Get a $1,800 Loan Today: Online Installment Loans for Bad Credit
Finding an affordable $1,800 loan for bad credit can be quite difficult. While payday lenders offer short-term loans with smaller amounts, conventional institutions are not willing to work with “subprime” borrowers. Luckily, options exist.
At 15M Finance, we specialize in helping those who are overlooked by traditional banks. We partner with multiple online loan providers, so there’s certainly a $1,800 loan option in our database that will meet your needs. Our no credit check loans allow you to get money from a direct lender within just one business day, no matter your credit score.
Who Can Qualify for a $1,800 Cash Loan?
To be eligible for a $1,800 cash loan, you need to meet the following basic requirements:
Be over the age of 18; Have a government-issued ID; Have an active bank account in your name; Provide income confirmation; Specify your active email and phone number.
Where Can I Get $1,800 Loans?
$1,800 loans may be offered by banks, credit unions, and online lenders. Traditional personal loans for $1,800 from banks and CUs usually come with flexible repayment terms, favorable interest rates, and low fees. However, having strong credit is mandatory to qualify.
Online lenders typically have more relaxed eligibility criteria. Their loan options are faster and more convenient due to the online process with no paperwork and hard credit checks. Thus, online loans work better for borrowers who have credit issues or need the funds quickly.
Expert advice:
Keep in mind that online lenders usually charge higher interest rates. This will result in a higher total loan cost and monthly payments.
How to Get a 1,800 Loan Online?
An online application process for a 1,800 loan is just a five-minute matter. Here are four steps to take:
Fill out a loan request form. Simply provide basic personal and financial information and submit the online application form.
Get a loan decision. Your application details will reach our network of trusted lenders. It usually takes them 10-15 minutes to assess your eligibility and send you a response.
Sign a loan agreement. If approved, read your loan documents and make sure you understand the terms. Then, e-sign the contract to accept an offer.
Receive the funds. The money will be in your bank account balance by the end of the next business day or sooner.
What Will Be My $1,800 Personal Loan Monthly Payments?
There are several factors that can affect your $1,800 personal loan monthly payments. First is an annual percentage rate and fees set by a particular lender. The second factor is the length of your repayment period. Here are a few representative examples:
| APR | Repayment Term | Monthly Payment | Total Loan Cost |
| 11.94% | 6 | $310.53 | $1,863.2 |
| 18.99% | 12 | $165.87 | $1,990.48 |
| 24.5% | 24 | $95.63 | $2,294.83 |
The examples above are calculated based on averages and are for informational purposes only. Your particular loan terms will be determined by a lender based on your credit profile.
$1,800 Loan Terms
$1,800 installment loan terms are similar to those applied to conventional options. Unlike payday loans, which are repaid in full on your next payday, installment loans are returned in equal monthly payments within 2 to 24 months.
Besides a principal loan amount, you will also pay interest and fees, which are usually a percentage of the amount you borrow. Interest rates vary widely by lender and location. An average APR can be between 5.99% and 35.99% for borrowers with good credit.
Installment loans for $1,800 are typically unsecured, so they don’t require collateral. However, some lenders may ask for a pledge if you have a low credit score or want to access higher loan amounts at a lower interest rate.
Can I Get a $1,800 Loan with Bad Credit?
While a traditional $1,800 loan usually comes with a minimum credit score requirement of about 670, there are several lenders willing to work with bad credit borrowers. At 15M Finance, our partners look far beyond just your credit score. We’re here to help people with less-than-ideal credit get much-needed financial support. You can qualify for a $1,800 loan with any FICO rating as long as you meet a lender’s basic requirements.
What Can I Use $1,800 Personal Loans for?
It’s up to you! Lenders usually don’t set a specific loan purpose and don’t track the way you spend the money. Borrowers can use $1,800 personal loans to cover a wide array of individual needs or unexpected expenses, from medical bills and debt consolidation to home improvement or car repairs.
See also: Home improvement loans with bad credit
Alternatives to $1,800 Online Loans
$1,800 online loans can be expensive. If you want to get better loan terms, here are a few alternatives to consider:
Secured personal loans. A secured loan is an option that requires collateral, such as your house, car, savings account balance, or other valuable assets. By providing a repayment guarantee, you can increase a lender’s loyalty and secure better loan conditions; Title loans. A title loan is a short-term loan that uses your vehicle’s title as a pledge. You can borrow up to 50% of your car’s price and repay the funds within up to 30 days. Title loans can be quite expensive and difficult to manage. Consider them carefully due to the high risks they carry; Personal loans from banks and credit unions. If you have good credit and don’t need money urgently, this may be a suitable option. Banks and credit unions usually offer lower APRs and favorable terms; Loans from family/friends. Ask your loved ones to lend you money to avoid interest. This option also provides more flexibility, as you can ask for terms that are convenient to you; Co-sign loans. Add a co-signer with strong credit and high income to your application. This will help you get better loan conditions. Just keep in mind that a co-signer will be responsible for repaying the loan if you default.
See also: What does it mean to default on a loan?
How Do I Repay My $1,800 Loan?
The repayment is usually an automatic process. You provide a lender with access to your bank account, making it possible to withdraw money directly from its balance on the agreed-upon date. All you need is to make sure you have enough money to cover your loan payment to avoid late and non-sufficient funds fees.
FAQ
How Will I Know Whether I Get Approved for a $1,800 Loan?
A lender will send you a loan approval decision via email shortly after you submit your application form. The process typically takes less than one hour.
What Are Costs Associated with $1,800 Loans?
Your loan cost will consist of an interest rate and fees. An interest rate for good credit borrowers ranges between 5.99% and 35.99% but may be higher for those with bad credit. Many lenders also charge origination fees for processing your loan request. They are from 1% to 10%, depending on the lender. Additionally, there may be costs for late payments and repaying the loan early.
Does a $1,800 Loan for Bad Credit Affect My Credit Score?
If you deal with conventional lenders, even applying for a $1,800 loan for bad credit will drop your credit score by a few points due to the hard credit checks they perform. Our loan providers don’t review your credit profile via major credit bureaus. Thus, your FICO rating won’t change as long as you stick to your payment deadlines.
What Credit Score Do I Need to Get a $1,800 Loan?
Conventional loans typically come with minimums of 650 or 670. Alternative lenders are usually more lenient and have low or no minimum credit score requirements. At 15M Finance, you can qualify for a $1,800 loan even with no or poor credit.
When Will I Get My $1,800 Loan?
A lender typically makes a direct deposit on the same day, but your bank’s cut-off times can extend the funding process. You will get a $1,800 loan as soon as the next business day of approval.
What Will Happen If I Fail to Repay My $1,800 Loan?
A $1,800 loan default has several financial and credit consequences. First, you will have to pay extra fees for late payments. Additionally, your bank may charge you a non-sufficient funds fee. This will make your loan more expensive. More than that, late payments can damage your payment history and result in a significant credit score drop.
