Do It Right When Applying for a Bad Credit Installment Loan


One of the best things about bad credit installment loans is usually the affordable monthly payments. Finding a lender who is willing to make a bad credit installment loan is not as hard as you might think. An important consideration is your debt to income ratio. Basically, do you have enough income to meet your current obligations as well as a new monthly payment?

Your first step requires making a budget, checking your credit.

Where do you stand financially? Take advantage of your free annual credit report. That way you will see how lenders see you financially. Figure out your budget. List your monthly expenses and compare them to your income. How much beyond that are you comfortable paying for a bad credit installment loan? Then, decide the amount you need to help yourself out or get that item you need.

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Do not deal with lenders who say they are doing you a favor.

Do not approach any lender with any amount of desperation. Lenders love that. And if you bump into a lender who acts like he or she is doing you a favor, move on to another. The favor is yours to the lender since you are bringing them business.

Bad credit installment loans come in two flavors.

Secured and unsecured, these are the two varieties of bad credit installment loans usually available. A secured loan requires the offering of valuable property - real estate, stocks and bonds, even a late model car - to offer as collateral. Your rates may be lower for a secured loan because the lender has the security of knowing that if you default, they can seize the property and sell it to cover the loan. Without this security, interest rates are often much higher.

Start out with traditional brick and mortar lenders.

Banks and credit unions usually have a problem with offering loans to folks with bad credit. If you have an account - checking, savings, certificate of deposit - with the lender, that will count highly in your favor. During your loan interview be prepared to explain your bad credit situation, why you need the loan, and have a good outline of how you plan to repay the obligation. It is worth a try - you may be surprised. And the rates these lenders charge are usually lower than those of non-traditional lenders.

Starting small could renew your chances.

If you have some time, you might want to consider taking out a few short-term loans and paying them off as required. Find establishments who will extend you credit and who report to the credit bureaus. As your credibility increases because of these small successes, you will be surprised how quickly you can land the loan you really need.

Online lenders can offer good value to bad credit borrowers.

Should you happen to be turned down by a traditional lender, you still have recourse. Because of these recessionary times, many people have taken a credit rating hit. Still, folks with bad credit do need loans occasionally. Private lenders have stepped up to the plate and are willing to offer bad credit installment loans where credit histories are not a consideration. In fact, the competition in this market is pretty fierce and you may be able to actually shop for decent interest rates and reasonable repayment terms.

Be persistent and keep your integrity.

If you are in need of a bad credit installment loan, shop diligently to keep your interest rates and repayment terms reasonable. Wisely considering your budget and keeping your financial goals in mind, you will eventual find a good lender. Maintain your integrity. Do not jump at the first offer. Repay your loan according to the terms of your contract and you will start to improve your credit rating.


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