Installment loans and bad credit

You have bad credit. You need a substantial infusion of money. Where are you going? Finding someone who is willing to give you a long-term or installment loan can be a challenge. However, having a verifiable income that will allow you to have enough cash on your monthly expenses to pay off such a loan, it can be done.


The first thing to do is to develop a positive attitude. To do this, it is best to determine your finances, the amount of additional debt that your finances will allow you to cover, and to develop a series of long-term financial goals. Calculate how much you need to see yourself through. Set your goal. You should also check your credit rating to get a good idea of ​​how potential lenders view you.

Customer service

You should never approach the credit market with any desperation. You need an infusion of money, that’s all. If one lender makes you feel like they’re doing you a favor, find another. You are doing the lender a favor by bringing your business to them, despite the bad credit history. If people like you didn’t exist, they wouldn’t have a business.

Start Traditionally

You should start by asking questions of your local banks or credit unions. Simply explain, without mortification, why you have bad credit, why you need a cash injection, and how you plan to pay it back. Especially if you have been a long-time client of a particular financial institution, you might be surprised at how willing loan officers are to work with you.

Loan options

Most traditional lenders and other lenders offer two types of loans, secured and unsecured. Unsecured loans are called personal loans or signature loans. Secured loans are those in which you offer valuable assets as collateral to back up the loan. Secured loans are commonly referred to as home equity loans, equity line of credit loans, and other similar epithets.

Online Opportunities

If you’re looking to borrow a large amount of money and don’t have good credit, traditional lenders may not be your best source. Many could be better offered by browsing the internet looking for long term loans for people with bad credit. Indeed, many offer them without the rigors of a credit check. In fact, due to recent economic downturns, many have entered the loan market seeing the need for financially disadvantaged people who need a helping hand to get back on their feet financially.

Short term opportunities

If you’re still embarrassed about your credit history, consider taking out a series of small cash loans from institutions that report to the credit bureaus. As you prove your tax liability, more opportunities will become available.

Be wise

Whichever route you choose, the important thing is to keep your integrity and shop. Learn about as many lenders as possible – their interest rates and repayment terms. Find the one that works best for you in terms of how much they charge to let you use their money and how much they can make monthly payments to suit your budget. It is best to shop around whether you are looking for online lenders or traditional lenders.

Do not give up

Have a goal firmly in mind. Have an amount in mind. (Do you really need that much?) Have a repayment strategy in mind. Prepare to seek, seek, seek. Eventually, you will find a lender who is willing to work with you for an affordable, long-term installment loan. You will find a lender ready to offer decent interest rates and payments that you can live with.