The Internet is full of offers for installment loans for bad credit, direct lenders are competing fiercely for even borrowers who have bad or no credit.
That may be surprising to you if you have damaged credit and thought you couldn’t qualify for a decent loan – but the fact is, with 30% or more of US adults having bad credit, it’s just too big a percentage of consumers to ignore. And lenders know that many with below par credit histories have both the ability and willingness to repay their loans but just got into financial trouble years ago.
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What Are Installment Loans For Bad Credit Direct Lenders?
Installment loans for bad credit direct lenders are one of the prime ways you can borrow cash and get it deposited fast into your account. Most such lenders give you the borrowed funds within one or two business days – and once it arrives, you can use it any way you wish NO QUESTIONS ASKED.
Another great feature of personal installment loans is they require no collateral. You don’t have to risk your home as in a home equity loan or your only means of transportation as in a car title loan. Instead of collateral or credit history, the loan is given out simply on the basis of your ability to repay.
That means you have to have a verifiable source of reliable income sufficient to make the monthly installment payments. Your payment size will be custom-tailored so that it shouldn’t be over 15% or 20% of your total income.
Normally, it’s a private, direct lender that you borrow from with installment loans. So the terms are more flexible and it’s easier to get approved. APR may be higher too, but the market is competitive enough that a good rate can typically be found. And the APR is often less than on the credit cards people already have.
Most personal loan lender will allow you to borrow anywhere from $500 to $5,000 for terms of from a few months on up to 5 years. It all depends on the particular lender and on your income level.
How Can I Find And Get Approved For My Best Loan Offer?
It can be intimidating to see hundreds of online personal loan offers suddenly populate your screen, in seemingly endless pages. First of all, you have no way of knowing which offers are the best. Second, you can’t possibly spend the time it would take to investigate them all in detail. And third, you may be concerned over which lenders are reputable and which, well, aren’t.
You could use a hit and miss approach to finding a personal loan lender, like just asking which lender a friend or family member used in the past, only looking at the first page of a Google search on “personal loans,” or going with a lender because they are located near you. But then, you risk missing out on your best offer because you are not aware of it – or worse, falling prey to a disreputable lender.
Bonsai Finance offers a far better approach. We put the most advanced and precise search engines for finding lenders at your finger tips. Let the search engine do the hard, tedious work for you – and in a second or two instead of your spending hours and hours on it!
Bonsai exist to help consumers like you, in search of the best installment loans for bad credit direct lenders OR any other type of loan you’re looking for, find it in only minutes’ time. Just enter your search criteria and narrow the field till you find the perfect loan offer!