The nice thing about a bad-credit installment loan is the amount of the monthly payments - they are low. But where do you go to get one? Finding a lender willing to offer such loan can be a bit daunting. However, if your debt-to-income ratio is low enough that you can afford a monthly payment as well as keep all your other obligations under control, chances are it can be done.
Get It Right - Making a Budget
In order to confidently pursue a bad-credit installment loan, you have to figure out where you stand financially. Make a budget. Figure out your monthly expenses and compare them with your monthly income. Decide how much extra you can afford to spend on a loan each month. Then decide how much you need. You might take a look at your credit record, too. That way you will know how prospective lenders may view you.
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No Lenders with Attitude
Do not go into the loan market with any sense of desperation. Lenders can smell it. Especially the unscrupulous ones. If you run into a lender who has the attitude that he or she is doing you a favor, quickly excuse yourself. You are doing the lender a favor by bringing them your business. Enough said.
Secured and Unsecured Installment Loans
Lenders, traditional and otherwise, usually offer two types of loans - unsecured and secured. Secured loans require the placement of property of real value, such as real estate or even a late model car. Should you default on the loan, the lender may secure the property for sale to cover the cost of the loan. Unsecured loans are made on your signature alone. Interest rates are higher for unsecured loans.
Start with Tradition
Having bad credit does not bode too well for landing a loan with traditional lenders, banks and credit unions. Having an account of some sort with the lender will help. You need to just explain that you have bad credit, why you have bad credit, why you need a loan, and how you plan you to repay. You may be pleasantly surprised.
Seek Out Online Opportunities
If you do get denied by a traditional lender, hope is not lost. Many folks, due to these recessionary times, have bad credit but still need loans. Private lenders have stepped in to fill that breach. Many of these lenders are willing to offer bad-credit installment loans without a credit check. You will actually be able to shop for the best interest rates and the most comfortable repayment terms.
Small Opportunities
Should you still be hampered in getting a loan of the size you need, consider taking out a series of short-term loans and paying them off to increase your credit scores. Find establishments that report to credit bureaus. As you show your financial worthiness, you will surprised how quickly new opportunities will arise.
Use Your Integrity
No matter which venue you opt for, keep your integrity and be sure to shop diligently. Query as many lenders as you can. Ask about interest rates and repayment conditions. You will eventual find a lender that is willing to fund you and offer monthly payments that suit your monthly duns.
Be Persistent
With a budget in mind, with a financial goal in mind, with the amount you need in mind, with a monthly payment in mind, you will eventually find a lender willing to give you a bad-credit installment loan.
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