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Best Place to Get Installment Loans for Bad Credit

With the current unrest in the economy, a lot of people are trying to find new or better jobs. They struggled when the economy crashed, so now it is time to get back on their financial feet. This can mean playing catchup with past debts, and trying to figure out how to repay them. Most will find this to be a painfully slow process, which can lead to situations you were not prepared to handle. If this is what you are facing, one thing you may want to consider is an installment-style loan. Consider these points if you are seeking out an installment loan with fair or poor credit.

Type of Loan

Standard payday loans are considered to be money that is borrowed, which requires a quick repayment, typically within the next pay period. The account that the money was deposited into is usually the same account that the money is withdrawn from, unless the borrower wrote a check out at the time of the loan, the next time the borrower gets paid. That is where the name came from. Installment loans, on the other hand, have a longer repayment period, and require regularly scheduled installments of payments over the course of a few months. Both of these loans are considered non-secure, meaning they do not typically require any type of collateral be used when getting the loan.

Information Will You Need

More often than not, the online application process will only take a few minutes to complete. Self-employment is not frowned upon by all companies, so long as you can prove your income to be stable over the course of the last two or more years. The applications will ask some general questions about you, and ask that you provide information about your checking account. They will also want to verify both your employment status and how you receive payments from your work.

Will They Require a Credit Check?

One common reason that people with less than stellar credit often gravitate toward installment loans instead of a standard credit union or bank loan is that the installment loan provider typically won’t run a hard credit check. This is good news for anyone who’s had financial struggles in their past and has a current poor credit history. Most lenders of installment loans are understanding of this. They might take a look at your credit report, but they are going to look over each situation on an individual basis. However, if they do find something that is faulty when looking over your credit report, you could still face denial of the loan.

Terms of Installment Loan

Typically a lender of installment loans that specializes in people with bad credit will require that the loan be repaid with pre-determined automatic withdrawals. Every month, on a date that you and the lender agree on, the withdrawal of funds will occur, making your required payment for you on time. Some lenders have no penalties for early repayment, while others do, so make sure to find this part out before making any extra payments towards your loan.

Potential Risks Involved

Every loan that you consider has the potential of risks simply because of the nature of it being a loan. You can see this first-hand with the debt levels increasing for those with credit cards. Missing any payment is the highest risk that most installment loans have. Even though the lender may not have done a standard credit check, they still have the option of reporting any missed payments. Plus, you need to make sure you can still cover the rest of your monthly obligations. Since the payment is automatic, you may not have the option of holding on a payment, so if something comes up, contact your lender immediately.

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