Installment Loans for Bad Credit

Looking for installment loans for bad credit? There are many options open to you with regard to installment loans. Bad credit borrowers also have the potential to be approved for such loans. Let’s talk about the process for getting an installment loan through the lenders working with Personal Money Network.

What’s an installment loan?

An installment loan is a type of loan that is repaid in installments. One common example of an installment loan that many are familiar with is a home mortgage. These loans come with a repayment schedule and set payment amounts on certain dates distributed over the term of the loan agreement. These terms and schedules vary by lender and by lending product so be sure to ask your lender any questions you may have about the terms of your agreement when you receive a copy of your contract.

Also be sure to read the entire contract thoroughly before you sign. This is especially important if you have bad credit, because you will need to be certain that you will be able to repay the entire loan amount within the term of the agreement you sign. Failure to do so may negatively impact your credit score which is something that bad credit borrowers should try to avoid.

Can I get an installment loan for bad credit?

It’s possible to get an installment loan for bad credit with the direct lenders working with Personal Money Network. These lenders work in smaller dollar amounts than traditional banks and as a result, are able to be more flexible in the types of borrowers they agree to lend to. This means that your odds of receiving an approval are improved, even if you have bad credit. Also, because Personal Money Network submits your request to many lenders, instead of submitting it to only one lender, you have more chances to receive an approval, which increases the odds that one lender might approve your loan request. It is our belief that everyone has the right to request a loan regardless of their credit history and that is why Personal Money Network offers this service.

What can an installment loan be used for?

It happens to everyone. Cars break down when you least expect it. Maybe you have a small home repair that needs to be completed right away and you just don’t have the available funds. Do you have a copayment on a medical bill that needs to be taken care of? Or perhaps you just got a little behind on your finances and need some quick cash in order to avoid a painful late charge on a debt that you’re already working on paying off. These are some common reasons that borrowers seek out installment loans online and it doesn’t matter what you use the money for. Many lenders do not require that borrowers explain why the money is being requested. You choose where to direct the funds once they have been disbursed to you.

No Credit Check?

Often, companies working in the payday loan industry claim to offer “no credit check loans.” The claim is that they don’t do a credit check, so it makes borrowers think that there’s no chance that they will not be approved, so they apply with that company over another that does not make this claim. The reality is, every lender performs at least some kind of minimally invasive credit check. Credit checks do not necessarily have to go through a major credit reporting bureau like Experian or TransUnion. A credit check can be as simple as verifying a borrower’s income and outgoing monthly expenses. A credit check, in reality, is any type of information gathering that verifies a borrower’s ability to repay a loan. Some credit checks will impact your FICO score and some will not. Both kinds are used by lenders. The lenders working with Personal Money Network are capable of using this less invasive type of credit check that may not impact your FICO score, which increases the chances that you will be approved because it focuses on your ability to pay back a loan now, rather than delving deeply into your past.

Instant Approval?

Another commonly used marketing term is “instant approval.” Lenders use this term to lure in borrowers who are looking for cash quickly due to some emergency situation or another. The truth is, no lender actually offers instant approval and approval cannot be guaranteed for any borrower, not even for borrowers with credit in good standing. What this means, is that saying that they offer “instant approval” is dishonest. There is an approval process.

Some approvals can happen quickly, but in reality, what they actually mean when talking about offering an instant approval is that they offer an instant decision. Instant decisions mean that the lender does a quick review of your financial details and will tell you whether you will be approved or not, right away. This is not a guarantee of an approval. This is an indication of the result you might receive once you apply, but it is not a commitment to grant you a loan of any type. Many lenders working with Personal Money Network offer these instant decisions, so you’ll know if you qualify for installment loans for bad credit, fast.

How do I apply?

Applying for installment loans for bad credit is easy. Simply fill out the online form, it takes a couple minutes to complete. Once you have verified that all of the information you have provided is accurate and spelled correctly, and that all of the boxes have been completed, submit the form and wait to receive your decision. If your application receives approval, you will be sent to a page where it’s possible to review your contract.

You should carefully read the details of your contract before signing. Pay attention to the fine print, and read the terms of your repayment schedule along with verifying your interest rate. Ask your lender directly if you have any questions before you sign the loan.

Once you have read everything and  signed the contract, many of the lenders that we work with are able to deposit the funds directly into your banking account, so long as it is in good standing. When providing that information, it’s also recommended that you make sure the account is not carrying a negative balance in order to avoid any problems with the deposit of your loan amount.

Is my privacy protected?

Security on the internet is a concern for all individuals, but particularly for those who are considering to provide their financial details online when requesting a loan. Your privacy is of imporance to Personal Money Network. Because of this, we use industry standard best practices for internet security so you can feel confident that your data is protected.