Bad credit installment loans (guaranteed approval or not) are borrowing options extended to people with a credit score that is low enough to impede their ability to secure other options. They provide an excellent way for borrowers to gain access to money and build credit at the same time, no credit card required.
Why Choose These Loans?
Installment loans grant you a sum of money up-front in exchange for set regular payments over a predefined period of time. They are typically larger than a personal loan (they can reach amounts of over ten thousand dollars in some cases) and may carry a lower interest rate than personal loans. The money can be due to be repaid in as little as six months and as much as several years, depending on the length of the term you choose. It’s up to you to select the options that best suits your personal needs.
They offer a more long-term, conservative option than a payday loan, which is designed to provide cash quickly but not necessarily in a financially sustainable way. With bad credit installment loans (guaranteed approval) specifically, you’ll pay smaller amounts over a longer time span, an arrangement which is much more conducive to stability. On top of that, you’ll be building your credit over the course of your payment periods (assuming you continue to pay in a timely fashion). When you’ve completely paid off your loan, your bad credit should be significantly improved. This makes these loans not only a great choice for financial help in the short term, but also a solid step toward building a better future.
What To Use Them For
Installment loans can be used to cover daily expenses like the rent or hydro bill, but because they are usually so large, they are more frequently used for some specific purpose. While no one should ever use an installment loan to live too far outside their means, using one to make a reasonable splurge possible is not a bad idea if it is planned for. You can also use them to make significant but needed purchases at times when money is too tight to afford to do so without a loan. A few common intentions for the funds are:
- going on vacation
- purchasing a car
- securing a down payment
- doing a home renovation
- starting a business
- buying holiday gifts and treats
You can even take one out specifically for credit-building purposes and just use the money to repay most of the debt over time.
Potential Credit Roadblocks
Bad credit sometimes makes borrowing money a bit of an ordeal. Even if you know you’ll be able to pay back whatever funds you are granted, you may not be able to convince some lenders of that – and when it comes down to it, they call the shots.
Payday loans approve applications from almost anyone, and although they are usually the far inferior choice, they may be all that’s available to you at the present moment. This dilemma is all too common and puts many hardworking, well-meaning people at a disadvantage. Settling for less than the best possible option will only put you further behind in your financial life, but what else can you do?
Bad Credit Installment Loans; Guaranteed Approval in Canada!
With our lenders, things are different. All eligible applicants can expect to be approved almost immediately. This way, you’re spared the wait and the hassle that you’ve probably already been putting up with for a while now. There’s a better way, and Bonsai Finance wants to be your key to accessing it. We work with a full complement of lenders offering bad credit installment loans, guaranteed approval and all, just waiting for you. Stop