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It’s not always easy to get the money you need for a borrower. Among the difficulties that arise is the stringent approval requirements enforced by most banks. At times, you may get an approval but you can end up spending lots of valuable time trying to convince them to give you better loan terms.

Applying does NOT affect

your FICO® credit score!

If you need some money to take care of your emergency but you are not sure whether you can pay in a lump sum, you might consider the small installment loans. Unlike most traditional banks, online lenders available through Nation21 tend to focus more on your propensity to pay when making a lending decision. At the same time, you can service the loan for several months, according to your financial status.

How do small installment loans for bad credit work?

Most small bad credit installment loans on offer today start with you submitting an application that is reviewed almost instantly. Most lenders will give you a lending decision in a few minutes after the successful submission of the application. Unless you apply for the loan in person where you can have the money in your hands within a few hours, most approved online applications will be funded on the next business day.

With an installment loan, you won’t be required to pay all the outstanding balance in a single day. Instead, the repayments are evenly spread across predetermined months and the exact amount that you will be paying in each billing cycle will be influenced by the state laws, loan amount, and the loan agreement.

In the event when you can’t pay as agreed, the lender may introduce some fees on your outstanding amount. Basically, you should review your current financial status before settling on any loan to make sure you are in the apposition to meet the obligations. Before you apply to get an installment loan, make sure you meet the following criteria.

  • You must have an active checking account
  • You must have attained the age of 18 years
  • Have a stable and verifiable source of income
  • Have a government-issued ID

Choosing the right lender for small installment loans with no credit check

Today, there are many lenders offering small installment loans and while some are reputable and legitimate, some are not. Different lenders have different loan terms meaning that you should take it upon yourself to always read all the terms associated with small installment loans with no credit check you intend to take.

Applying does NOT affect

your FICO® credit score!

However, the first thing you should keenly look at is the APR. Some lenders offer their loans at favorable APR’s while you can also come across others with predatory APR’s. In most cases, the credit score will influence the APR as well as the specific terms of a loan. In addition, settling for a longer repayment period will also increase interest rates significantly.

A good lender will support multiple methods of making payments but most of them will deposit the money in your checking account. You should have the options of online payments as well as the capability of making payments through automatic deductions to ease the hassle of having to remember the exact due dates.

If you are dealing with a good lender, you have the opportunity of rescinding the total amount without any additional charges as well as making early payments.

When an installment loan is appropriate

The main difference between an installment loan and other loan products from traditional lenders is the fact that you are only required to repay in bits over an agreed period. Most short-term loans are intended to be used for dealing with short-term financial issues. As such, installment loans should be used with a high level of responsibility.

In most instances, the first payments on your loan will be covering fees and interests. After some time, the following payments will consist of the principal amount, fees, and interests. Whenever you can manage to make additional payments, it can be a great way of lowering your interest rates over time.

If your expenses are always preplanned but you still need some extra money, you can take an installment loan. Since most of the available money from your paycheck is already committed, you would profit from a loan that doesn’t require a lump sum payment. However, this will only be a good choice if you can clearly analyze your long-term financial capacity and determine if you can handle the payments.

The benefits and drawbacks of small online installment loans

Nation21 offers you the opportunity of getting a good loan

Although most people view short-term loans as insignificant financial decisions, it’s very important to ensure you take a loan with favorable terms. As a result of spending lots of time in the financial industry, we are well equipped with the right information to distinguish between the most appropriate loan products and how they fit into different financial profiles. Since you will be servicing this loan for a long time, we make sure you get a loan that matches your current financial profile to minimize difficulties along the line.


Applying does NOT affect

your FICO® credit score!

Do you have any further questions?