Get Guaranteed Installment Loan Online even with Bad Credit
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People have always had to deal with unforeseen expenses, and the reason for this is situations that we can neither prevent nor avoid. For example, if your car breaks down, and all expenses for a month have already been planned. Of course, you need a car to drive to work and take the kids to school, so repairs are urgent, but you need extra money for that. Such situations can also include illness and emergency medical expenses. We are often not ready for the fact that health will fail us and we will need money for medicines. Thus, unforeseen expenses have become our reality. So, what if you need an amount that you cannot pay with your salary? Is there a loan that can help you cover costs even if you have bad credit? And the answer is yes, these are Guaranteed Installment Loans for Bad Credit.
Guaranteed Installment Loans FAQs
What is a Guaranteed Bad Credit Installment Loan?
An Installment Loan is a type of contract that includes a loan that you have to repay over a specified period of time. There is also a set number of planned equal payments for this loan. An Installment Loan implies repayment for at least a few months, at most 30 years.
Thus, an Installment Loan would be a good option for people who cannot take a Payday Loan. An Installment Loan makes it possible to pay a smaller amount per month for a longer time.
Is an Installment Loan with bad credit really guaranteed?
Many people who first hear about Guaranteed Loans often ask the question "can everyone get this loan?" or "what does a Guaranteed Loan mean?"
So there are no Guaranteed Loans. Any lender will check your creditworthiness before giving you a loan. As a rule, lenders require proof of the source of income, and if you do not have one, you will not receive a loan. Thus, the loan is not guaranteed and is not approved for everyone.
Why did the loan receive such a name? A "Guaranteed Loan" is much easier to obtain than any other. Editors offering such loans do not ask for a large number of requirements during checks, thus obtaining this loan is easy, therefore it is called guaranteed. However, not everyone can get it. Typically, about 80 percent of borrowers applying for a loan are approved.
How is a bad credit rating formed?
Every person who has taken out a loan at least once in his life has a credit report. The report contains all the information about the loans you took earlier, their terms and payments. Thus, if you violated the terms of the loan, your credit rating was affected. For example, if you forgot to pay your loan on time, it worsens your credit history.
For most lenders credit history is important. If you have a good rating, lenders will trust you and you will easily get any loan from the bank. If your credit history is not an example to follow, there may be problems with obtaining a loan, since lenders will not see you as a reliable borrower. Fortunately, now there are a large number of lenders who are willing to give loans to people even with bad credit.
What are Guaranteed Installment Loans for Bad Credit history?
As you know, Guaranteed Installment Loans are approved for 80 percent of borrowers for a specific period. Also these loans are provided for people with bad credit history. Lenders understand that an emergency that requires extra money can happen to anyone, even someone with bad credit. Thus, there are a large number of lenders who are willing to provide an Installment Loan to people with a poor rating.
What are the benefits of a Guaranteed Installment Loan for bad credit?
Most borrowers prefer to study all the pros and cons before applying for a loan. This is a wise move as it is worth comparing offers from different lenders and choosing the most convenient and profitable for you. So, explore the benefits of a Guaranteed Installment Loan for Bad Credit and find out if they are relevant and important to you:
- Great chance to get a loan. As you know, over 80 percent of borrowers receive this loan. Thus, if you are turned down by traditional lenders, you have a great chance of getting approved.
- Convenient payment terms. Unlike a Payday Loan, you don't have to pay back the entire amount as soon as you receive your monthly income. An Installment Loan works in such a way that you pay it off every month in regular payments, which is convenient for both you and the lender.
- Fast payouts. If you apply for a loan today, you will know in a couple of minutes whether it has been approved. If you meet the requirements, the money will be transferred to your account the next business day. Thus, the payout is very fast.
- Convenient online form. You no longer need to stand in lines or wait for hours while your application is reviewed. A convenient online form gives you the opportunity to apply for a loan while sitting on your own sofa with a cup of tea. Just a couple of minutes - and your application will already be sent.
- Security. Many people are concerned about the privacy of their data when they apply for a loan. You don't need to think about it anymore, because your information is encrypted. This way, your data is not passed on to third parties. Lenders care about your safety.
What are the disadvantages of a Guaranteed Installment Loan for Bad Credit?
Of course, every loan has its cons, and it would be foolish to think that a Guaranteed Installment Loan is an exception. Of course, it is very important to study all the disadvantages of a loan and make sure that you are ready to apply.
- High annual interest rates. Of course, each loan has interest rates that vary from state to state. The fact is that each state has its own laws, so it is important to find out what interest rate is acceptable in your state. Also, the interest rate depends on the lender and the terms of the loan, but as a rule the interest rates for loans with a bad credit history are very high.
- Availability of income. Everyone who applies for an Installment Loan must have a source of income. If you receive regular payments, then you will not have problems with obtaining a loan, but if for some reason you are left without earning, you will not be able to approve the loan.
- A large number of scammers. Be careful when applying for a loan. There are a large number of people who just want to make money out of other people's troubles by offering loans without any checks with huge interest rates. Remember that there are no Guaranteed Loans, and that the interest rate on a loan cannot exceed its amount.
How to apply for a Guaranteed Installment Loan for Bad Credit History?
The application process is as simple as possible. You need to go to the site and fill in a simple online form with your personal data. It will only take you 2-3 minutes. Next, you need to check if all the information is entered correctly, otherwise you may be disqualified. Next - send a request and wait. It only takes lenders a few minutes to see if you qualify. If you are approved, the lender will contact you directly to discuss the terms of the loan and repayment. At this moment, you can ask all your questions, and then sign the agreement. After that, the money will be transferred to your bank account the next day after the approval of the application.