Be it to fulfil a desire or to get through an emergency, money is often an exclusive answer to some situations of life. When savings and salaries cannot fully enable such a situation to get past smoothly, people look towards borrowing money, either from friends/family or using loans. Smaller loans can be repaid in a go, while larger loans may need repayments in multiple installments. Depending on your history of borrowing and repaying, you shall have a credit score that indicates your performance, also known as your FICO score. If you suffer from a low FICO score and are looking for a loan to repay over months, you shall be looking for an Installment Loan for Bad Credit.
Role of the Direct Lender of Installment Loans for Bad Credit
Bad credit is a situation one can be in for multiple reasons, some within one’s control and some to an extent, not. At the same time, a lack of understanding of the credit system – that could also be a matter of the past – could leave one’s credit score low enough to not find a fair deal from institutional lenders like banks.
When you look for an installment loan while having a poor credit performance history, you are most likely to look for a Direct Lender of Installment Loans for Bad Credit. In the transaction, you as the borrower shall be putting out a request for an amount you need. A few documents and details as enlisted later, shall be sought from you. Parts of the details and documents provided are verified and at times a soft-check is conducted on your credit (a soft-check does not affect your credit history in any way). All this information is used by the lender to assess your ability to pay back the loan amount and the charges thereof.
Once everything seems to be in order, the direct lender would typically offer the deal with a contract. If you agree to all the terms, the direct lender processes the transaction and makes the deposit to your account.
Why Choose a Platform rather than Dealing with a Single Direct Lender?
When you read through the role of the direct lender as explained in simple terms above, you may rightly notice that a lender with a lack of experience, reputation or business ethics, might be a factor in many such deals going very wrong and browsing through the internet looking for such incidents in the past would result in a huge number of such cases. It is hence very essential to have a mechanism to ensure that you’re dealing with the right lender in the right way.
However, when you approach a single direct lender or find a direct lender/lending company out in the market whose history is hard to procure for you as an individual, how are you supposed to know if the transaction is going to be safe at all?
This is where platforms that match you to direct lenders, can be critical. There are multiple services online that match your loan requirement to direct lenders who can fulfil the requirements provided you are found eligible for the loan amount that you request.
We at Online Cash Loanz take this a few steps further by firstly signing reputed and trusted direct lenders and thereafter maintaining updated records of lenders and their efficacy to ensure that you as the borrower get to deal with the best direct lenders only and this is how we are able to promise the best installment loans for bad credit!
Advantages over Conventional Loans
A no turndown installment loan or a no turn down installment loan is just another term for a no credit check installment loan with guaranteed approvals, and yes we provide the service fully online.
The usual thought that comes when planning to borrow money, is to head to the bank. Yes, bank loans are ordinarily cheaper options to direct lender loans but they don’t come free of caveats and complications.
- Application and Processing Time: From filling up the lengthy paperwork to the entire approval process, a bank loan can take days and even weeks to credit while direct lender loans from a reliable source like Online Cash Loanz usually credit within a day.
- Stringent Requirements: Your credit score and your financial health are very closely monitored and apart from influencing your interest rates, your eligibility of a loan are also highly impacted by these. If you are looking for bad credit installment loans then these loans are simply inaccessible to you.
- Convenience: Conventional loans take forms, faxes and photocopies of documents. Compared to that, the ease of a completely online brief process of application of loan from a service like ours, is just very quick and easy for anyone to manage in any situation.
- No Collateral: A conventional loan can often mandate a valuable collateral like a car, house, jewelry, etc. Direct lender loans do not have such limitations and work without collaterals.
The Online Cash Loanz Advantage in Bad Credit Loans
As bad credit installment loan applicants increasingly find our services useful and return to us for more services, we at Online Cash Loanz constantly work towards broader and better services and robust consistency in the ongoing offers.
Being a service that matches borrowers’ requirements with the ideal trusted direct lender, we are able to ensure that the lenders offer fair, competitive deals, quick responses, clear and transparent contracts and timely transactions.
When you fill in an application and send it to us with all details and documents, depending on your requirement and on the policies of various lenders, we make sure to match the ideal lender with you. Should you however choose to not accept a deal, you shall receive a choice to pitch the same request to get an alternate deal form another trusted lender.
Another advantage at Online Cash Loanz is that our systems are constantly upgraded to create new benchmarks in service quality and speed consistently. Every aspect of each transaction is monitored and recorded for future use to ensure that the lenders are able to understand what our customers expect from their services.
What do I need in order to qualify for a Bad Credit Installment Loan?
For a bad credit installment loans, one needs to:
• be 18 years of age or more
• provide 2 proofs of identity issues by the US Government, like driver’s license, social security card, passport, etc.
• provide U.S. checking or savings account details
• provide a valid credit or debit card details
• share proof of employment (part-time or full-time) or another verifiable, legal source of stable income, such as alimony payments, welfare payments, etc. These must be provided for the last 3 months
Lenders can have added stipulations above the ones mentioned above.
I need an Emergency Bad Credit Installment Loan, very quickly. Is that Available?
In most such situation where an emergency bad credit installment loan is needed, people look online. Online services are the fastest of their kind because all parts of the process are seamless. Not only can you complete the application from a desktop/laptop or phone while at home or in your office, but you can also expect the loan process to be quick enough to help you in most emergencies.
Each individual part of the process is almost instant, and typically the loans are credited in anything between one hour and a few hours, up to the next business day.
How big can the Loan be? Are the Installments Monthly? How Many Months do I get do Repay?
Installment loans are offered for amounts from $100 to $5000. For a first time borrower, typically the amount shall be limited to $500 and some lenders may choose not to lend beyond $1500.
Lenders work with monthly installment loans for bad credit and bi-monthly repayment options too. While most lenders work on a 12 month to 36 month repayment plan, some offer shorted 3-month and 6-month repayment options as well.
Is my Credit Score Affected?
Timely repayments of your online installment loan does get recorded and helps you improve your credit score, even if your credit score isn’t used to grant you a loan in the first place!
Apply for an Installment Loan for Bad Credit
Now that you’re aware of the advantages, working, requirements and the features of our bad credit installment loans, once you’re ready to apply, you can jump right in and fill the brief application form!