Guaranteed Installment Loans For Bad Credit
Low Interest Loans With Bad Credit
A personal loan with low APR can have many useful usages. When handled correctly to consolidate debt, it can help you pay down on high interest credit cards and rent arrears to avoid bankruptcy. It can also served as emergency cash for unexpected expenses or as home improvement loans for renovating your house.
If you are looking to apply for 2500 guaranteed installment loans for bad credit or perhaps you are new to the workings of these financial products, it helps to break down some of the jargon used. Say, we want to know what is the difference between an installment loan versus revolving line of credit first. As an example, a guaranteed installment loan of 20 thousand dollars over 5 years is usually reserved for big ticket purchases such as a home or go towards funding your business empire.
How Can I Borrow 2500 Dollars
Generally, the repayment schedule and interest rate is fixed in advance and the full sum of the 100K loan by monthly installment will be available to you upon completion of the loan application. A 2500 dollar loan offers lower interest rates and it is for this reason that most people apply for cheap installment personal loans rather than using their revolving line of credit to pay for a car or to refinance their student debt. On the other hand, a revolving line of credit is a continuous source of credit – set to a pre-determined credit limit – usually made available to bank customers who are creditworthy; having good credit scores for example.
5k Line Of Credit
If you are a bank customer in good standings and has never defaulted on credit card bills, a line of credit will often be made available to you for use at any time. With a revolving line of credit, the interest can be rather high but if you are given a credit limit of 5000 dollars, you will only be charged interest for the amount of credit you used for purchases, much like a credit card. If you need a long term installment loan of 10000 dollars and above, it is better for you to look for installment loan lenders with easy repayment plans than to rely on revolving loans.
Monthly Installment Long Term Loans
However, in the case of a borrower with bad credit history, an unsecured long term installment loan may not be easily available to him. Banks are tightening their lending criteria and some applicants are known to have their loan applications for a 250000 loan over 36 months rejected despite them having a pretty decent credit record.
Regardless of whether you have good credit or not, there’s no harm done in visiting your bank to inquire further about guaranteed high risk installment loans with bad credit. If this turns out not to be a viable option, a quick suggestion is to find online installment lenders for people with bad credit. These private direct lenders with long term personal loans are less stringent in their requirements and sometimes even a low FICO score under 450 may even be approved for guaranteed signature loans for bad credit.