Originally posted on https://bonsaifinance.com/finding-the-best-bad-credit-installment-loans/
Bad credit installment loans are often the only way one can get quick cash to tide them over in emergency and semi-emergency financial situations. There are at least three good reasons for this:
- Bad credit can prevent approval for a “traditional bank loan.” Any FICO credit score below the US average of 695 for 2017, or especially below 580, can make loan approval difficult unless it’s an online installment loan or payday loan.
- Installment (personal) loans allow you to get the needed cash as soon as the next business day and then use it as needed, without any special restrictions being imposed. Try that with a bank loan.
- Bad credit installment loans can be had in larger amounts than payday loans and will allow you more time to repay.
How To Find The Best Bad Credit Installment Loans
You can easily do a Google search and see pages of online installment loans for bad credit applicants pop up on the screen. But how can anyone search through all those options and examine them one by one? It would take far too long to be a practical approach.
But use a site like Bonsai Finance, and they will allow you to quickly plug in a few basic pieces of personal and financial information along with your basic loan preferences and run an effective search of hundreds of options.
Bonsai’s approach rapidly whittles down the options to just the best few or handful, and then allows you to go off that “short list” for the more in-depth comparison until you identify your best possible online installment loan.
And the experts at Bonsai Finance are familiar with the industry and the companies they are dealing with. They aren’t just glancing over search-engine results but they are reading those results against heir prior background knowledge so as to make the resultant information as useful as possible.
Which Factors Are Most Important With Bad Credit Installment Loans
When looking for an online installment loan, which factors are most important in making your decision? Here are a few answers to that question:
- Loan principal. Unless you can borrow enough to cover your need, the loan would become an exercise in futility. So, connecting with a lender that allows you to take out enough is a must-have.
- Cash delivery. Next, you need a lender that will deposit the money into your account quickly, within a business day or two. Timing is often crucial with installment loans.
- Interest rate and fees. All other things being equal, you want the loan with the lowest interest and fees total. Bonsai can help you accurately calculate this.
- Repayment plan. The monthly payments should be affordable based on your income and the total repayment time reasonable.
- No credit check. A credit check could hurt already damaged credit, so look for a no-credit-check lender if possible.
Bonsai Finance can help you rapidly locate, apply for, and get approved on your overall best loan offer.