Getting any kind of loan could be quite a challenge if you have a bad credit rating. Most lenders would prefer not to touch your application with a long pole, while the few willing to take the risk would offer very high interest rates. But that’s not to say all hope is lost. There are a few types of loans you can apply for, and installment loans are the most accessible and affordable choice.
If you are looking for affordable installment loans for bad credit, Easy Loans.us should be the first name on your mind. We have an extensive network of lenders that would be more than glad to consider your application, no matter your credit history.
What are the advantages of installment loans for bad credit?
People with a bad credit rating often have to choose between short-term payday loans and installment loans. While it’ll be wrong to term installment loans perfect, they are much better than all the other alternatives. Below are some of the advantages of installment loans for bad credit.
Higher borrowing threshold
Most states have strict limits on the maximum amount you can borrow with a payday loan. Thus, a payday loan may not be helpful if you need more than a few hundred dollars. Installment loans for bad credit, on the other hand, usually come with much higher thresholds. In most states, you may get a few thousand dollars or even more with an installment loan.
Lower Annual Percentage Rates (APR)
Admittedly, the term ‘lower interest’ would be subjective for anyone with bad credit. Still, installment loans for bad credit come with a considerably lower APR than payday loans. Before obtaining any personal loan, it’s important to pay attention to the APR and not just the interest rate.
For example, a fourteen-day payday loan may come with an interest rate of 15%, while the APR may be as high as 391%! Installment loans, on the other hand, typically have APRs between 100% and 200%.
Flexible repayment terms
Have you ever wondered why most people struggle to fund their payday loans? The answer goes beyond interest rates. The fact that they have to pay a lump sum at once and within a short time also makes repayment difficult. Plus, when they manage to do so, they often end up with another budget shortfall that pushes them to take another payday loan.
Installment loans are clearly more advantageous in this aspect. Rather than paying a lump sum, you can spread the payment over many months.
Contact us for installment loans for bad credit
If you need a convenient and affordable installment loan for bad credit, Extra loans.us is the company you should get in touch with. We have a credible network of borrowers that offer low-interest loans with the most flexible payment terms. Rather than doing the hard work yourself by searching for potential lenders, you can take the easy route by contacting our company and letting us do what we’re good at.