At LendNation, loans are our specialty. People come in needing loans for all sorts of reasons: they’re unable to pay their monthly bills, an emergency hospital bill drains their savings, or an unexpected car repair causes money problems. At LendNation, we specialize in installment loans that offer an easy application process, an instant decision, flexible payments, and terms to fit our customer’s money needs. Here are a few things to know about installment loans and poor credit.
What Is an Installment Loan?
An installment loan is a type of loan in which you borrow money and pay it back in mostly equal payments over time. The payments are predictable, occurring at the same time each month. You can even set your payments to be due on or around your payday. Planning your payments allows you to budget ahead of time.
Installment Loans for Bad Credit
You may be wondering if you’re eligible for an installment loan with your credit history. The good news is that LendNation won’t turn you away just because of a bad credit score. Even if you have less-than-perfect credit, an installment loan could be the right choice for you. We accept all credit types in LendNation stores. If you need help trying to improve your credit score, check out our blog.
All you need to apply for a loan is a US-issued photo ID, proof of income, a bank statement from the last 30 days, an active checking account and a current phone number.
Why Get an Installment Loan with poor credit?
Installment loans are easily customizable to whatever amount of money you need, from $100 to several thousand dollars depending on the state in which you are applying. Many people choose to use installment loans for bigger ticket items, since they can be for larger amounts of money. You’re free to use the funds wherever you need them most. The terms are flexible, allowing you to choose how long you need to repay the loan and what day your payments are due.
Another advantage is that you can manage the entire loan process from home. That’s right, you can also apply online at Lendnation.com, get approved, and get your cash instantlywithout coming into a LendNation store.
Get an Installment Loan with LendNation
Having a low credit score doesn’t automatically mean you can’t get approved for a loan. A loan from LendNation can help you take care of your money challenges so you can overcome your financial hurdles quickly. Stop by one of our more than 200 locations or start your online application today to get an installment loan, title loan, payday loan, or cash advance!
Resources:
- https://www.rockethq.com/learn/personal-finances/installment-loans
- https://www.investopedia.com/articles/personal-finance/072316/how-installment-loans-work.asp
FAQs
What is the easiest type of installment loan to get? In general, the easiest type of installment loan to get will be a short-term personal loan that doesn't require a credit check, such as a payday loan, pawn shop loan or car title loan.
What credit score is needed for an installment loan? ›
You need a credit score of at least 580 to qualify for a decent installment loan from a major lender. You will likely need a higher score to get a personal installment loan with no origination fee and a low APR, however.
Is installment loan legit for bad credit? ›
Installment loans for bad credit make it possible for borrowers with a poor or limited credit history to access the cash they need. If you have bad or poor credit as defined by FICO (a score of 350 to 579), it's unlikely that you'll be able to secure a personal loan.
Can you be denied an installment loan? ›
Yes, it is possible to be denied an installment loan if you don't meet the requirements for approval. Some common reasons for being denied include having a low credit score, not having enough income to pay the loan back, having a lot of existing debt, or submitting an incomplete application.
Who will give me a loan if no one else will? ›
How Can I Get a Loan If No One Will Approve Me? Specialist lenders offer bad credit loans with more flexible approval criteria. Provide a larger deposit, use a guarantor, or secure the loan against an asset. Shop around and compare lenders.
What loan apps let you borrow money instantly? ›
7 cash advance apps for borrowing money
| App | Max loan amts. | Fastest funding available/fee |
|---|
| Brigit | $250 | Instant, $0.99 – $3.99 |
| Chime | $200 in overdraft protection | Receive paycheck up to 2 days early, no fee |
| Albert | $250 | Instant, unspecified fee |
| Dave | $500 | Instant, $1.99 – $13.99 |
3 more rowsJun 5, 2024
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
Is Affirm an installment loan? ›
Affirm monthly installments are like a personal loan where you repay your balance monthly over the course of three, six or 12 months. There are no fees if you pay late, but there is interest, which can reach as high as 36% APR.
Can I finance a car with a 480 credit score? ›
It's possible to get approved for an auto loan if you have bad credit (sometimes called "deep subprime" credit), meaning a credit score under 580. But in many cases, options can be costly. To improve your odds of getting approved for a relatively affordable loan, follow these steps.
Has anyone got a loan with bad credit? ›
There are specialist lenders who specialise in borrowing money to people with low credit ratings. Having a low credit score doesn't mean you can't get a loan; however, your options will be more limited than someone with a good credit rating.
Yes, SOS Capital is a legitimate alternative business lender. It is a verified company on Trustpilot.
Is NetCredit legitimate? ›
On Trustpilot, the lender has an average rating of 4.8 out of 5 stars across more than 17,727 customer reviews. However, it's not rated by the Better Business Bureau.
How to get a loan when nobody will give you one? ›
If you need money fast, here are some alternatives to consider when you can't get a loan.
- Research peer-to-peer lending.
- Explore loans from friends and family.
- Look at pawnshop loan options.
- Compare credit card cash loans.
- Seek information about government assistance programs.
What Is A Hardship Loan? A hardship loan is a type of financing that helps people dealing with a financial crisis caused by an emergency expense or an income shortfall. You can use a hardship loan to cover everything from a surprise medical or car repair bill to necessities like food and rent.
How to get a loan when everyone denies you? ›
How to improve your chances of getting approved for a loan
- Build your credit score first. ...
- Improve your DTI ahead of time. ...
- Choose a realistic loan amount. ...
- Find a cosigner. ...
- Secure your loan with collateral. ...
- Prequalify before applying.
Easiest-to-get personal loans compared 2024
| Title | APR | Min. credit score |
|---|
| BadCreditLoans.com | 5.99% to 35.99% | Undisclosed |
| Upstart | 7.8% to 35.99% | 300 |
| Avant | 9.95% to 35.99% | 580 |
| LendingClub | 8.98% to 35.99% | 600 |
6 more rowsJun 16, 2024
Types of installment loans. Some of the most common installment loans include personal loans, auto loans, mortgages, student loans, payday loans and buy-now, pay-later loans. Each loan's interest rate, repayment term, fees and penalties may be different.
Which type of loans are usually the easiest to get? ›
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
What is the best loan option if you need to borrow $1000? ›
A PAL from a federal credit union can be a good option for a $1,000 loan if you have bad credit, as they have lower interest rates and fees than many of the other options available, and often make lending decisions based on their relationship with you rather than just your credit score.
