Having a bad credit line can be a serious impediment if you’re looking for a loan. It’s one of the first things that banks and other formal loan sources look into, and a bad credit history means you don’t qualify for one of their most basic prerequisites for getting a loan.
There are many situations where online installment loans for bad credit can “come to the rescue” and get you through a tough period without suffering any “permanent damage.”
Below, we look at a few examples of when you might opt for an online installment loan, and then we cover the basics of how these types of loans work.
How Online Installment Loans Can “Ease Your Mind”
It is easy to fall into a situation where you are “stressed” for the lack of immediate cash, despite having the long-term ability to cover all your expenses.
Here are a few common examples:
First, it may be you are in danger of falling behind on your house or car payments, due to a short-term financial difficulty. In this case, a short-term loan can carry you through and prevent risking losing your home or your only means of transportation (which could then lead to losing your job and only source of income.)
A second example of where online installment loans can tide you over “rough spots” without your “feeling the financial bumps” would be if you are risking bank overdraft fees and various other forms of late fees. A small installment loan can prevent your having to pay such fees and will not normally cost you as much in interest as the fees would have been.
A third example would be for purchasing items that are not “necessities” but that it would greatly disrupt your life and plans to do without. Examples might be getting extra cash to take with you on an important trip or buying a car to use at college when classes are soon to start and you can’t borrow a car.
How Online Installment Loans Work
Not only can a timely online installment loan ease the stress caused by a difficult situation, they also are easy and stress-free to process.
Most online installment loan lenders will approve even those with bad or no credit if they can demonstrate ability to repay and have a U.S. bank account. There are normally no credit checks, and the personal and financial information asked for is extremely basic.
You can expect to fill out the online request form in a matter of minutes and to get a response instantaneously or within a few seconds. Cash will usually be deposited in your account within one business day.
You will be given regular installment payments that will usually be every two weeks or month, and so long as you make your payments on-time, you can minimize interest paid and build your credit score.
Types of Loans, Including Online Installment Loans
Fortunately, there are other options available for those with bad credit.
An installment loan offers you the chance to repay a loan within a certain period of time in multiple installments. Let’s take a look at the types of installment loans available for people with bad credit, with a special focus on online installment loans:
These are the types of loans you receive from non-formal sources. These loans do not carry the transparency of formal loan sources such as banks or cooperatives, but remain a popular choice for many people because the money is loaned immediately without many of the prerequisite checks that banks insist on.
Such loans are usually taken out for small amounts and often carry the option of payback in multiple installments.
Students often have little credit history of their own, but need financial assistance to get through college. In such cases, their credit history is often overlooked in favor of their previous academic performance and desire to receive an education.
Such loans are usually only available to students and is covered under the government’s right to education policy. The loan can be put to use in a variety of ways, such as paying tuition fees, buying study material, renting accommodations and for daily needs.
Having some form of shelter is one of the most basic rights that everyone has, but not everyone has the money to pay for the mortgage on a piece of property. In such cases, a mortgage loan can be requested and received by the buying party. The loan is then paid back in the form of installments every month or year until the full mortgage amount has been paid back.
Mortgage loans are supplied not only by formal lenders but also by informal lenders, and the latter sources are often more relaxed and accepting of a bad credit history.
Installment Loans Online
A revolution of the digital age, online installment loans are the newest sources of ready cash for those in need of installment loans for bad credit. This is not a peer-to-peer lending service, and cuts through the bureaucracy you often find in banks. The process of filing for a loan online is quick and easy, and can be performed without your ever having to move out of your house.
Some of the other advantages offered by installment loans online include:
- They are perfect for buying new or used cars, as well as paying an existing car loan with ready cash.
- They offer competitive fixed interest rates to the person in need of online installment loans bad credit.
- They offer a choice of loan terms up to eighteen months. You can choose which plan works best for you and pay the money back in installments accordingly.
- The whole process takes place in the digital world, and can be completed on your laptop or mobile without having to stand in long queues.
Any of these options can ensure that your bad credit history does not get in the way of your getting a loan and meet your needs for online installment loans for bad credit.
Taking on Installment Loans Online Head On
Bonsai Finance is not a peer-to-peer lending services, nor does it provide payday loans. What it does is provide access to a network of lenders who will fit your needs perfectly.
The service is specially designed to be of help to borrowers who, for various reasons, might have a bad credit score which makes it difficult to get loans from traditional sources.
Installment Loans for Bad Credit
There are a number of reasons why taking out an installment loan online is a good solution for borrowers with bad credit, including these:
- The lender of an online installment loan will not likely bother to run a credit check on you.
- Loans of most lenders are approved even for bad credit borrowers so long as you have an adequate source of income to repay and a U.S. based bank account from which to repay.
- The loan terms for bad credit customers are much better, typically, than with payday loans or even with many credit card companies. Although bank loans may offer lower interest rates, those loans are not typically as short-term or as easily approved, which means comparing the two is like comparing “apples to oranges.”
- Paying back your loan installments can help you out financially by improving your credit score. Showing ability to make regular payments on time is a major factor in determining your credit score.
- Installment loans taken out online can also help prevent your credit score from suffering further damage by helping you avoid late payments by providing fast and timely cash.
Online Installment Loans Are Perfect for Those in a Hurry
Besides the suitability of installment loans for bad credit, their other major advantage is convenience. Here are some of the factors that make these types of loans exceptionally fast and easy to process:
- Minimal information is required in the short request forms of most online installment loans. The request process literally takes only a few minutes, and you never even have to leave your home.
- The loan will normally be approved instantaneously or within a few short seconds. There is no long wait as with traditional bank loans and hardly ever a refusal.
- The borrowed cash is deposited directly into your bank account, typically by the very next business day — sometimes in a matter of hours. This is critical when you are in a financial “pinch.”
Repayment is also fast and convenient since most lenders allow or even insist on your signing up for automatic withdrawals from your bank account.
At Bonsai Finance, we strive to make accessing money through small personal loans simple and affordable, especially for those who have bad credit or even no credit at all. Our job is to help you see the multiple benefits a personal loan- whether secured or unsecured- in order to get back on financial footing. Both of these types of personal loans are available from our agency and act as installment loans for bad credit or no credit candidates.
How to Get Installment Loans Bad Credit or Not
There is a simple way to get access to money for your next vacation, home improvement project or even a used car. The qualifications are quite simple and straightforward:
- You will need to be between the ages of 18 and 65 years old
- You will need to be a U.S. citizen residing in the United States
- You must have a bank account for repaying the loan
- You need to have a debit or credit card for backup payment for the loan
- You need to have a regular income that can be verified via bank account transactions
- You will also need an active cellular phone that can receive both vocal calls and SMS text messages
These types of loans are great for people with no credit or bad credit because they provide you with access to money with no credit check. These term loans for people with bad credit might be the perfect prescription for fixing bad credit issues. It may truly benefit you that you can get access to a personal loan with other benefits on top of its ease on accessibility.
Different Ways to Use Installment Loans Bad Credit or No Credit
You can use the money from these personal loans in different ways. No one is telling you that you are limited to spending the money in certain increments or amounts. As far as we are concerned, the money is yours to do as you please once we release it to you.
Here is a sample list of the various ways that people have used the money from these personal installment loans bad credit or no credit:
- Home repairs or improvements
- New or used car purchase
- Educational financing in the form of student loans with no credit check
- Take a long awaited vacation
- Expand your personal wardrobe
- Pay off personal credit card debt and loans
We do not want to direct you on how to spend the money. We just want to make sure that you have the money that you need to get the things you need done with student loans with no credit check.
How Personal Installment Loans for People with Bad Credit Differ with Our Agency
Many lenders do not offer even offer these types of loans to those with unfavorable credit. Unlike our loans, these lending agencies and traditional banks will not dare dabble in loaning to high risk borrowers with bad credit or no credit history at all. However, we at Bonsai Finance offer something quite different for the high risk loan customer.
Part of the beauty of this loan program is that it serves as a second chance for many of those same clients who would not qualify with any other type of lender. For some borrowers intent on rebuilding their own credit history and score, these bad credit loans might kick start your financial reboot.
What is special about these loans beyond their availability is that these loans offer some exceptional features, especially for loans tailored for those with credit issues. Some of the unique features of term loans for people with bad credit include:
- Fixed interest at competitive lending rates
- Loan terms for up to an 18 month duration
- Monthly loan installment payments
These and other benefits make borrowing through Bonsai Finance a sensible and strategic choice. With so many options available on the market today, our assistance can also serve as a jump start for rebuilding both your credit history and your personal finances with our term loans for people with bad credit.
Maximizing Your Term Loans for People with Bad Credit
What you need to be sure to do once you have gained access to your personal loan. Once you get access to one of these personal installment loans bad credit or no credit, you need to ensure that you remain on time with your payments. Yes, your bank account is one methods for paying the installments on the loan, but there are other available options when you are working with our team of professionals at Bonsai Finance.
You can use any of the following accounts for loan installment payments:
- Almost any type of checking account (not eligible for retirement accounts)
- Almost any type of savings account (not eligible for retirement accounts)
- Credit card of any type except for department store credit cards
- Debit card of any type including a “secured” credit card
These are just a variety of the methods that you can use in order to ensure that your personal installment loan payments are made promptly on a monthly basis without a hitch. The last thing that you would want is for a late payment to wipe out countless sacrifices that you have made time and time again to regain some momentum with your personal finances while you are doing your best at building your credit back up.
Making the Right Move with Installment Loans Bad Credit or No Credit
You may not have the credit score or credit history to qualify for a traditional loan, but we still can work with you regardless of all of that. You might not quite be there with your personal finances yet, but we still most probably have the type of loan that can get you started on getting things under control and back on track with your money and credit.
Online installment loans – Internet loans
When you have a need for fast cash but wish to avoid the quick repayment requirements of payday loans no credit check, online installment loans may be the answer. When emergency expenses arise, and you cannot wait to save money or get a standard bank loan fast enough, an online installment loan may be able to get you through a “rough spot” when other options are unavailable or impractical.
How Do Online Installment Loans Work?
As the name implies, the definitive feature of installment loans is that you can pay off your balance a little at a time rather than in one lump sum. The payments will be scheduled at regular intervals, perhaps every two weeks or every month, and the term may last from just a few months up to a few years.
Loan amounts are normally restricted to a few hundred to several thousand dollars, but this can vary from lender to lender and based on your income level. The amount you can borrow sometimes also varies based on which state you live in.
To secure an installment loan online, you normally need to provide basic information such as your social security number, your source/amount of income, and banking information. But the online request form is short and simple, and you will likely be informed instantaneously on whether or not you are approved.
Also note that online installment loans generally do not require any collateral.
Choosing a Lender for Your Online Installment Loan
You will find there are a plethora of possible lenders for online installment loans, some of them reputable, some of them not. You will also find a wide difference in the terms of the loans, which makes it crucial that you take the time to read the terms and conditions.
The most obvious factor to look for is the interest rate. Some online lenders have extremely exorbitant APRs, but others have reasonable, affordable rates. Your credit history may affect the interest rate and terms you receive, but longer repayment terms also tend to increase rates.
The lender should allow you to have the cash direct-deposited into your bank account, and you should also be allowed to pay back the loan online and opt for automatic withdrawal on due dates if you so choose. Some lenders will allow you to pay back via mail as well.
The best lenders will allow you to pay back the loan early without penalty and may even allow you to cancel the loan within a specified period.
How Bonsai Finance Helps You With Online Installment Loans
After the flurry of information given just above on online installment loans, you may still be wondering, “How can Bonsai Finance help me with these types of loans?”
First, we are here to give you full information on the ins and outs of how online installment loans and other loan types work. Knowing is more than “half the battle” with financing. It’s the whole battle.
At Bonsai, our customer service department and our web content alike are focused on answering all of your most pertinent and important questions about installment loans.
We can also help you see how an online installment loan might factor into an overall long term financial solution to credit problems and financial difficulties you may be going through in the short term.
Bonsai Can Connect You to the Right Third Party Lender
While an online personal loan might be a short term financial strategy, it is nonetheless crucial that you get a loan with the right rates and terms from a lender you can trust.
We at Bonsai Finance have deep experience in the online installment loan market, and we know who is and is not a reputable company. We also know which lenders are willing to approve customers with credit difficulties – and without even running a credit check.
We can also walk you through the request process when you request an installment loan through us. We can tell you ahead of time what kind of financial and personal customer information you’ll need and what to expect. (In general, you can finish these kinds of loan request in a few minutes and get approved instantly.)
And furthermore, we can assure you that most lenders of online installment loans will credit your cash advance to your account within the next business day or two of loan approval, making this kind of loan a great option for those who need cash quickly for emergency expenses.
Remember that you could be repaying your installment loan for months or even a year or two. It really matters a lot who you do business with and what kind of fees, rates, and terms they offer. We at Bonsai are experts at matching customers with the lenders and the loans that work best for them.
Narrowing the Options and Evaluating Them
Our services at Bonsai Finance are multifaceted, but in large measure they can be summed up this way: we help you first of all narrow down your loan options to a “short list” and then we help you compare options on that list in detail to make the best possible decision.
After all, there are hundreds and hundreds of online lenders out there offering installment and other types of loans. No one could be expected to chase them all down one by one and compare them in detail, point by point. But at Bonsai Finance, our powerful search engines and our industry experience de facto do that for you.
Just give us some of the basic criteria you want to use in the search, and we can quickly whittle down that massive sea of loan options to a relatively few “best options.”
Then, we can explain to you the differences among that smaller group. Some lenders might be more flexible than others, some might have bigger late fees but lower interest rates (or vice versa), and some might let you have a bigger principal, while others might have the lower monthly payment.
It’s possible that all the best features will coexist at the very same lender, but often, you need to prioritize loan features and choose the best “overall” option. We can help you do that in a hassle-free manner and in as little time as possible.
Our Vision at Bonsai Finance
Bonsai Finance entered the industry with one major purpose in mind: to facilitate a process by which those in need of short-term online loans could locate, request, and get approved for their ideal loan.
We can proudly say we have been achieving that goal for numerous customers for years now, and we intend to go on doing so for many years to come.
A Bonsai, we understand that it’s not always possible for people in tight financial spots to get a traditional bank loan or even to always just use a credit card. And when emergency expenses come up, timing is as important as the money.
We also realize that the sheer volume of online lenders and different loan types makes it very difficult for the average person to find the right loan unassisted. You don’t have all day to sit at your computer and research company after company or to micro-analyze each and every loan option you encounter. You need a process that’s quick, convenient, safe, and proven effective.
Bonsai Finance provides just such a system. We are the sieve you can use to sift through the vast plethora of loan options out there. We are the microscope that lets you see the important details and fine print when it counts. And we are a team of well seasoned financial “coaches” who can provide you with savvy tips and sound advice right when you need it.
Across our many years of service to those seeking online installment loans at competitive rates and without bad credit being a roadblock, we have helped many find the lender and loan that got them through financial difficulties. We stand ready to do the same for you as well!
Online installment loans are a viable option for those who need cash fast and need more time to repay than with a payday loan. It is important, however, to read the loan terms and compare lenders.