the loan off early.
Top Installment Loans For Bad Credit
Keep in mind that there are lenders that focus on individuals with bad credit. The downside to having a less than stellar credit score is that you will more than likely pay a higher interest rate. Don’t stress, you may still qualify for a loan.
1. Money Mutual
- Short-term loans up to $2,500
- Online marketplace of lenders
- Funds available in as few as 24 hours
- The simple online form takes less than 5 minutes
- Trusted by more than 2,000,000 customers
- Not available in NY or CT
- You fill out one application and they match you with lenders that may fit your criteria
Loan Amount | Interest Rate | Loan Term | Loan Example |
---|---|---|---|
Up to $2,500 | Varies | Varies | $200 loan for 14 days = $230 paid back (391.07% effective APR) |
2. CashUSA
- Loans from $500 to $10,000
- All credit types accepted
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
Loan Amount | Interest Rate | Loan Term | Loan Example |
---|---|---|---|
$500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months | $5,000 at 18.9% APR = $179.35/month for 36 months ($6,456.68 total) |
3. CreditLoan.com
- Loans from $250 to $5,000
- Cash deposited directly into your account
- Get money as soon as tomorrow
- Bad credit OK
- More than 750,000 customers since 1998
Loan Amount | Interest Rate | Loan Term | Loan Example |
---|---|---|---|
$250 to $5,000 | Varies | Varies | $4,000 loan at 15.0% APR = $193.95/month for 24 months ($4,654.72 total) |
4. Check Into Cash
- Loans from $100 to $3,000
- Helping those with bad credit for over 25 years
- Simple online form & quick funding
Loan Amount | Interest Rate | Loan Term | Loan Example |
---|---|---|---|
$500 to $5,000 | 5.99% – 35.99% | 3 to 60 Months | $2,000 loan at 19.9% APR = $183.63/month for 12 months ($2,203.56 total) |
5. PersonalLoans.com
- Loans from $500 to $35,000
- All credit types welcome
- Large lender network
- Available in all 50 states
- Use the loan for any purpose
- Fast loan decision and funding (as soon as 1 business day)
Loan Amount | Interest Rate | Loan Term | Loan Example |
---|---|---|---|
$500 to $35,000 | 5.99% – 35.99% | 3 to 72 Months | $4,000 loan at 15.0% APR = $193.95/month for 24 months ($4,654.72 total) |
6. CashAdvance
- Short-term loan of $100 to $1,000
- Bad credit is welcomed
- A large network of lenders
- Loan decision as fast as a few minutes; funding as soon as next business day
- Required: Income of $1000+/month and at least 90 days on the job
Loan Amount | Interest Rate | Loan Term | Loan Example |
---|---|---|---|
$100 to $1,000 | 200% – 2,290% | Varies | $200 loan for 14 days = $230 paid back (391.07% effective APR) |
In Conclusion
Bad credit will cost you dearly, so you need to focus on fixing your credit. Don’t count yourself out. If you have really low scores, I would highly suggest that you work on improving your credit first before you start applying all over the place and having unnecessary inquiries on your report.
About The Author
Marvette Critney
Marvette Critney is a Real Estate Broker in Metro Atlanta, GA, a Credit Expert, and the founder of 750 Credit Score Blog Resource Site, and the well-known blog site Brag Differently. Her credit advice and knowledge have helped hundreds to become homeowners. She is recognized as a leader in her field. Read more.