You didn’t get started out on the right foot and now you have bad credit. But you’ve begun to dream of a better future and you are wondering if there is any hope at all.
There may be. You may able to find installment loans for bad credit.
Let’s Talk About Installment Loans for Bad Credit.
If you have bad credit, you know you are part of the high-risk loans market. It’s possible to find loans, but it’s more important than usual to make sure you are borrowing for the right reasons.
You probably shouldn’t be looking for installment loans for bad credit as emergency loans. There are exceptions to this rule, but keep in mind that “You can’t borrow your way out of debt.”
That doesn’t mean you can’t use debt to improve your situation. Borrowing to cover car repairs so you don’t lose your job or seeking personal loans for debt consolidation can be perfectly good ideas.
Good Reasons to Seek Installment Loans for Bad Credit.
If you have bad credit, you should probably be looking to family, friends and charitable organizations to help cover emergencies. Good debt is debt that solves a problem or otherwise helps build a better future.
Here are some reasons to borrow that have good odds of being good debt:
- Education or training that leads to a better income.
- Starting your own small business.
- Fixing some problem that’s currently bleeding you for funds.
Consumer debt is usually a bad idea. It’s a worse idea if you already have bad credit. Some examples of consumer debt include:
- Borrowing to go on vacation.
- Borrowing to have a big wedding.
- Borrowing to decorate.
It’s not always immediately obvious which activities are which. Decorating your business may be a legitimate investment in a better future. Decorating your home probably is pure indulgence.
Let’s Cover Some Basics.
As with all loans, you will need to be a legal adult. This usually means you must be at least 18 years old.
You also need to be a citizen of the US or a legal resident. You will be asked for a copy of your identification to help show these things.
Installment loans for bad credit may not require much more paperwork than a payday loan. Be prepared to provide some financial documentation though, such as a pay stub or recent bank statement.
Find Installment Loans for Bad Credit.
TheGuaranteedLoans is a loan matching service. We help people like you find the loan products you need.
One thing that helps cause bad credit is too many hard credit checks. This can happen if you apply for a bunch of different loans just to see which ones might get approved.
We help protect against that outcome. You fill out one application and we check our database and contact lenders when we find a match.
Click here to start your application.