Finding the right lender to lend you money in times of urgent needs isn’t always easy. It even becomes almost impossible if you have a credit score below 570. So is it possible to get online installment loans for bad credit?
The simple answer is YES. Most traditional financial institutions like the banks have made it extremely difficult to you money if you have a bad credit score. But there are other lending solutions where you can quickly get up to $5000 no matter your credit score.
Some of these lending platforms won’t even conduct a credit check, depending on the amount you need. So, where can you get such loans?
Where to get installment loans online for bad credit?
Here is the best five lending platforms where you can quickly get low-interest installment loans online, no matter your credit score.
Loan Comparison Table
Why these lending platforms?
When conducting our research, we tried to answer the following five questions;
- How easy is it to get the amount you need?
- What is the minimum credit score required to get a loan approval?
- How cheap are the interest rates compared to other lenders?
- Are the lenders flexible when it comes to repayment?
- How fast can you get the amount you need?
So let’s see how these online installment loans for poor credit lending platforms best answered the above questions.
1. How easy is it to get the amount you need?
If you have a poor credit score, you already know how complicated it is to get a loan. Banks won’t even consider your application because they have set aside complex requirements to be eligible for any loan. You could end up wasting your precious time applying for a loan through traditional banks.
But with the lenders above, the requirements are straightforward. All you need to get approved for online installment loans for bad credit are;
- You are at least 18 years old.
- You’re currently employed or have a monthly income of at least $1200 after tax.
- You are a US citizen or legal resident.
- You have an active checking account where the funds can be deposited.
- Have a working phone number and email address.
If you meet the above requirements, getting the amount you need becomes too easy. Some of these lending platforms won’t even conduct a hard credit check as long as you meet the above requirements.
2. What is the minimum credit score required to get a loan approval?
Most traditional lending institutions require you to have a credit score of at least 580 before they can lend you money. But let’s face it, most people fall below this credit score.
The lending platforms we mentioned above can still lend you money no matter how terrible your credit score might look. These lenders understand that a bad credit score doesn’t mean you can’t pay your debt. It is just a matter of circumstance.
So these lenders will only look at the essential requirements and offer you a loan based on how much they think you can handle with repayments. They might check your debt-to-income ratio to provide you with installment loans you can effortlessly repay.
3. How cheap are the interest rates compared to other lenders?
Even if you find a lender willing to offer you installment loans, the interest rates will be higher. Most lenders will put you in the category of high-risk borrowers. You could end up paying interest rates as high as 60% APR if your credit score is not in the yellow zone, at least.
But the interest rates of our selected lending platforms are at most at 35.99% APR (Annual Percentage Rate). The application process through these lenders is free, unlike other lending platforms where you have to pay to apply for a loan.
4. Are the lenders flexible when it comes to repayment?
Unlike other traditional loan service providers, lenders on our selected lending platforms are flexible with repayment schedules. There might be an emergency that pops up from nowhere and hinder your ability to commit to the repayment plan at that moment.
These lenders will work with you to reschedule a repayment on your loan. Most of them won’t even report the late payment at the credit bureau. This flexibility feature really counts because you don’t know what emergency might pop up.
5. How fast can you get the amount you need?
As you know, going to the bank for any loan is tedious and time-consuming. You will have to fill out countless forms and sign numerous agreement documents just to get an installment loan. You might end up getting the loan days or weeks after your application.
But with the lending platforms mentioned above, you can get the right amount you need within 24hrs of accepting a loan offer. The lenders on these platforms will quickly process your application and fund your account in less than no time.
Although the process can have some delays on weekends, it is still faster than traditional banks.
Common types of installment loans you can get online with no credit check.
The most common type of bad credit installment loan online is a personal loan. All of the lenders on our selected lending platforms offer personal loans from $500 to $35000. You could use the amount you borrowed for any purpose like home renovations, pay medical bills, resolve credit card debts, etc. Read more about personal loans➔.
Another type of installment loan you can get is an auto loan. You can borrow the amount you need to finance your dream car purchase. The loan term is usually between 2 to 4 years. This loan is only restricted to funding a car purchase.
Student loans are also among the typical online installment loans for bad credit. You can borrow money for college and start repaying in installments six months after your graduation. Note that the interest rates on student loans begin as soon as you receive the loan.
Last but not least, there is a mortgage loan which you can borrow up to $400,000 to purchase your dream house. But mortgage loans require you to have a monthly income of at least $2500. You must have a job or a solid business before you can get this type of loan.
How to get instant approval with installment loans online for bad credit?
Although the lending platforms on our list can quickly get you the funds you need, you still have to follow specific guidelines. If you follow these guidelines, your chances of getting a bad credit online installment loan will be around 99.99%.
To succeed with your loan application, you should make sure you meet the essential requirements we discussed earlier. That is, having a monthly income of at least $1200, be 18 years or older, be a US citizen or legal resident, and you must have a current checking account.
When filling out the online application form, provide accurate information to the best of your knowledge. Incomplete or inaccurate information will lead to the rejection of your loan application.
Once you receive loan offers based on the information on your application, select the right one that best suits your need. Make sure you review the loan term and ask questions if you have any doubts that need clarification.
Have your scanned documents ready to send to the lender immediately after they request these documents. You can also provide additional income statements( if any ) to boost your success rate.
Lastly, sign and send the loan agreement as soon as you review the terms and conditions.
Bottom-Line
One thing you have to understand when it comes to online installment loans for bad credit is that you are solely responsible for the decision-making. So, borrow responsibly by only accepting the amount you know you can repay without damaging your credit score.
You might want to consider working on improving your credit score in order to benefit from the low interest loans that could be available to you. See 10 Simple ways to improve your credit score ➔.
