If you are faced with financial difficulties once again, do not despair. Emergencies can happen to everyone in everyday life. Unfortunately, these situations require emergency expenses that people are not ready for. Family and friends are not always able to provide you with the amount you need, so a loan may be the second solution. Most often, people take payday loans, but this is not the best option for those who cannot pay off the entire amount of debt on payday. If you take a payday loan and do not pay it off on time, this entails additional interest on the loan. Another problem with payday loans is that they are provided to people with good credit history. Is there an option for people who are unable to repay the loan in one month and whose credit history is poor? Apply for Installment Loans online to get guaranteed approval.
What is Guaranteed Installment Loan for bad credit?
A Guaranteed Installment Loan for bad credit is a type of loan that you can spend on any personal need. These loans are paid in regular payments over several months. This is what distinguishes Guaranteed Loans from Payday Loans that have to be paid off in one payment. Thus, you can take out a loan and forget that you will have to pay off your debt by the next paycheck.
Is it really possible to get a Guaranteed Installment Loan with bad credit history?
Creditworthiness is one of the main factors that a lender looks at when considering a loan application. This is why finding a Guaranteed Installment Loan can be very difficult. Any direct lender is interested in a credit check, since it is this factor that guarantees him your trustworthiness. Even if creditors do not require a strict credit check, they will still be interested in checking your income and your employment, as this will give them guarantees that you will pay back the debt.
You can still apply for an Installment Loan with a bad credit history if you have a steady source of income and can prove it. You can also get a loan if your credit history has improved recently. Thus, obtaining a Guaranteed Installment loan depends on many factors and on the terms of the loan.
What are the requirements for getting a guaranteed installment loan?
If people see the word "guaranteed", they often think that there is no requirement for a loan, but this opinion is wrong. Loans are called “guaranteed” because you need to meet a minimum number of requirements to get them. If you meet these criteria, the loan application will be approved automatically. This allows a large number of borrowers to get the amount they need.
Each lender has its own requirements, but there is a list that is relevant for most of them. So, to be able to apply for a loan, you need to you need to meet these criteria:
- You must be at least 18 years old
- You must be a US citizen or an official resident
- You must have a source of income
- You must have a bank account
- You must not have other short term cash loans that have not been paid off yet.