What Are The Requirements For Installment Loans For Bad Credit?
What is an Installment Loan?
Have you ever found yourself struggling with how to pay for an unexpected car repair? What about an emergency medical bill or a quick fix for something in your home? We’ve all been there. Sudden expenses come out of the blue sometimes and really throw a wrench into our budget.
When these things happen there often aren’t a lot of places to turn, but here at Gadcapital.com, we want to make finding a solution easy for you.
Our lenders offer many types of loans, but one that is especially helpful is called an installment loan. Also available if you have bad credit or a poor credit score. You can read more about the benefits of these types of loans. If you have time you can also read this post on 10 Things you need to know about installment loans
What are Installment Loans for Bad Credit?
We made another post here with a rundown on what to expect but in short they are conventional lenders offer short term and long-term loan options.
However, obtaining bad credit installment loan from conventional lenders is a challenge. Lenders mostly rely on credit scores when making their lending decisions. Installment loans for bad credit are a loan type repaid over a period and are available from payday lenders.
Where to Get Installment Loans for Bad Credit?
- A wide network of lenders
- Quick application process
- Negotiable timeframe payments
Qualifying for Installment Loans Online
Similar to applying for any other loan, the potential recipient of an installment loan must meet certain criteria in order to be approved. Most applicants are pleasantly surprised when it comes to how simple the qualifications are.
The first qualification is age; you must be 25 or older to be eligible to receive an installment loan. Next, the potential borrower must have a bank account that is eligible for receiving direct deposits. Online installment loans are always transferred electronically so a direct deposit account is a must.
The third qualification is a minimum income of at least $1300 per month. This requirement is simply to make sure that you won’t have a problem making a monthly installment payment to pay back your loan. The final qualification is proof of employment. You can typically prove this by showing a recent paycheck stub or letter from your employer.
If you meet this set of criteria then you will more than likely be qualified to receive installment payday loans. If you want to start the process right away then either fill our online request form right here at gadcapital.com or call our toll-free number to speak with a representative who will walk you through the request process verbally.
Do Installment Loans for Bad Credit Exist?
If you are asking yourself this question then you are in luck because the answer is “yes!” You may have noticed but a credit check is not a requirement for an installment loan. With poor credit, no credit, or even a bankruptcy in your past you can still be approved for payday installment loans.
Don’t let a rough financial past keep you from looking into solutions that could help you in the present. Installment loans have helped thousands of Americans who are struggling and they can help you too!
Repayment Terms for Installment Loans Online
The repayment terms of installment loans are normally drawn up and agreed upon before the funds ever hit the borrower s checking account. With gadcapital.com we want the repayment schedule to work for your budget so lenders in our network are open to terms that vary anywhere between 14 and 18 months making long-term installment loans a possibility.
Just remember that interest does accrue daily based on the amount of money you borrow. The good news is that if you decide to pay off your loan early you will not have to pay a penalty.
This system may remind you a bit of monthly payments on mortgages or auto loans, and that’s because they work just like them! There are an agreed upon a number of scheduled monthly payments and a clear end date to the loan.
The biggest advantage to an installment loan is that you only pay for the time you use the loan. Whether you want to pay off your loan quicker with larger payments or make smaller payments over a longer period of time, you have control over how much you pay in fees.
Getting Started With An Installment Loan
Do you meet the qualifying criteria and think that an installment loan is a right fit for your financial situation? Gadcapital.com wants to help. Our aim is to make the process as simple as possible and it starts with our online loan request form. Read more about the basics here.
It will only require information from you that shouldn’t be hard to access such as general contact information, your loan amount requirements, bank account details, and employment documentation. Once we have that information it is passed on to a lender who will analyze the information to see that you qualify. Once a lender approves your application you are sent electronic loan documentation that will require your review and signature.
After you sign the loan documentation and send it back to your installment loan lender they will process it and get the funds into your account usually within a couple of business days.