The term "installment loan" usually refers to any personal and commercial loan payable through regularly scheduled installments/payments. Installment loans are one of the common types of loans that have a lot to offer. However, options to opt for an installment loan are quite limited if you have bad credit. Fortunately, you may turn to no credit check loans to get extra advances right away.
What is Bad Credit?
In simple terms, anything below 620 on the FICO score range is considered a bad credit score. If you fall in this range, you will likely have trouble qualifying for credit. Bad credit is a result of “irresponsible” financial behavior, such as late or missed payments that have been reflected on your credit report.
Top 4 Missteps That Hurt Your Credit Considerably
Default on a loan: Loan default occurs when you are delinquent on credit payment for more than 90 days. Loan default may lower your credit score radically, consequently affect your borrowing ability.
Having a debt in collection: Once you default on a loan, your lender may send your loan to debt collections to recoup losses. Information on collection accounts may remain on your credit report for more than seven years and lower your credit score considerably.
Foreclosure: Foreclosure is the next dangerous event that can negatively affect your credit and lower your score by 100 or more points.
Bankruptcy: At first glance, bankruptcy is the best way to erase bad credit records from your report and get loan forgiveness. However, bankruptcy lowers your credit score and stays on your credit report for more than 10 years.
If any of these missteps are reflected on your credit history, in all probability, you have a bad credit score. But it's not the endgame, as you may either start working or credit repair or opt for bad credit loans.
Get an Installment Loan with Bad Credit!
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Millions of Americans suffer from having bad credit, consequently limited options to borrow money when they need it the most. Definitely, many lenders won't agree to qualify you for a loan if you have bad or no credit.
But you may still have available options to get easy cash and bounce your finance back on track.
Start by looking for lenders that offer no credit check loans either online or in-person. No matter how bad your credit score is, you may still qualify for bad credit installment loans in as little as one business day. Most online loans feature direct deposit, which means quick funding will be wired into your bank account once approved.
Opting for bad credit installment loans is a better choice than turning to expensive credit tools such as payday loans online. Plus, with installment loans, you have credit repayments spread over several months instead of a single repayment date.