If you find yourself in a financial fix or have a special need that requires a quick infusion of cash, yet have poor credit, consider one of the 12-month installment loans for bad credit that are available.
Whether you need to finance your daughter’s wedding or take advantage of that dream vacation offer, a short term installment loan can provide you with the funds you need at a reasonable interest rate.
Some of us just need a better cash flow to meet unusual bills such as car repairs or medical expenses. And 12-month installment loans can usually solve your problem without you feeling exploited, as they’re available to people with bad credit too.
Bad Credit and Installment Loans
As you shop around the various banks and online sites that can prove an installment loan for people with a poor credit record, do so as an educated consumer by staying aware of these tips:
- Almost all of these sources will not require a credit check. If they do, you might not qualify, so keep on looking for another lender.
- Many of these lenders will start you out with a smaller loan amount, then allow you to borrow more as you pay back your first loan.
- It might be difficult to find a lender that will give you $5,000 with a bad credit record, but it is possible. Most lenders will begin in three-figure loans, then offer you more to borrow as you are faithful in your payments.
Lenders that do not charge sky-high interest rates or lots of hidden fees will have certain criteria for you to fulfill, even with bad credit. These will include: proof of employment or a fixed income; an active checking account; a debit or credit card; a working telephone number; a Social Security number and a valid ID. Don’t be surprised by these qualifications. These lenders are different from payday lenders in that they charge fixed monthly payments at interest rates you can swallow, but they do have more stringent criteria than most payday lenders.
Why 12 Months Is Perfect
Snagging one of the 12-month installment loans for people with bad credit is something that can help you through a financial crisis or enable you to bankroll a big celebration or take a once-in-a-lifetime vacation. Years after, when people are talking about how fantastic your daughter’s wedding was, your 12 months of payments will be far behind in your rear view mirror.
Shop carefully for the right installment loan and you might be pleasantly surprised by the workable terms that you can obtain from some lenders. Twelve months is just about the perfect payback period for people with bad credit.