Best Installment Loans for Bad Credit - Apply Online Today
Flexible Repayment Installment Loans for Bad Credit Scores
Looking for an installment loan with a flexible repayment schedule? 15M Finance is the answer. Our financing options are designed to help you get the cash you need without worrying about your bad credit history.
Installment loans for bad credit scores are paid in manageable monthly payments that fit your budget. Best of all? You don’t have to put down collateral or undergo a credit check! Apply today and get approved in minutes!
What Are Bad Credit Installment Loans?
The term “bad credit installment loans” is used to describe a type of loan lent to a borrower who has a poor credit history. The payments are made over a specific loan term and are called installments.
Installment loans come with lower interest charges than payday loans and higher than traditional loans. It is because unsecured loans for people with a low credit score are riskier for lenders. They want to ensure they can collect on the loan if the borrower defaults.
How Do Installment Loans Work?
When you need money fast, it can be hard to find the right way to get it. Most loan options take too long (up to 3 days for the approval ) or are expensive, and you might not have enough time to wait for them.
Our installment loans are designed for people who need cash fast but don’t want to pay outrageous fees or wait weeks for their funds. Here’s how it works:
- Apply for an installment loan.
- Get approved in 15 minutes.
- Sign the loan agreement.
- Receive your cash within 24 hours.
- Pay back the loan over an average loan term of 12 months.
Benefits of an Installment Loan
Not sure if you need an installment loan now? Discover its advantages:
You can get the money you need within one business day. You don’t have to worry about paying back the whole amount at once. There’s no credit check required for all types of credit scores. It has fixed interest rates that won’t change over time.
Representative Example
To understand better the rates based on your credit, check this representative example:
| Сharacteristics | Good credit | Bad credit |
| Credit score | 670 to 739 | Under 580 |
| Loan Amount | $5,000 | $1,000 |
| APR | 10.99% | 100% |
| Loan Term | 6 months | 12 months |
| Monthly Payment | $860.25 | $135 |
| Total Interest Paid | $161.49 | $619.95 |
Common Types of Installment Loans Online
These loans for installments are available in many different forms, so it’s essential to understand what kind of installment loan you’re looking for before committing to one. Here are some common types of installment loans you can find online:
Car Loans
These loans are a great way to buy a car. With a car loan, you can get the car you want today and pay for it over time. You will get your first payment on your new car at the time of purchase and then make monthly payments for 24 months or 3 years.
Personal Loans
There are secured and unsecured personal loans. For example, car title loans are secured loans that require you collateral. An unsecured personal loan is a loan you take out in your name, not the name of your business or another property. Such an installment loan is used for more significant expenses like home improvements or credit card debt consolidation.
What To Consider When Getting An Installment Loan Online?
Before you apply for an installment loan online, there are a few things to consider.
Interest Rates:
The interest rate varies depending on the type of loan and the company that provides it. The common range is 2.5% to 36%. If the interest rate is lower, your loan will be cheaper.
Credit Score:
A good credit score (670 and higher) can help you get approved for a loan at lower rates. So before you apply for any loans online, improve your credit score and make the payments on time. If it takes you too much time, consider bad credit options available from direct lenders.
Repayment Terms:
Loan providers typically offer different repayment terms for their loans so that potential borrowers could apply for better loans. They can get shorter terms (up to 2 or 3 months) at higher rates (up to 100%), while others provide longer terms (up to 24 months) at lower rates (up to 36%).
Why Should I Use 15M Finance for Installment Loans?
Here are the reasons to use 15M Finance for your guaranteed installment loans:
We’ll get you the money you need fast. We value your time; that’s why our lenders will fund your money by the end of the same day, or within 24 hours from the loan agreement signing. You can apply online in minutes. We made the application process extremely simple for all our customers. No need to stay in line and wait for completing the loan request. Make it online with several clicks. Our customer service team will answer all your questions in a timely manner. Don’t hesitate to contact us for more information about our lending partners and loan products.
How to Apply for Installment Loans in 3 Steps?
You’d like to apply for an installment loan but are unsure where to start. Well, we’ve got a solution for you. Here are three steps to help you get the loan you need without all the hassle:
Choose a Loan Amount
Select Your Payment Term
Confirm Your Information
Can I Get an Installment Loan with Bad Credit?
Getting an installment loan is a great way to get a car, a new computer, or even a boat. But what if you’re trying to get one with poor credit? Can you still get an installment loan with bad credit? The answer is YES!
We partner with different lenders out there that will consider your application and make it possible for you to get approved for an installment loan regardless of your current financial situation. All you have to do is apply on our website, and we will do the rest!
Do You Offer Installment Loans with No Credit Checks?
Perhaps you believed that only payday loans involve direct deposit and no credit check, but that is not accurate. Our lending partners provide the best installment loans without hard credit checks to your bank account.
Get started now by filling out our online application, which doesn’t imply a hard credit check. You’ll be contacted within minutes by one of our friendly representatives via email address who will walk you through the entire process and answer any questions that come up along the way.
What is The Regulation For Installment Loans?
It all depends on your state, but in the table below, you can see the standard rules about how installment loans are regulated in the USA:
| Loan Amounts | $1,000 – $5,000 |
| Loan Term | 3 to 36 months |
| Rates | 2.5% to 36% |
| Bad Credit Allowed | Yes |
| Fixed Interest | Yes |
| Early Repayment | Yes |
What are the Eligibility Criteria for Installment Loans?
If you’re looking for an installment loan, it’s important to ensure you meet the eligibility criteria. We’ve outlined a few of the most common:
- Minimum age: You must be at least 18 years old to apply for an installment loan.
- Minimum annual income: If you want to apply for an installment loan, you must have a minimum income of $12,000 per year.
- Debt-to-income ratio: Your debt-to-income figure should be less than 50%.
- Bank account: You should have a valid checking account with the direct deposit option.
Frequently Asked Questions
How much can I borrow through 15M Finance for an installment loan?
You can borrow up to $5,000 through 15M Finance for an installment loan.
How many months can I borrow the installment loan?
You can borrow for up to 36 months.
Is an installment loan more expensive if I choose a longer repayment plan?
Yes, if you choose to pay over a longer period, your monthly installments will be lower. But you will be paying more interest over the course of the loan.
What direct lender will accept my bad credit?
There are many lenders that work with bad credit borrowers. You must know that such a direct lender will charge higher interest rates to cover their risks of non-payment.
Can I repay my loan early?
Yes, you can repay your loan early. The interest rate on your loan will be calculated based on the amount of time remaining until the end of your loan term.
How soon can I receive the funds in my account?
You can receive your funds in your account in as little as 24 hours or on the same day if you apply before noon.
Are payments always made in equal monthly installments?
Yes, payments are always made in equal monthly installments. It is because such loans have fixed interest.