Need lots of money but have a poor credit rating?
Your best bet might be an installment loan, because they are available from a huge variety of sources, both online and offline.
Two factors will help you greatly in your quest:
a) a verifiable income
b) time for your bad credit to heal.
As you take care of these two qualifiers, consider the wisdom of these steps to getting the money that you need:
Tips on Getting Installment Loans
- If you have collateral to bring to the table, then your chances of getting an installment loan increase measurably. That car that is paid off, the equity that you have in your home, even that monster TV that you’ve paid for in full can help you to qualify for an installment loan.
- Credit unions are usually a better bet for installment loans than banks, so if you are a member of one, you have a decent chance of getting a long-term loan.
- If you strike out with the bank and/or credit union, don’t give up. The Internet can help you as you surf around sites offering installment loans for people with bad credit (make sure to check our site first..).
- Some websites will do the shopping among lenders for you after you provide information about your case. This can save you valuable time and help you to compare terms more easily.
- Have you thought about talking to your employer about a loan? If you have worked at your place of business for a good period of time and built up trust, you might be surprised by how open your employer could be to give you a loan.
- Remember: even tiny differences in interest rates make a huge difference in the total amount that you pay on a loan as the time span increases. For instance, even a 1% difference in an interest rate on a $20,000 loan over five years will cost you about $600, over 10 years about $1,500. For that reason, pick the lowest interest rate as you shop for installment loans. Don’t think for a second that a small difference in interest in negligible.
Of course, we’re just scratching the surface of this topic here.
But installment loans are widely available, for all kinds of people and for all kinds of purposes. The important thing to remember is that having bad credit does not necessarily means denial for installment loan applications.