An installment loan is one that is paid in fixed monthly payments. People often misunderstand terms personal loans and installment loans. It’s true that all personal loans are paid in installments, but these are different things. An online personal loan by definition is one that is up to $100,000 and an APR of 5.99% to 35.99%. An online installment loan is a loan that is paid in installments. If we are talking about bad credit installment loans, things are trickier because your options are limited. But getting an online installment personal loan with bad credit is absolutely possible. Installment loans for bad credit typically come with a high APR of 20% to 35.99%, which is not cheap, but it is much better than traditional payday loans with an APR of 400%.
|Loan Company||Installments||Min Credit Score||APR||Amount|
|BadCreditLoans||3 – 36 months||0||5.99% – 35.99%||$5,000|
|PersonalLoans||36 – 72 months||580||5.99% – 35.99%||$35,000|
|LendingTree||12 – 60 months||500||3.99% – 35.99%||$50,000|
|OppLoans||36 – 60 months||0||99% – 199%||$5,000|
|Upgrade||36 – 60 months||600||6.98% – 35.89%||$50,000|
BadCreditLoans is a great company that can help you get a personal installment loan instantly. They are a huge marketplace with lenders who help people with bad credit.
Opploans is also an installment loan company which helps people with bad credit, but it is less? expensive than traditional payday loans. We call companies like Opploans alternative payday loans. You can read more about them here:
Personal loans can be a great company for you if you have bad credit and want to get a personal loan. They have really competitive offers for you. Also, they have very low credit score requirements of 580 and a minimum income of $1,000. If you meet these, then you really should register with them.
Here are many more great offers for you.
If you want to see a full list of offers, shop around.
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What are My Options to Get a Personal Installment Loan if I’m With Bad Credit?
Unsecured personal loans. There are companies that can give you personal loans if you have bad credit, but that does not mean that you don’t have to meet any criteria. Every company sets their credit score and income criteria that everyone has to meet. If you don’t meet them, you can’t get a loan. So, in this case, you can work to improve your credit score or financial situation. If you can’t get great offers, you can try to reconsider your application or discuss the ability to pay the loan with the lender. You also can also try to change the terms or lower the amount. The amount that you can get with bad credit is not high and the APR will be high, so we highly recommend that you wait and work on your credit score instead.
Secured personal loans. Chances to get approved for a secured personal loan are high, but you have to put something as collateral, for example, your car. If you can’t pay the amount on time, you can lose your collateral. Be careful with secured loans. Make sure that you can pay them on time. The same tips apply for loans with a cosigner. Pro tip: If you choose secured loans, always look for flexibility. That is a factor that is much more important than the actual APR. If one day you can’t pay the amount, you have to be sure that you will have some options like skipping a payment or no late fee for a long period of time instead of losing your collateral and getting a mark on your credit report.
What Types of Installment Loans for Bad Credit to Avoid?
Payday installment loans. These look exactly like what you are looking for? Many payday lenders will try to convince you that they are your only option if you have bad credit. That is not true. The lending market is much more flexible these days and people with bad credit can get money. Payday loans are those that come with an APR of 400% and lead people into a debt cycle. This simply means that for every $100 that you get, you will pay $30 per month. Payday loans are predatory and we highly recommend that you avoid them. Installment payday loans are slightly improved payday loans because lenders allow you to pay the amount in installments. Still, there is a risk of a debt cycle and the total amount that you pay will be very high.
Auto title loans. These are almost the same as payday loans, but the difference is that here you also risk losing your car.
Installment loans that won’t check your credit score. The fact that a lender won’t check your credit score means that they don’t care about it. In fact, they know very well that your credit score is not ok. What they care about is getting you into a debt cycle. The fact that a lender won’t perform a credit check doesn’t always mean that the loan is predatory, but this is usually the case.
Installment loans near me. People who are looking for loans near them will typically find payday loans.
Online installment loans instant approval. Technically, this is not a scam. The fact that a loan has instant approval does not mean that it is a scam. However, this is one of the phrases that predatory lenders often use: instant approval, credit check won’t be performed, money in an hour and so on. There are many personal loans that are legit and can approve you instantly, which is what we recommend. Again, it is not about instant approval. It is a term they use to manipulate people.
Legit loans are those that meet state regulations. Before you apply for a loan, make sure that they meet all state regulations, which are different in all states. You can read our guide on legit loans here:
Getting a personal installment loan with bad credit is possible. Payday installment loans are predatory and we don’t recommend them.