What To Do When The Rent Is Too High
Do you have alternatives when rent becomes to costly to afford? You quite possibly do through one of these programs.
Read More
Debt Negotiation Companies – Who Needs Them?
There is a reason why so many settlement firms are getting hit with regulatory actions for fraudulent and deceptive practices.
Read More
Credit Card Debt Consolidation in California
There may be a lot of choices, but some programs are much better than others.
Read More
Should I Pay Off My Car with a Home Refinance?
If you have car payments to make, you may think you want to get rid of them by any means necessary.
Read More
What is Unsecured Debt?
Unsecured debt is a loan that a lender provides a debtor without any fundamental assets or collateral.
Read More
The Dangers of Fast Loans
The price can be measured by exorbitant interest rates.
Read More
Good, Very Good and Excellent Credit
Credit scores range from 300 to 850; while the average score of an American consumer is about 723, an excellent score varies with creditors from over 750 to over 800.
Read More
The name "ten dollar payday loan"...
...does not mean it's a loan of ten dollars.
Read More
Credit Card Negotiation: Working it Out
Can you and your credit card issuers find some common ground?
Read More
Debt Relief Center Does More than Just Debt Settlement
This popular website provides debt relief, but do they help everyone?
Read More
1
2
3
4
5
6
7
8
9
10
Start
Call us now
1-800-838-0861
Ask a Question
Alan Greenspent
Debtors Fight Back
Solvency Shark
Bankruptcy and Legal
Budgeting
Credit Cards
Credit Scoring
Debt Management
Debt Settlement
Debt Collection
Loans
Online Counseling
Calculators
Get Help Now
Avoid Scams
Bill Help
FAQs
File Taxes
Lower Interest
Lower Payments
Improve Credit
Sample Letters
Settle Debt
Authors
Media
Partners
Home
Blog
Forums
Articles
My Debt
How To...
About Us
Home
|
Articles
|
Loans
|
Getting an installment loan with bad credit
Getting an installment loan with bad credit
By
David Pilley
on September 23, 2011
Getting an installment loan with bad credit? I would say no! Well, that would be my quick personal advice, but you may be offered a loan if your credit score is in the
subprime range
. An installment loan is paid back over a course of a few months to a few years, and it can further harm your credit score if you can’t handle it. It is one of the easiest types of loans to get, and this also means you can easily default on an installment loan if you are not careful.
The reason it is so easy to find a loan, even if you have poor credit, is because credit score is not the only factor. If a lender is offering a secured loan, they may overlook your 580 if you have a valuable piece of property, such as a car or home equity. If an unsecured loan is being offered, lenders might look at your monthly salary and deem you worthy of a loan because you appear to have enough funds to pay it back in the future. The minimum you need for most installment loans to be a US citizen at least 18 years of age, a bank account, and a monthly salary of at least $1,000.
An installment loan is basically another term for a traditional consumer loan. The amount of the loan may be up to a few thousand dollars, and the repayment plan will be spread out over the course of a few months to a few years. They may be offered in a variety of ways, from websites to the bank or credit union with which you already do business. For those without bank accounts, you can get a loan from a nearby pawn shop. The company you work for might even offer loans. A small loan may actually be a way for you to get your credit score out of the dump and back into the good 600 and over territory…
…if you don’t default. Multiple loans may be the reason your credit score is bad in the first place, and this is why it is risky. The place where you lose money (and where the lender makes money) is the
interest rate
. Interest rates on secured and unsecured loans are often in the double digits. Unsecured loans are usually worse because there is nothing of value acting as default protection. The longer the length of time to pay the loan back, the more interest you are going to pay. Yes, in conclusion, installment loans may be a way to improve your credit score. If you are
late with payments
, however, they may also be the reason your score gets worse. Make sure you have a solid budget and a reliable source of income before deciding to take out a loan.
Current Rating: 0 (0 ratings)
Share:
Defeat Your Credit Card Debt Today!
First name:
Last name:
E-mail address:
Phone number:
(
)
-
Second part
Third part
Debt amount:
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$5,500
$6,000
$6,500
$7,000
$7,500
$8,000
$8,500
$9,000
$9,500
$10,000
$10,500
$11,000
$11,500
$12,000
$12,500
$13,000
$13,500
$14,000
$14,500
$15,000
$15,500
$16,000
$16,500
$17,000
$17,500
$18,000
$18,500
$19,000
$19,500
$20,000
$20,500
$21,000
$21,500
$22,000
$22,500
$23,000
$23,500
$24,000
$24,500
$25,000
$25,500
$26,000
$26,500
$27,000
$27,500
$28,000
$28,500
$29,000
$29,500
$30,000
$30,500
$31,000
$31,500
$32,000
$32,500
$33,000
$33,500
$34,000
$34,500
$35,000
$35,500
$36,000
$36,500
$37,000
$37,500
$38,000
$38,500
$39,000
$39,500
$40,000
$40,500
$41,000
$41,500
$42,000
$42,500
$43,000
$43,500
$44,000
$44,500
$45,000
$45,500
$46,000
$46,500
$47,000
$47,500
$48,000
$48,500
$49,000
$49,500
$50,000
$50,500
$51,000
$51,500
$52,000
$52,500
$53,000
$53,500
$54,000
$54,500
$55,000
$55,500
$56,000
$56,500
$57,000
$57,500
$58,000
$58,500
$59,000
$59,500
$60,000
$60,500
$61,000
$61,500
$62,000
$62,500
$63,000
$63,500
$64,000
$64,500
$65,000
$65,500
$66,000
$66,500
$67,000
$67,500
$68,000
$68,500
$69,000
$69,500
$70,000
$70,500
$71,000
$71,500
$72,000
$72,500
$73,000
$73,500
$74,000
$74,500
$75,000
$75,500
$76,000
$76,500
$77,000
$77,500
$78,000
$78,500
$79,000
$79,500
$80,000
$80,500
$81,000
$81,500
$82,000
$82,500
$83,000
$83,500
$84,000
$84,500
$85,000
$85,500
$86,000
$86,500
$87,000
$87,500
$88,000
$88,500
$89,000
$89,500
$90,000
$90,500
$91,000
$91,500
$92,000
$92,500
$93,000
$93,500
$94,000
$94,500
$95,000
$95,500
$96,000
$96,500
$97,000
$97,500
$98,000
$98,500
$99,000
$99,500
$100,000
$100,000++
State:
AL
AK
AZ
AR
CA
CO
CT
DC
DE
FL
GA
HI
ID
IL
IN
IA
KS
KY
LA
ME
MD
MA
MI
MN
MS
MO
MT
NE
NV
NH
NJ
NM
NY
NC
ND
OH
OK
OR
PA
RI
SC
SD
TN
TX
UT
VT
VA
WA
WV
WI
WY
Security code:
*Please input the following code
to safely submit your information.
Enter security code:
Bankruptcy and Legal
Budgeting
Credit Cards
Credit Scoring
Debt Management
Debt Settlement
Debt Collection
Loans
Mortgage
Secured
Student
Unsecured
Home
Blog
Forums
Articles
My Debt
How To...
About Us
Legal
Privacy
Copyright © 2010-2012 DebtorsUnite.com. All rights reserved