When you run into a sudden, unexpected expense such as a car payment or medical bill, applying for an installment loan can be a great way to pay your bills to get your life back on track. However, if you have bad credit or no credit, you might be worried about your ability to secure the loan that you need.
If you need an installment loan but have bad credit, it can be a good idea to learn about why lenders examine your credit and how you can get a loan. Find out if you can get an installment loan with bad credit or no credit, and learn why it’s important to work with a trusted local lender.
If you’re like most people that need a loan, the first place that you consider visiting is your bank. While banks can be a good lending source, the main factor that they consider is your credit score. If you have a poor credit score, which is 580 or under, a traditional bank will generally not approve you for a loan because they assume you will not be able to make your scheduled payments.
Anyone that has bad credit or no credit should avoid seeking a loan from a traditional banking institution.
Installment Loan with Bad Credit
While people with bad credit usually can’t get a traditional loan from a bank, they should be able to get an installment loan. Being approved for an installment loan with bad credit is easier than you might think, especially if you can prove your ability to pay back your loan.
Installment loan lenders consider a variety of factors when reviewing your application, and while they may check your credit score, it usually won’t be used to approve or reject your loan. For instance, your installment loan lender may examine your employment status and approve your loan if they determine you earn enough money to make your payments.
So, while bad credit may affect your ability to get a loan from a traditional lender, it should not keep you from getting the installment loan that you need to pay your bills.
What About a Checking Account?
Besides their credit history, the other many concern people have when applying for an installment loan is whether they need to have a checking account. While some lenders may require you to have a checking account before they will approve your loan, others have no such rules. You should always apply with a lender that doesn’t have a checking account requirement, as they will be much easier to work with and may offer flexible payment schedules.
Apply for an Installment Loan
If you need an installment loan but have bad credit, then it’s crucial to work with a trusted local lender like Koster’s Cash Loans. We work with clients that have all levels of credit, whether good, bad or non-existent. No checking account is needed to apply with Koster’s Cash Loans, and we provide payment schedules that make it easy to pay off your loan. You may even be eligible for a discount if you pay your loan off early.
If you’ve been rejected by other lenders and still need an installment loan, apply with Koster’s Cash Loans today.