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With Bad Credit, Can You Get A Loan With Installment?

If you need a 3000 installment loan for six months, it shouldn’t be much of a problem if you are someone who has a clean, excellent credit history (score well above 700). You are almost guaranteed to qualify for all types of personal loans, along with the most competitive rates. But, what if your credit history is poor and can you get a short term installment loan with low monthly fees?

You would be forgiven for thinking that you are immediately going to get rejected by any lender because of your bad credit history. Whilst it is true that having good credit is important when you need to get a personal loan quickly without hassle, people who have a low credit score are not totally without any loan option.

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Banks That Give Personal Loans With Bad Credit

For a person with bad credit and need 3000 dollars now, the options available may be lesser but there are banks that give secured title installment loans as well as non-bank lenders that do the same.

For a start, rather than assuming that your bank is going to pass you up on their online personal loans offers, pay them a visit to inquire on getting a 3000 dollar installment loan. Your credit standing with them may not be as bad as you think and besides, changing market conditions could also encourage them to loosen lending guidelines.

Also, you may want to check for credit unions that are serving your community. As not-for-profits organizations, many of them have a wide range of banking facilities that can put a small local bank to shame. Credit union accounts, etc, some are able to provide salary advance loans and other types of financing for their members. Their rates are very competitive as well and you should give them a look-in when considering the best places to get a monthly installment loan.

$3000 Installment Loan

You may be tempted to use a low fee loan with monthly payback offered by online lending companies. Getting a cash advance with your salary earnings seem to be very popular these days because the lenders often take in a wide range of borrowers and you can get one approved over the Internet within minutes. But with the kind of steep finance fees they are charging you, it may not be wise to rely on these lenders for an installment loan as the costs in interest alone can add up substantially over the repayment period.

No matter whether your decision ends with a no-bank private lender or a bank and credit union, be sure to go through all the avenues that are available to you and be responsible for your debt. Question your ability to complete the repayments and if getting an installment loan of 3000 dollars will only give you a quick solution to your present cash flow problems but ends up overstretching your monthly budget, you should reconsider as it is hard to break out of debt once you are caught in it.

Posted June 20th, 2011. Filed under Bad Credit Loans

If you need a loan for 5000 dollars with monthly payments, it goes without saying that you want the best interest rate available. To improve your odds, there are some factors that can affect your chances to borrow $5000 and let us take a look at how to get a real deal.

To be offered competitive rates for large personal loans above 10000 dollars, it’s no secret that having an excellent credit history is an advantage that makes it easier for you to get a long term loan with low interest. People with a credit score above 700 are view favorably by lenders as they have proven themselves to be creditworthy and for this group, there are no shortage of banks who are eager to extend financing services to them if they need a fast loan of $5000 with no hidden fees.

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A good credit history always help qualify you for the most competitive rates but if your credit score is low, another alternative to get low interest personal loans is to have assets which you can put up as collateral. Called secured personal loans, this is a form of financing on your loan which is secured by a collateral.

The collateral, which is usually a home or any liquid asset, will be used in the transaction to secure a 5000 dollar loan with low interest. Unlike a signature loan which you can borrow purely based on your good credit standings, such an arrangement involves the risk of losing your ownership of the collateral to the lenders. But the advantage is that using a collateral to get a loan will get you lower interest rates since it provides a guarantee to lenders and hedge themselves against the risk of default.

If you have a low credit score and unable to find direct lenders who can give unsecured loans to people with bad credit, using a collateral to get a loan for 5000 dollars may be a better approach. There are some private loan lenders that specialize in short term loans with no upfront cost but their rates are never going to be as competitive as those offered by mainstream lenders like your local bank.

Having a good credit score is imperative when trying to get low interest personal loans. If yours is bad, you should make it a priority to improve your credit record so that when you need to borrow 5000 for an emergency, there are better loan options ready for you.

Posted June 17th, 2011. Filed under Bad Credit Loans Personal Loans

With lenders enforcing stricter lending guidelines that ever before, getting a 1000 loan from direct lenders is not always a simple task. Can you get an easy loan in today’s market? There are possibilities and if your credit score is not too low, there are some banks that offer you some financing options. To know what is your credit score, the first thing you can do is to request for a copy of it.

Visit Annualcreditscore.com, this is the government website set up by the big three credit reporting agencies in the United States to provide free information to your credit report. You can find out if you are classified as someone with bad credit if your score is less than 580. Upwards of 700+ would be considered as good and fair credit would be somewhere between 640+. Mistakes do happen in consumer credit reports so if you discovered any discrepancies in your report, it is important to dispute them as it affects whether you can get a $1000 loan with easy approval and the level of interest rates you be paying.

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When you have this information at hand, you can source for cash lenders who can give you a personal loan based on your credit history. If your credit score is not too bad, two of the typical places to get a cheap loan are your local or national banks and credit unions. Discuss your needs with a bank representative who can assist you with the underwriting process for getting a bank loan with bad credit. If you are declined for an unsecured personal loan due to your low credit score, try to inquire if there are alternatives such as placing collateral or getting a short term loan with a cosigner instead.

If the company you are working at belongs to a trade credit union, you can also explore this option by signing up as their member as credit unions often provide financing for their members and they are likely more accepting towards applicants who have been denied at banks.

Another alternative to borrow 1000 dollars is to turn to a payday loan lender. A short term payday loan with no upfront cost is a quick way to get cash so if you had been repeatedly declined at banks, you can try to go online for a 1000 dollar emergency cash advance and pay back with your next paycheck. Mind you, online payday loans are considered high risk high interest, so unless you can afford them, you should avoid these unsecured loans with high APR.

Sometimes, to get a free loan with no interest, you could actually try to approach a close relative or friend who can assist you financially. Although this can be awkward and embarrassing, you never know if they are willing to help you out with your cash flows and if anything, you can offer to include a small interest rate to make it easy for both parties about the situation.

These are some of the options for getting a personal loan of $1000 with bad credit. If you have any good recommendations, feel free to let us know through the comment box.

Posted June 16th, 2011. Filed under Bad Credit Loans Cash Advances Payday Loans