Understand the reality of small installament loan bad credit direct lender.
If you have great credit and a sound financial profile, then lenders will line up to offer you money. You will be a darling applicant for banks and many will actually coax you to take a loan from them, even if you don’t need one.
Fast Small Installment Loan Bad Credit Direct Lender
But if you have bad credit, then most of these lenders will treat you as untouchable. It may seem an unpleasant and politically incorrect way to put it, but that is the reality. Traditional lenders, from banks to publicly listed companies, do not entertain applicants with bad credit.
There are private lenders who would be interested in dealing with bad credit applicants but then they have certain terms which may not be acceptable to you. It is not uncommon for a private lender lending to a borrower having bad credit at a rate of interest much higher than twenty or even twenty five percent.
There are lenders that cross the threshold of thirty percent. Such rates of interest can be overwhelming. To make matters worse, many such lenders expect you to pay the entire loan and the interest from your next pay.
Pay day loans, as an example, will offer you a single repayment option. You must pay the whole loan amount and the interest in full on your immediately next pay day.
Single repayment and high rates of interest are both extremely taxing on any borrower. Sadly, many private lenders who deal with bad credit applicants will be pretty stringent on these two aspects. Thus, what you need is a small installment loan bad credit direct lender.
Such loans will have relatively lower rates of interest and the easy installment system of repayment will make life easier for you.
Unsecured Installment Loans
Unsecured installment loans are very difficult to get for people with bad credit. You may try to get a cosigner who has good credit and you may get a loan that you can pay with easy installments.
You may want to use cash advances from your company or you may use your home equity for a loan. Such loans or lines of credit will have relatively lower rates of interest and you would be able to pay back over a period of eighteen months to sixty months.
Secured Installment Loans
Secured installment loans are much easier to get. When you use your car or home or some valuable asset as collateral, traditional and unconventional institutions will be willing to entertain your loan application.
When there is a valuable asset being used as collateral, the credit history gets less attention. This is the easiest way to get a loan you need, of the amount you want and without being compelled to pay very high interest or a one time repayment.
There are some companies that are an exception. They do consider bad credit applications and would offer installment loans without any security. But such companies are not very common. You need to specifically look for such private lenders and you should be watchful of their terms.
We have approved and registered loan lenders on this website that will seek to help you no matter what your circumstances are.