Do you have a bad credit record? Are you in need of personal loans that doesn’t check any kind of credit score? If so, installment loans based on income may be the answer to your problems.
This 2019, the consumer lending industry has reached $35 billion in revenue. It’s no question that the cost for the bills and essentials are getting higher. Let’s not forget about the unexpected cases like accidents or illnesses can cost an arm and a leg.
More and more people are looking to apply for loans to get by. If you are in need of no credit check loans, income-based installment loans are the solution. For more information on this kind of loan, keep on reading.
1. Use Online Loan Finders to Find Installment Loans Based on Income
You can try to go around and ask each lender about your choices on installment loans. Or, you can try the easy way. All you need to do is to Google online loan finders like BonsaiFinance.com.
Do as little as type in “loan finder” and search. Online loan finders can do the searching for you. You can even do a voice search for online loan finders.
There is no need to spend time in transit, driving around town to different lending companies. You don’t have to get into lines anymore. This is helpful if you want to check for the lenders that have the best offers and options for you.
The advantage of looking up online for loans is that you can search up loans that don’t need a credit check. This is great if you have a bad or weak credit score but need an installment loan. There will always be at least one available to you.
Online loan finders also help you look for loans for self-employed people if you are. All you need to be is to be eligible for it. There will often be a list in the same site about how you can become legible for this loan.
For example, has an accident happened and you need emergency money to pay for doctor’s bills? An advantage to online loan finders is that they can find you payday loans fast. Hence the term “payday loan”.
2. Read Reviews
There will be some online loan finding sites that seem very good. They might sound too good to be true, even. This is where another important step comes in.
When you find a site that looks for loans with no credit check for you, make sure it’s legit. You can do this by going to the reviews and rating page. Actual people who tried getting loans from the site will be posting comments about it.
Look out for bad reviews but don’t disregard the good ones either. Consider the common strong and weak points of a loan finding site. Weigh these points against one another and decide for yourself if it’s trustworthy.
If you want, you can Google out-of-site reviews. People from forums like Reddit or personal blogs may have things to say about an online loan finder. This is a good way to find out what problems or lack thereof you may encounter with a loan-finding site.
3. Find the Loan Type You Need
There are several types and kinds of income-based installment loans you can go for. They differ depending on what you will use the loan for and/or how they guarantee your loan. The different kinds of installment loans include mortgage, student, personal, and auto loans.
Before we get to these specific loans, there are two types of personal loans you can get. The first one is the secured loan, which will take some sort of collateral from you to secure it. The other type is the unsecured loan which will not need any collateral to secure it.
Did you know that behind mortgage loans, student loans have the second-highest consumer debt? More than 44 million borrowers as a group owe $1.5 trillion in student loan debt. Ranking after student loans is both credit cards and auto loans.
Many installment loans have fixed periodic payments. One kind includes low-income loans as well. These are often backed by the government like the Veteran’s Administration (VA) and Federal Housing Administration (FHA).
4. Check the Requirements
For loans based on income, there are two types of consumers who may have an interest in them. One is the consumer with poor credit scores. To get loans, they compensate with the source of earnings and job information rather than use their credit history.
The other type of consumer is those with no credit history. These are people who have no file lenders can refer to or check. In technicality, they have an advantage since they have no negative records on their file.
If you plan to get installment loans based on income, a common prerequisite is employment and salary information. You will have to list down your sources of income like job employment, benefits, or child support. They may ask for information like your length of employment and payroll frequency.
If you need a good loan option for paying rent, go for online personal loans. For this, you need to be a US resident between 18 and 65 years. They might also need a debit/credit card as a back-up payment solution.
Other requirements include an active bank account or income verified by bank transactions. You might also need an active cell phone that can receive calls and SMS text messages. For loans like low-income loans, your income will be compared with the median income for your area.
Get a Loan Without Credit
That’s it for our quick guide on installment loans based on income. Now, you can go back to college, get a car repaired, or complete your home improvement project. They’re also great for paying off high-interest, long-term credit card bills.
If you enjoyed this informative article, feel free to visit our blog. Have you thought about getting an online personal loan? Check out our services or ask us for more information today!