When you need money quickly but prefer to pay it back over a longer period of time, you can consider installment loans. Lenders will give you money right away, even if you have a bad credit history. You can have the money you need as soon as the following business day by requesting a loan online.
What Are Installment Loans for Bad Credit?
An installment loan is one in which a consumer receives a lump sum of money all at once. Afterward, the loan is repaid in monthly payments. Installments are usually made monthly and in the same amount, but the frequency of payments varies depending on the lender.
The schedule for the monthly payments is determined in advance, often for a period of six months to one or two years. Unlike credit cards, which have a variable interest rate that changes with your financial status, the APR on these loans is fixed for the entire term of the loan.
Learn more: 10 Best installment loans online for bad credit >>
Can I Get an Installment Loan With Guaranteed Approval?
Online personal loans are easier to get than traditional financial institution loans. The lending industry uses the phrase "guaranteed approval" in a loose way because the vast majority of lenders will provide you with an installment loan in about 80% of situations. Due to this, yes, you can get an installment loan with guaranteed approval.
Furthermore, the loan offers they make are not heavily influenced by an applicant's poor credit history. Almost everyone who fits the requirements for a loan will be given one. This is wonderful news for all prospective consumers who do not have excellent credit.
How to Get Installment Loans For Bad Credit?
Online installment loans may work well to solve an urgent financial situation. You can still get an installment loan even if you have a low credit score. Online installment loan companies, like CocoLoan, just want evidence of income to ensure that you can repay the loan.
CocoLoan provides consumers in need with fast and dependable personal and installment loans. You can do everything online, from applying to receiving funds to making payments back to the lending institution. To get your life back on track, you can request a CocoLoan personal loan and get a decision in a matter of minutes.
How much would you like to borrow?
Why Choose CocoLoan?
An online installment loan from CocoLoan has several advantages, including a simple application procedure and rapid approval that puts money in your bank account within days of acceptance. But to be specific, the following are the good things about CocoLoan.
- The convenience allows you to borrow money from your home using the internet.
- The lenders with whom they are collaborating are well-known in the field of lending money.
- Finding lenders through CocoLoan involves only a few simple steps after you input your basic information.
- In most cases, they are able to send the money to the customers on the very same day.
How Does CocoLoan Compare
 | Why Trust CocoLoan? | |
|---|---|---|
| How much can you get? | $50 to $35,000 | Zero upfront charges |
| What are the loan terms? | 1 - 36 months | Easy repayment |
| Are credit checks needed? | Yes | Mostly soft pulls |
| Are bad credit accepted? | Yes | All credit considered |
| How to apply? | Totally online | Simple and straightforward |
Requirements for Installment Loans for Bad Credit?
Lenders will not simply look at your credit score, they will also take into account a variety of other factors, including the following:
- You must have a minimum age of 18.
- You must be a citizen of the United States.
- You possess a working bank account.
- You have a valid email and phone number.
Loan applications will go more smoothly if you provide accurate personal information. Your application might be rejected if there are errors or typos. Lenders are also more likely to grant bad-credit personal loans to borrowers who have a salary of at least $1,000 per month.
Fast and Easy Loans You'll Need
Apply NowOther Guaranteed Bad Credit Loan Options
The most common alternative is a bad-credit payday loan of $300 or $500 to help you until your next paycheck arrives. To get this kind of product, you will need to show that you have a steady job and income and that you will pay on time.
Other options include title loans, which are backed by a vehicle like your car, or even a house loan, which uses your property as collateral. If you do not pay back these loans on time, you might be at risk of losing your home or car.
Additionally, there are credit cards and even credit unions that can assist people with bad credit in getting loans.
FAQ
How do guaranteed installments for bad credit work?
You receive cash from these loans and can break down the repayment into manageable installments, which is how they operate. Payments are typically deducted from your bank account automatically. A consumer with a higher credit score will be able to qualify for larger loans with better conditions and a lower annual percentage rate.
Are guaranteed installment loans for bad credit real?
Installment loans are real in the sense that you can get the money you need within minutes or a day. Because of the fast approval time and greater approval rate than with traditional loans, the financial market views these loans as guaranteed. You just need some basic information to apply for these loans.
Where can I find bad credit installment loans with easy approval?
You can use the CocoLoan website to request an installment loan. This platform's approval rate is significantly greater than those of other platforms. There is no guarantee that any lender will necessarily approve your request though. Make sure to double-check all of your information before submitting it to enhance your chances of being accepted.
How to build credit with an installment loan?
In order to raise your credit score and get a lower interest rate on your next loan, you need to make on-time payments on your current loan until it is paid off in full at the end of each month. You must avoid any missed payments on your loans as well.
