subject: Looking For Non-traditional Non-bank Lenders When You Need Short-term Low Credit Installment Loans [print this page] During economy downturn, many loan seekers are suffering from financial difficulties and their credit histories are poor. It is "cruel" for me to say that it is impossible for you to obtain unsecured loans from any traditional bank when your credit score is bad. So what is the way out then?
You need to switch your focus to non-bank lenders. These private lenders are more open-minded and they are more willing to provide installment loans for people who have bad credit scores without asking them to put up collateral. One of such lenders is American General. Why do such private lenders have the courage to do so?
Let me give explanation for it.
In order for you to qualify for the short-term low credit installment loans, you must prove that you are currently employed. By keeping your employment and having fixed income every month, the private lenders are convinced to lend you money. They know that you have the financial ability to pay back your loan. In order for you to get the short-term installment loan effectively, you ought to ensure that that you don't give up your existing job. Moreover, you are required to prove that you have active bank account with good' standing. By fulfilling such 2 requirements, you can access to the quick loan with no trouble.
Since your credit is awful, the non-bank lenders will never charge you low interest rates as other conventional banks. They have to bear higher financial risks because they are offering financial assistance to you who possess poor credit history. In other words, because of your low credit history, you are required to endure higher finance cost but you are able to access to guaranteed installment loans fast. For people who need cash for urgent purpose, I would say getting this form of installment loan will be a wise option.
Some people obtain that the interest rates and loan fees for low credit installment loans are extremely high. The late charges are unbearable too. Having this type of unsecured loan can be a financial burden for internet users who have too many commitments in a month. If you want to reduce your finance cost, you may consider having the short-term low credit installment loan from the credit unions. Generally, most of the employed Americans are members to credit unions and such unions usually provide awful interest rates to their members without performing any credit check. If you are the member of the credit union, why don't make use of your privilege?
For internet users who are internet savvy, short-term low credit installment loan can be obtained through over the internet application. There are many active on the internet loan providers who offer short-term financial aid to internet users who have poor credit histories. The approval process is super fast if the loan applicants submit enough supporting documents to them during the over the internet application. No credit check is carried out and the on-line lenders will bank in the money directly to the borrowers' bank accounts once their applications are approved.
Getting poor credit report may be considered a big challenge in life but this hardship can be overcome through the use of the proper strategy.
by: Serene Fernandez
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