Approximately one-third of Americans has bad credit. In most cases, this is not the result of careless or reckless spending. Instead, it happens when people are faced with unanticipated expenses, medical bills, or sudden layoffs. Having poor credit does not mean you are any less in need of short-term loans than other individuals, but it can make it harder to find a lender. At Bonsai Finance, we are happy to meet with you, discuss your needs, and help get you back on your feet.
Why Get an Installment Loan for Bad Credit?
Installment loans bad credit borrowers may require access to short term funds for numerous reasons:
- Sudden medical expenses
- Required car repairs
- Car payments
- To put toward continuous education
- Paying off a loan with a larger interest rate
Installment loans are ideal for people with bad credit because you can pay it off in small incremental payments spread out over time. This helps you stay on top of the rest of your finances without taking on more debt than you can currently bear.
Applying for one of these types of loans is the best way to access short-term funding without sinking further into debt. Most of the lenders we work with offer fast approval times, direct deposit into your account, a repayment schedule that works for you, and lower fees and interest rates than are associated with major credit cards.
Installment Loans Bad Credit Lender Requirements
At Bonsai Finance, the installment loans bad credit lenders we work with have the same requirements. If you want to obtain one of these types of loans, you need to meet the following criteria:
- Be at least 18 years of age
- Have a bank account with a debit or credit card
- Provide proof of regular income, in an amount that allows for repayment of the loan in installations
- Have an active cell phone
- Provide proof of identification
Before you start your application, be sure you have any documentation listed above with you. Bonsai Finance is happy to give our customers the choice of applying online or over the phone. This gives you greater privacy when responding to sensitive questions.
Advice for Borrowers
There are some individuals with poor credit who are nervous about applying for additional loans, even in dire situations. While this is an understandable fear, as long as you keep a few tips in mind, you should have no issues repaying the loan:
- Never borrow more than 10 percent of your net (not gross) monthly income
- Register for automatic payments through your bank, and try to time them around paydays to ensure you do not miss or bounce a payment
- If possible, ask for a no-credit check lender, to help preserve your credit rating
In some cases, installment loans are the best way for someone with bad credit to improve their rating. Do not miss out because you are worried about repayment issues. Instead, contact one of our representatives at Bonsai Finance, who can help you find a loan that works for you.
Don’t let bad credit prevent you from getting the installment loan you need to help improve your situation or deal with a short-term expense. Most of these loans come with great interest rates, no credit checks, and a repayment schedule you can live with. Contact one of our friendly representatives today to learn more.