Guaranteed Installment Loans for Bad Credit – Apply Today for Easy Approval
When you need a loan with relaxed repayments, a personal loan will probably be the first deal that comes to mind. But what if your credit score is not sufficient to get fast aid from traditional lenders? Well, that’s the moment when guaranteed installment loans for bad credit come to play.
If you’re looking for a fast loan with slow repayment and easy approval, personal installment loans with no credit check are just what you need. At Cash Loans Bear, we’re always at your service for the best deal possible. Apply online today and get instant cash from direct lenders within one business day.
What Is a Guaranteed Approval Installment Loan?
A guaranteed installment loan is a form of borrowing with a relaxed repayment schedule and high acceptance rate for those who have bad credit scores. You can make your equal monthly payments within the agreed period of time, which is usually up to 24 months. The sum a borrower can access depends solely on their income and can be from $500 to $5,000.
Guaranteed personal loans are called so because you will get a guaranteed decision from a direct lender within about an hour after submitting a form. If a lender agrees to lend you money, you will get a lump sum payout in your bank account as soon as the next working day. After all, you need to make your monthly payments on time within the agreed timeframe.
Direct lenders offer installment loans for bad credit borrowers or those customers who don’t build their credit yet. Moreover, they don’t perform hard credit checks, so you don’t have to worry about a negative impact on your credit history. An installment loan can be a good way to cover your unplanned expenses or make essential major purchases without overburdening yourself.
Installment Loans vs. Online Payday Loans
Both an installment loan and a payday loan can be rescuing for you if you have a poor credit score and need a cash advance you can get fast. However, there are some core distinctions between these forms of borrowing that define suitable situations and the best ways to use each of them.
Installment loans work similarly to personal loans that you can obtain from banks and credit unions. Thus, they will be better for covering your longer-term financial needs. An installment loan is also a good way to make a loan fit your budget due to a convenient payment schedule. However, longer repayment terms always come with a higher total cost as you will be obliged to pay more in interest.
Payday loans are short-term loans that need to be repaid within 2 to 4 weeks. It means your loan cost won’t be divided into several monthly installments. You will have to repay the loan all at once, typically after your next paycheck arrives. Although the interest rate on a payday loan is also pretty high, short loan terms make it pretty affordable for almost everyone. In most states, payday loans allow you to obtain between $100 and $1,000.
Summing up, installment loans are almost perfect when you want to reduce the financial burden or cover your long-term needs, while payday loans are at your service as emergency assistance for small unexpected expenses.
Best Ways to Use Bad Credit Installment Loans
As bad credit direct lenders know that financial emergencies may be of any kind, they don’t restrict you in the way you can use the loan amount. Nevertheless, like any online loan, a guaranteed approval installment loan can turn out to be expensive.
Therefore, it’s recommended to use it only in case of immediate expenses when you need money fast but want to repay it slowly. Here are some examples of good reasons for obtaining installment loans:
Make a credit card debt consolidation
Cover medical bills
Pay rent
Make ends meet till your next pay date
Cover the cost of car repair works
Make essential home improvements
Do Guaranteed Installment Loans Really Exist?
Actually, there are no services with 100% positive responses from loan providers. It happens because direct lenders try to prevent the risk of losing money and don’t deal with borrowers who, in their opinion, can’t fulfill their loan payment obligations.
This way, when we talk about guaranteed loans, it means the acceptance rate is pretty high, even with poor credit. However, a lender will take into consideration your monthly income, debt-to-income ratio, debt utilization rate, and more. Therefore, no direct lender can give you an approval guarantee in advance.
Things to Consider Before Applying for Bad Credit Installment Loans With Guaranteed Approval
Although an installment loan may be a great way to overcome your financial difficulties when you use it responsibly, it also has some drawbacks you need to be warned about. First, keep in mind that an installment loan can affect your credit history if you default on your loan payment. In this case, a lender may send a request to credit reporting bureaus, so it will drop your credit score by a few points. Moreover, each late payment entails high late fees, so make sure you can service your debt before you owe.
Also, you should bear in mind that an installment loan often comes with a high interest rate, so you should stay away from it until you check out other options that are available for you. Try to borrow money from your family or friends first, or consider secured loans if you have some belongings you can pawn. If an online installment loan is your last resort, we’re always willing to help!
Can I Qualify for a Guaranteed Installment Loan?
It will not be tough for you to qualify for online loans with equal monthly installments if you:
Need Installment Loans for Bad Credit? Apply Online With Cash Loans Bear!
Cash Loans Bear is a trusted connecting company aimed at helping people reach their financial goals. When you apply for guaranteed installment loans for bad credit through our platform, our partner lenders take into consideration your current situation to offer you the best deal possible. We offer competitive interest rates and strive to make our online loans affordable to average Americans who face financial hardships.
Unlike bank loans, our personal loan options don’t entail any negative consequences for your credit history. Need money now with bad credit? Here are a few simple steps you should take to apply:
Get a Guaranteed Installment Loan for Bad Credit!
FAQ
You’re now at the right place! At Cash Loans Bear, we offer bad credit installment loans with guaranteed approval and no hard credit checks. Just a few minutes and one online application form separates you from getting fast financial assistance.
There are various types of bad credit loans you can access. Consider online personal loans for bad credit for longer repayment terms and higher amounts, or apply for a payday cash advance if you need a short-term financial solution. Also, you can ask your family for help or access secured loans to get lower interest rates.
It depends on what you mean by “no credit check loans.” A guaranteed installment loan is a type of borrowing that doesn’t affect your FICO score. Although online lenders don’t conduct hard credit report checks through major credit bureaus, they still need proof of your solvency and creditworthiness. Therefore, they will check your credit and payment history anyway but will use free alternative means for it.
You’re welcome to take out unsecured loans from Cash Loans Bear with any credit rating. Our direct lenders are not focused on these figures and are more interested in your ability to repay the loan.