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Choose the Right Loan


If you have bad credit, you will know how hard it is for you to find any type of finance. Although there are some lenders out there who offer products to people like yourself, they tend to have incredibly high interest rates. However, there are options out there to help you find a loan that won’t cost you the earth. It is about knowing what to look for, which will make sure you don’t end up in a spiral of negative debt.

Get Your Basics Right

First of all, you have to take a good, long, hard look at yourself. Know what your financial situation is like and be honest with yourself. This will give you a more realistic picture of what you can expect. When you apply for loans, you have to have realistic expectations.

Do also have a very good, full time, employment status. You have to have a good income that shows you will be able to actually make the repayments.

Look at your credit score and see what you can improve on, thereby making your application more successful.

Always aim for the lowest amount you could possibly lend to meet whatever it is you want to pay for. Just because you can get $5,000 doesn’t mean you should. Remember that the less you borrow, the less you will pay as well, and the more likely it is that you will be accepted.


Photo Source: articles.bplans.com

Find the Right Lender

Now that you know yourself, you need to find the lender with the best terms possible. This installment loan direct lender website is certainly an example of good practice and you can use it to compare others, for instance. Online lenders tend to be more sympathetic to people with bad credit, so this is a good place to start.

You can also use online comparison sites, but remember that they often take some sort of cut. Hence, once you have identified a lender, try to go to them directly instead of through the comparison website. After all, you don’t want to pay any hidden charges.

Don’t ignore traditional lenders either. Do have a chat with your own bank. They know your financial history and financial behavior and may be willing to consider you even if you do have bad credit.

Choose the Right Loan

You may want to apply for the first nice looking deal that you see, but is it right for you? For instance, do you want a secured or unsecured loan? If your credit is poor, it may be more difficult to apply for an unsecured loan. This is particularly true when you want to apply for a large loan. However, that doesn’t mean you should just get a secured loan without thinking about it either. Secured loans put your property at risk, so you have to make sure that you will be able to pay for it.

Hopefully, this information will help you to make the right financial decision.


A financial advisor will gladly tell you that you will struggle to get an installment loan if you have bad credit. Those that will be willing to provide you with money will also usually hit you with very high interest rates. However, if you have a little bit of know-how, you should be able to get a loan that is affordable even if you have bad credit. Let’s take a look at some key secrets that you need to be aware of.

The Basics

First of all, before you start looking for installment loans, you have to know who you are yourself. What is your financial situation? Why do you have bad credit? Are all the markings against you valid? You have to be realistic about your situation before you start applying. Also know your strong points. Being employed, for instance, will go a long way towards making you more credit worthy.


Photo Source: articles.bplans.com

Getting the Right Lender

Next, you need to find a lender that offers you a loan with really good terms. This will be the bulk of your research work, but it is certainly worth it. Always look online, because this is where you are likely to find the best possible deals, particularly if your credit is less than satisfactory. A Google search for installment loans for bad credit will reveal thousands of results.

Sifting through thousands of results may seem like an impossible task. However, there are some really good comparison sites out there that you can use. At the same time, do not automatically apply through this site either. Instead, go to the website of the lender that looks interesting directly, as this may help you to find an even better deal. Doing so means you don’t have to pay the hidden charges of the comparison site.

Of course, you should also look for traditional lenders. This is particularly true if you have some form of collateral, in which case even your local bank may be willing to consider you. If you have banked with them for a long time, this is certainly worth trying.

Choose the Right Loan

Finally, you have to make sure you don’t just apply for the first loan that looks reasonable. You have to make sure it is really suitable for you. Secured or unsecured is one consideration to be made. The worse your credit is, the harder it will be to get an unsecured loan at a good rate.

The exception to this is found in small sized loans. If you only need a few hundred, then loans such as payday loans or title loans may be more suitable to you. However, these are often not classed as installment loans as such, as you will generally have to pay them back on your very next payday. On the other hand, if you need emergency cash and you need it today, then these types of loans may be the best possible solution out there for you.