Installment loans can give you a large sum of money to help you out of a financial bind. With these loans, you can get the funds as soon as the same day you apply. Better yet, many lenders have less strict credit score requirements, so you don’t need great credit to get approved. Let’s dive deeper into how installment loans for poor credit work and how long it may take to get one:
How do installment loans work?
An installment loan is a short-term, unsecured loan for a specific amount of money that you can pay back in fixed monthly payments, or installments. Since the interest rate is fixed, this means it stays the same throughout the entire loan term. Installment loans are often paid back over several months or years, depending on the lender and loan terms.
With an installment loan for poor credit, the lender will consider factors in addition to your credit score, like income and employment history, when deciding whether to approve you. This means you can still qualify with poor or fair credit.
How quickly can I get an installment loan for poor credit?
Installment loans for poor credit typically come with easy applications and quick approvals. You may be able to fill out an application in just a few minutes, in store or online from the comfort of your home. You’ll just need to provide several documents and information, like your government issued ID and proof of income.
Once you submit an application for an installment loan, it won’t take long to find out whether you’re approved. Many lenders offer an instant or quick approval decision, so you may get approved immediately. If approved, the lender may deposit the funds into your bank account as quickly as the same day you apply or within 24 hours.
Can I get an installment loan for poor credit online?
Many installment lenders operate online, so you can fill out an application, get approved, and receive the funds all online if qualified. This means you can get the cash you need quickly, all from the comfort of home.
What can I use an installment loan for?
You can use a poor-credit installment loan for just about any expense you need to cover. Some common expenses people use installment loans for include:
- Medical bills
- Car repairs
- Home improvements
- Essential day-to-day expenses
The bottom line
Installment loans for poor credit are a great way for borrowers with any credit score to get quick cash. With easy online applications and same-day funding, you can start covering expenses today. Make sure to do your research and compare lenders and loan options online. Once you find the right installment loan for poor credit, you’ll be well on your way to covering essential or emergency expenses and improving your financial situation.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.