Unsecured Bad Credit Installment Loan
When you're looking online for a loan, you may find a variety of choices out there. One type of loan you may find is an unsecured bad credit installment loan. This kind of loan may be useful when you need your car repaired or have an unforeseen bill due.
One of the features of unsecured installment loans – even with bad credit -- is that you may not have to put up collateral for the loan. For many kinds of loans people are required to put up some kind of collateral in order to secure the loan. If the person ends up defaulting on the loan, they could lose their collateral. However, unsecured bad credit loans work differently. If you're approved for the loan, and you accept the loan offer, the cash would be directly deposited to your banking account, without putting up collateral.
However, there is one downside to unsecured loans. When no collateral is involved, traditional lenders such as credit unions and banks usually require you to have good credit before offering an installment loan. That disqualifies thousands of people who have bad credit, often through no fault of their own. Setbacks such as a job loss, medical problems or divorce can contribute to hurting someone’s credit. Fortunately, some lenders specializing in bad credit installment loans understand people have bad credit situations that aren't their fault, and may be willing to offer loans when they need cash.
"Personal installment loans are loans that you repay with fixed payments over a period of time"
At MoneyMutual you may be able to connect with a lender offering installment loans for those with less than perfect credit. MoneyMutual is not a bank or lender and is not involved in the credit decision process. However, through MoneyMutual.com, it's possible find a lender who may approve you for a loan. Furthermore, our marketplace is completely free.
Personal installment loans are loans that you repay with fixed payments over a period of time, often a number of months. Most of the time, your ability to make payments through regular income (like a monthly retirement check or regular job) will help determine how much you can borrow. Payday loans, on the other hand, typically require payment on your next payday.
The online search for a loan can mean you run into a number of choices. For those who have fallen into bad credit through no fault of their own, unsecured bad credit installment loans may be the alternative they're looking for when they need cash for an unforeseen circumstance.