Having bad credit can be equal to financial starvation in today’s world. With the global recession showing no signs of ending anytime soon, it may become more and more difficult for an honest, hardworking society to get the necessities required to survive day-to-day life.
But, as luck would have it, there is a way for people with bad credit to get the money they need to survive: installment loans. This is a loan that is available for those who don’t have good credit but still need to borrow money. Learning about the different types of installment loans one can apply for and get approved for can help you find out where you can to turn to in time of financial stress. Simply put, an installment loan is a loan that must be repaid in fixed monthly payments for a specific amount of time.
Banks usually scrutinize a customer’s credit before granting a loan and a bad score can mean that, as far as the bank is concerned, your application is dead. Now, if you’ve had an account with the bank for a long time, savings or checking, and it is in good standing, you can still be approved for an installment loan. Speak to the manager about your chances. A smaller loan may still be available to you, albeit with a higher interest rate, but may be enough for your needs.
One other way of getting approved for an installment loan is to get someone to co-sign on the loan for you. A family member or friend with good credit can be your co-signer, as long as they agree to be equally liable for the loan you take out.
Employment Cash Advance
Your employer or company can be another source of funds for you through a salary loan. These loans often allow you to pay them back in installments. If you already have tenure and agree to pay it back by allowing the company to take it directly out of your upcoming paychecks, there should be no reason for not to be approved for the loan. This type of loan does not require having good credit.
Always remember that these loans should only be used as a last resort. If there are other means for you to get the cash you need for your intended purchase, be sure to explore all other avenues first. But, if it’s really the only way, go ahead and apply for an installment loan today, just be sure to examine every detail of the offer first to make sure you are getting the best deal.