The easiest payday loan to get would be an online payday loan. But keep in mind that whether you get one online or in person it will likely come with extremely high interest rates, and a very short repayment term. Many payday lenders even use predatory tactics to get borrowers to pay more over time.
There’s no way around it; having a low credit score makes it tough to be approved for loans. Many borrowers who struggle with poor credit end up turning to payday loans, title loans, pawn shop loans, or other dangerous online lenders. But there are safer and more affordable personal loans out there.
One option that many borrowers use as an alternative to predatory loans for people with bad credit would be personal installment loans. But what are they and how do they work?
Personal Installment Loan
These are unsecured personal loans that may allow a borrower with a bad credit score to receive the cash they need. They tend to offer more money than a payday option, and a much longer time to repay the loan—usually several months. They also have lower interest rates on average than your typical payday lender will offer. Monthly installment loans are typically seen as a much safer alternative to payday or title loans.
There’s no collateral needed for this type of personal loan. Which means they’re offered based on the borrower’s ability to repay. A personal installment lender might check your credit, but it usually isn’t the only factor they’ll consider during the application process.
To get one, you’ll likely need a valid photo ID, a bank account, as well as your income and financial information readily available.
The Benefits of a Personal Loan
This type of loan has several benefits when you compare it to your average payday loans:
- Bad credit borrowers can still be approved
- Lower rates and fees
- Longer repayment periods
- Flexible repayment terms
If you’re looking for a trustworthy online lender offering emergency loans, then CreditNinja may have what you need. Apply for our unsecured loans using our quick and easy online application. You get a decision right away, and if approved, borrowers may get their cash as soon as the next business day. Avoid predatory payday loans online, and opt for a safer and more affordable financial solution.
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