Payday loans are very popular because the lenders do not insist on high 720+ credit scores but that also limits the maximum amount you can borrow up to $1500. That said, if you are a high earner with $5000 monthly income or more, you can try negotiate for a larger loan by faxing in your documents such as pay stubs for verification. Nevertheless, these are meant for short term borrowing up to 30 days or 90 days max. To start, please complete this online form and click Submit.
When you have bad credit, you want to find long term installment loans. However, you should also try to use lenders that verify your employment status. Meaning to say, you want the loan approved based on how much you earn per month. This allows you to get better rates, especially if you are borrowing only one third of your pay check. Even for larger loans, you can consider personal installment loans that gives you more time to pay back.
Generally, loan companies are not interested in why you need a loan, thus no questions are asked. It is up to you to spend the borrowed money on a new car, home remodeling, a holiday vacation, a new Macbook etc. For bad credit unsecured installment loans, you can borrow $5000 with no collateral and make several monthly payments.
24 months installment loans are very suitable for borrowers with bad credit because they can be used to reestablish credit. You have more time to pay off the loan and by doing so without being late, you can see gradual improvement in your FICO score. By the time you fully pay off the $5000 installment loan for bad credit, you will probably be able to get cheaper personal loans from banks.
That is why we must emphasize that planning for a loan is very important. Look at your income, expenses and credit score - these are all related. The number one rule is to avoid borrowing money unless you can benefit despite the cost. Number two is to make sure you can meet the monthly payments until the debt is paid off. It helps to be conservative and plan for contingencies, such as losing your job while owing others money. Thirdly, see if you can sell off some possessions to get back cash instead of pawning or taking a loan.
For those that can offer some type of collateral to the lender, you can have cheaper secured installment loans. The collateral serves as an insurance for the loan company, so they are willing to make cheaper rates for you. Of course, you risk losing your collateral and still owing money if you default on payments. that is why some homeowners rather take a high risk installment loan than to risk a home equity loan. The choice is yours.
