Who Can Get Installment Loans For Bad Credit?
Signature installment loans are a form of unsecured loan. In simpler terms, an unsecured loan is one that is not backed by collateral. As a result, signature installment loans rely heavily on your trustworthiness as a borrower, as is the case for other unsecured loans.
As you might imagine, most unsecured loans are not an option for individuals with bad credit. Most lenders look at a bad credit score and assume the individual is a bad borrower, even if there is a perfectly logical and valid explanation for the score.
Does all of this apply to installment loans as well? Are there installment loans for bad credit borrowers? If so, who can apply? Read on to find out the answer to all of these questions.
Are Installment Loans Available For Bad Credit Borrowers?
Just like other unsecured loans, installment loans are not backed by collateral. Installment loan lenders will check your credit score whenever you apply. Unlike most other unsecured loans, your credit score does not automatically mean you can’t get approved, though. As such, there are installment loan borrowers with bad credit.
If you are worried that your credit score will impact your chances of getting an installment loan, it’s always a good idea to contact the lender. The lender will be able to answer any questions you have and explain exactly what role your credit score plays in the installment loan process.
Who Can Apply For Installment Loans For Bad Credit?
Now that we’ve learned installment loans are available for those with bad credit, the next thing to talk about is who can actually apply for these loans. The cool thing about installment loans for bad credit is that anyone can apply as long as they have the needed requirements.
Installment Loan Requirements You Need To Be Eligible To Apply
The requirements needed to apply are determined by the lender. At our locations, we require three items to apply: your driver’s license, checking account statement, and proof of income. If you select a different lender, the requirements may be different. Here’s a closer look at our requirements.
The driver’s license is a standard requirement for all lenders and loan types. You will just need a state-issued valid ID or driver’s license to prove your identity. The ID also proves that you are over 18, which is the required age for this loan type in the state.
Checking Account Statement
The next thing you need is your checking account statement. The statement shows lenders what you are capable of paying each month. It’s critical that the statement is for a checking account open in your legal name. If it’s not in your name, you can’t qualify, unfortunately.
Proof Of Income
One last thing you need is proof of income. Proof of income further shows lenders what you can pay and afford. Your most up-to-date pay stub counts.
How Long Is The Application Process?
Just as the requirements differ based on the lender you select, so too does the application process. Many lenders today can approve and provide installment loans quickly. At one of our locations, you can trust the process to be expedient.
If everything is in order come the time of the application, you might only be in our office for about half an hour. You can even get the money on the same day. At the very latest, you’ll get the loan the next business day. Either way, the process is fast and reliable.
How Can I Get Started?
If installment loans for bad credit pique your interest, you have to apply. Beginning the application process is super easy when you apply through one of our stores. All you have to do is visit our installment loan page and fill out that form. The form is secure and asks for basic information about yourself.
Once it is submitted, we will reach out to you and set up a time for you to fill out the paperwork for the final application. Once again, this entire process is fast and convenient. Just be sure to bring the required items to our office. If you don’t have everything, the process will not be as fast.
If you have any questions or are not entirely sold on the loan yet, you can still fill out the form. This form is not the application. Whenever we contact you, you can ask your questions and decide then if you want to continue with the process.
See If You Qualify Today
Despite being unsecured, there are installment loans for bad credit borrowers. As long as you have the three requirements above, you are welcome to apply for this loan type.
If you want to learn if you qualify, despite your credit score, fill out our secure form now. When we call you, we can further help you understand how your credit score impacts your installment loan.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.