Installment Loans for Bad Credit With Nation21
Sometimes financial emergencies arise that force one to seek a loan in the hopes of solving them. However, with friends or relatives either being unable or unwilling to lend you money, chances of finding a lending option with minimal or zero interest rates get slimmer. This leads one down the path of bad credit installment loans, which do come across as cheaper compared to payday loans.
Here comes the tricky part, most of these lenders are banks or credit unions who are most likely than not going to rely on your credit rating to weigh your eligibility for the loan. If unfortunately, your rating is low, then off goes your chance of qualifying for the requested funds.
This has led to some borrowers being unable to access such services from the lenders thus leaving them to the mercies of unscrupulous lenders out to make a kill with their high-interest rates, or even pawning one’s assets off.
Getting a Bank Installment Loan for Bad Credit
While most banks will not even consider your application if your FICO score is low, there are some that are a bit lenient and willing to extend the service, provided one can give a guarantor or some form of collateral. Getting such a bank, however, is less the norm.
This process also takes time, as they need to verify the value of the collateral and consider many other things before they can approve the request. You will, therefore, find that this is not quite a viable option if one needs the money for situations such as medical emergencies or things like that.
Alternatives to Bank Loans with Bad Credit
These are in the form of credit unions, financial companies, pawn shops and payday lenders. It’s important to consider these as some are a bit lenient than banks.
Credit unions are non-profit entities and are therefore able to make decisions that make the lending process cheaper, mostly due to the low-interest charges.
Financial companies are also easier to lend funds than banks seeing as they typically don’t require collateral. This means that besides making the process easier and cheaper, it is also faster as there isn’t much scrutiny involved.
Get Payday Loan Direct Lender & Pay in Installments
Payday loans are another alternative. The application process is fast and not so demanding and most often than not, culminates in the approval of funds. However, the repayment schedules are tight and come with a high-interest tag. This makes some borrowers unable to clear the loan in full in the designated time period, thus leading to a rollover which in turn makes it more expensive to repay the loan due to the charges accrued.
The pawn shop alternative should be the last approach to anyone looking for financial assistance. While they offer loans without looking at one’s credit score, the amount one is able to get is based on the value of the item you give as collateral and in most cases, it is way low than the real value of the item.
You are required to pay the loan in about 30 to 60 days. Failure to do so means that the merchandise handed over to secure the loan will be sold to clear the amount owed. Getting the loan from a pawn shop also requires that one goes to their physical location as they will need to assess and ascertain the value of the items before they can advance the funds.
Installment Loans Direct Lender is Not Impossible with Bad Credit
With all the facts stated above, it is correct to say that while it hard to access installment loans direct lenders with a bad credit score, it is not impossible.
On our website, Nation 21, we help you get to lenders who are genuinely in the business of providing the assistance needed to dig you out of a bad financial situation, as fast as possible.
These lenders have streamlined their operations such that the decision to avail funds is made within 24 hours, meaning that the funds are available when needed, not weeks later.
They look at other factors besides one’s FICO score, thereby making an informed decision when advancing credit.
The application process is done online; thus you can do it from anywhere, be it the office or even your home.