Can I Get Installment Loans With Bad Credit?
If you are a poor-credit borrower, signature installment loans probably aren't your first thought — they don't require collateral; therefore, only those with sparkling credit histories can gain approval, right? Not necessarily! Installment loans with bad credit do exist.
In the following sections, we'll consider whether you can qualify for installment loans, ensure you understand how they work, and even divulge our easy-to-understand step-by-step process.
Can You Get Installment Loans With Bad Credit?
As we mentioned, you may still qualify for installment loans with a poor credit score. However, we will run credit checks before approving your application.
That said, we use other factors alongside your rating to establish whether you can afford to repay the loan.
What Qualifies As Bad Credit?
To understand whether you need installment loans for bad credit, you must know whether you actually have a poor credit rating. Some of our customers believed they did, but in reality, their score fell in the "good" or "fair" range.
The top two credit scoring models use the same ratings (i.e., 300 to 850) but have slightly different categorizations.
The FICO Score model is as follows:
- 300 to 579 equals a poor credit rating
- 580 to 669 equals a fair credit rating
- 670 to 739 equals a good credit rating
- 740 to 799 equals a very good credit rating
- 800 to 850 equals an exceptional credit rating
The VantageScore 3.0 model is as follows:
- 300 to 499 equals a very poor credit rating
- 500 to 600 equals a poor credit rating
- 601 to 660 equals a fair credit rating
- 661 to 780 equals a good credit rating
- 781 to 850 equals an excellent credit rating
You'll have an easier time qualifying for installment loans with a higher credit score. But, as we stressed earlier, it isn't a necessity, provided you meet the other requirements.
Everything You Need To Get Signature Installment Loans With Bad Credit
You must meet the following requirements to get signature installment loans for bad credit from us at Idaho Title Loans, Inc.:
- State-issued photo ID card — While many of our clients choose to use their driver's license, you can pick from any of the following:
- A United States of America passport card
- A United States of America passport
- A United States of America military-dependent ID card
- A United States of America military ID card
- A United States of America student ID card
- A United States of America non-driver's ID card
- Checking account statement — You must have a checking account open in your name to get a signature installment loan. We use your statement to establish how much you typically spend in a month, thus, how much you can afford to repay.
- Proof of income — We require your most recent pay stub that covers the last 30 days. It goes hand-in-hand with your checking account statement to prove your affordability.
The Process Of Obtaining Installment Loans For Bad Credit In Idaho
Unlike traditional loans, you can get installment loans for bad credit easily. All it takes is the six steps below and the documents we discussed above:
- Complete the short online installment loan request form. It sends your information directly to your nearest Idaho Title Loans, Inc. store. Alternatively, get in touch with your preferred branch by telephone during standard office hours.
- Within a few minutes of submitting the inquiry form, one of our expert loan associates will call you to confirm your information, answer any questions, and ensure you have the required items.
- Head to your local Idaho Title Loans, Inc. branch with your driver's license (or another form of state-issued photo identification), proof of income, and a checking account statement from an account open in your name.
- When you arrive, one of our representatives will assess your documents and tell you the amount you qualify for. Don't worry; we won't keep you waiting.
- Provided you're happy with the loan amount we offer, you finish the paperwork with the loan associate's help.
- Lastly, you receive the money you need on the same or the very next bank business day.
Get Installment Loans For Bad Credit With Us Today!
Before jumping straight on the installment loans for bad credit freight train, consider whether you really need one. You shouldn't use them to deal with long-term financial hardships, as they just become another unnecessary obligation. Instead, save them for emergencies.
Our customers use them for various situations, including paying medical bills, funding veterinary fees, fixing their vehicles, and making necessary home repairs. As a rule, you can justify installment loans if you don't have time to find money elsewhere, and/or the situation would worsen if left unpaid.
Does that sound like your circumstance? Then, get your hands on an installment loan with bad credit right now by filling in our online request form!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.