Creditworthiness is one of the most critical aspects of our lives, given that we are in a financially-dominated world. Creditworthiness is amongst the rare incentives to have complete insulation from the financial ups and downs in such a volatile market situation. Unfortunately for some, a bad credit score can mar the entire financial scenario. It can result in forlorn shortages in finance and without any resources at your disposal. But the essential question is that can only a bad credit score prevent your chances of availing monetary assistance?
If you are facing severe difficulties due to bad credit, then all the doors are not shut. You can always try guaranteed installment loans for bad credit to satisfy your short term monetary or financial needs. Having bad credit is not still the end of your financial situation.
Look for the Best Installment Loans for Bad Credit
An installment loan for bad credit can resolve your short term needs and is one way to uplift your financial situation. Having bad credit can make you helpless, and you may not be aware of whom to approach for financial assistance. Do you want to prevent such a scenario from happening in the future? The following list can help you.
1. Peerform
Peerform is one of the best sites with no hassles, and the application process is straightforward and quick. The approval process at Peerform provides a simple and easy online approval process for installment loans. These loans usually have a higher-than-average borrowing sum of loans. People can get these loans as high as $25,000, but this funding also has a significant origination and late fee attached to it. The term for such loans usually ranges from 36 to 60 months, and the origination fee varies from 1% to 5% based on your financial situation and location.
This means that though the APR of Peerform is in many ways lower than the payday loan providers, you can ultimately end up paying more than your expectation owing to the additional fees and levies.
2. Rise Credit
In case you have bad credit and need a small installment loan, then Rise Credit is an excellent fit for you. Rise Credit is the perfect platform for those who require an installment loan to aid in unexpected purchases or necessary expenses. It offers small short term loans from $500 to $5,000 for a period ranging between 5 to 26 months. The best part about these loans is that there are no hidden surcharges or fees or prepayment penalties.
Borrowers can repay the loan earlier in case the financial condition improves. The only drawback is that these loans come with a substantial APR, rated the highest at 149%.
3. NetCredit
NetCredit is another great place for people who have bad credit scores. It offers loans to borrowers precluded from securing loans elsewhere due to their low credit scores. Regardless of how bad your credit score is, NetCredit can provide you with loans from $1000 to $10,000. The repayment period for such loans ranges between 12 to 60 months. The marginal hiccup is that it has a higher-than-average APR, which can reach about 99.99%.
Additionally, before you avail of the loan facility or sign the agreement, NetCredit also charges an upfront origination fee up to 5% of the total sanctioned amount.
4. OppLoans
If you require urgent funding and speedy disbursal of the loan amount, then OppLoans is your go-to place. It provides fast installments, which in many cases, is deposited to your account the very next day. Loan approval, funding, and disbursement process of OppLoans are the fastest wherein you can avail of loans ranging from $500 to $ 4,000. The typical repayment period of the loan duration ranges from 6 months to 36 months. Though the origination fee may vary as per the location, the APR is very high and can be mostly 199%.
5. Avant
In many cases, despite the low creditworthiness of a borrower, the need or requirement may be substantial. In such cases, a lot of places may turn you down because of the bad credit score. Avant is an excellent choice in such scenarios where the need for finances is significant. The company offers considerable installment loan funding to borrowers.
Borrowers can seek up to $35,000 as installment loans. The repayment term may vary between 24 to 60 months, which is more than many other credit facilities. Another advantage of Avant is that the APR of the loans is also significantly loan because Avant charges an average APR at 35.99%. The only issue is that borrowers may end up paying a higher-than-average origination fee of 4.75%
The Bottom Line
It is essential to realize that if you have a low credit score, the chances are that most credit facility institutions will refuse you a personal loan. An installment loan for a bad credit score seems like a blessing in disguise in such a situation. Its fair share of troubles comes with high fees, surcharges, or APR. Thus it is advisable to opt for such a loan after carefully evaluating the current financial situation and repayment ability.
Guest post courtesy of Kimberly Clark