If you dont have the best credit score, you might find that a traditional loan might not work for you. Banks have tightened the reins on loans over the past few years, and it could be difficult to get a traditional loan if you dont have a high credit score. Fortunately, there are options for you, including installment loans. These loans are available online, and they have several advantages for people who dont have the best credit. Heres some information:
Lenders Only Need Proof of Employment
One of the big benefits of an installment loan is that a lender doesnt need a good credit score. In fact, the lenders of these loans wont even look at your credit history. Instead, they just want to make sure that you have some type of income coming in. Depending on the lender, they might also need other information, such as proof of residency, proof of age, as you must be over 18-years old to qualify, and other easy to obtain documentation.
Installment Loans Can Help Improve Your Credit
Another cool thing about an installment loan is that it can improve your credit score. By borrowing money, and then paying it back on time, the lender will report this behavior to the credit bureaus. The more on-time payments you make, the better your credit score will start looking.
You Can Get Money Very Quickly
You will also find that you can get money very quickly when you choose to apply for an installment loan. In general, its about 24 hours, but some lenders can do this much faster and get the cash to you in a matter of minutes.Add to favorites