An Installment Loan gives borrowers the opportunity to get a sufficiently large loan amount with favorable interest rates and convenient repayment terms. Moreover, now you can fill out an application online even with bad credit.
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Guaranteed Approval Installment Loan Is What You Need!
Millions of Americans use different types of loans every year to meet all their personal needs. It can be anything, such as a child’s illness, home renovations, wedding expenses, buying a car, etc., but all this requires additional funding. However, which loan to choose? Is it possible to get guaranteed approval?
An Installment Loan is a great option for borrowers, even those with bad credit, who need to get financing quickly to cover expenses. Below you can explore basic information about what an Installment Loan is, how it works, whether guaranteed approval is available and what are the benefits of this loan offer.
Installment Loan Basic Information
An Installment Loan is a type of loan that is given to borrowers in order to get money for their needs and is repaid in regular monthly installments over a fixed period of time. Depending on the type of loan, the term of its repayment can reach from several months to 30 years.
The loan is quite popular as it gives borrowers the opportunity to receive from $1,000 to $100,000, which is often enough to cover any need. What’s more, lenders now offer both online and offline financing, so you can choose the option that suits you best.
How Does Guaranteed Installment Loan Work?
As already mentioned, Installment Loans are repaid in regular monthly installments and within a fixed period of time specified in the contract. This loan works like this: you choose a lender, apply online or offline, wait for a response, then sign a contract and receive financing.
Despite the fact that many people continue to look for an Installment Loan near me, the fastest way to get money at the moment is the online application. It does not take much of your time and you can fill it out at any time convenient for you while sitting on your own sofa. Thus, Installment Loan Online is your chance to get money for your needs as quickly as possible.
Is it Possible to Get an Installment Loan With Guaranteed Approval?
Many borrowers with poor or bad credit who have missed payments in the past are most likely to seek loans with guaranteed approval in order to increase their chances of getting a loan. However, the truth is that there is no guaranteed approval. Let’s see why.
Each lender has certain eligibility criteria that help them understand whether the borrower will be able to repay the loan with interest on time. In other words, providing a guaranteed approval is too risky for any lender, as he cannot be sure whether he will get his money back.
However, don’t worry, as many installment lenders work with different types of credit, which means you can get approved even if you have a bad credit history.
Guaranteed Approval Installment Loan Advantages
| Loan Amount | With an Installment Loan, you can get anywhere from $1,000 to $100,000 to cover almost any major expense. |
| Online Application | Now you can fill out an application online, which will save you the trouble of looking for a lender near you, driving to their office, waiting in line for hours and filling out a lot of paperwork. |
| Bad Credit Is Not A Problem | Now you can get an Installment Loan even with a bad credit history, but you will need to pay attention to interest rates. |
| Convenient Repayment Terms | Depending on the loan amount, you can choose a shorter or longer repayment period. Keep in mind that a shorter repayment period will increase your monthly payment but decrease the total amount of interest you will need to pay. |
| Fast Approval | Installment lenders approve applications fairly quickly if you meet the eligibility criteria and study state laws in advance. Most likely your application will be approved within one to two business days. |
| Competitive Interest Rates | Installment loans have relatively low interest rates compared to other loans. As a rule, you can get from 5.99% to 35.99% depending on your income, credit history and other factors. |
How Can I Get a Bad Credit Installment Loan?
Since the fastest way to get financing at the moment is the online application, let’s look at the steps you should follow in order to get an Installment Loan:
- Examine loan offers. The loan amount that you will need to repay will directly depend on interest rates, as well as additional commissions and payments. That is why it will be necessary to study the various loan offers in your state and choose the most advantageous for you.
- Pre-qualify. Most installment lenders offer you pre-qualification so that you can understand what potential loan terms you will receive. Use this option to compare loan offers and choose the right lender for you.
- Fill out the form. The application is quite simple and usually does not take more than 10 – 15 minutes. Most lenders will ask you to provide your name, address, contact information, monthly and annual income information, and more.
- Wait for the lender’s response. The installment lender will take some time to review your application, but if you meet the basic eligibility criteria, your application will be approved within one to two days.
- Sign a contract. The lender will contact you to discuss the terms of the loan and debt repayment, after which you can sign the contract.
- Get money. If you applied online, the loan amount will be transferred to your bank account within a few business days.
What Are The Eligibility Criteria For An Installment Loan With Guaranteed Approval?
While most installment lenders do not offer guaranteed approval, getting a loan is fairly easy. All you need to do is meet the eligibility criteria below:
- Be a US citizen or official resident who is at least 18 years old
- Have a regular monthly source of income and be able to verify it.
- Provide government-issued ID
- Provide a social security number
- Provide an active bank account
Remember that requirements may vary depending on where you live and the lender you choose.