Finding a monthly installment loan when you have bad credit can be a bit like walking through a jungle. There are all sorts of lenders eagerly wanting to do business with you, but some of them will take complete advantage of your needy state and sock you with horrible repayment terms.
In the age of the Internet, some new options are opening up to find monthly installment loans for bad credit. Here are a few facts about these loans and lenders:
Installment loans are almost always preferable to loans that require the payback of the amount lent in one lump sum.
<a href=”http://www.badcreditrocks.com/installment-loans/”>Installment loans for bad credit</a> is a hot market right now because lenders are not making much money off of any types of loans, thus they are less likely to lend. In addition, people in desperate financial straits are on the upswing and need access to the cash available through monthly loans. In essence, it’s a seller’s market for these monthly installment loans.
Bad credit loans used to be only the domain of local establishments, the kind that you often find in more economically depressed parts of town. The Internet has changed that completely, however. This is one advantage the shopper has in this field now, and paying per month is not uncommon anymore.
When looking for a monthly bad credit installment loan , try to find one that can approve you without a credit check and will charge interest below 20%. Many of these types of lenders will have a $1500 maximum, so don’t believe that you can get $10,000 this way!
If you are in a big hurry, find a lender that can get you the funds via direct deposit in a couple of days. Don’t sacrifice interest rates for speed, however.
Most monthly installment loans for bad credit will not stretch over years’ time. They usually will be founded upon an agreement of repayment with several months. They should be seen as a short-term option for people in desperate need. A few lenders however do offer terms over 1-3 years for amounts up to $5,000.
An entirely new field of lenders has opened up in just the past few years. If you have a compelling story and a convincing reason why another person should lend you money and why you are a decent credit risk, try peer-to-peer lending. It’s worth a shot. The repayment terms are usually superior to other financial institutions that offer monthly installment loans for people with bad credit. These individuals do not have anyone on their payrolls, so they can pass those savings on to you. See a site such as Prosper.com for detail