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Whether you realize it or not, installment loans can come in really handy when in urgent need of funds to cater for pending expenses.
Installment loans are one of the most common and affordable loan options in Louisiana for anyone looking to borrow some money from a lender; and in some cases, these speedy cash installment loans for bad credit are a better alternative to even your everyday-normal credit cards.
An installment loan may come in any of the following forms:
- Car loans
- Mortgage loans
- Personal loans
#1: Car Loans
This is a form of installment loan gotten to cover the purchase of a new vehicle where payments are made in installments, and over an agreed stated period of time.
Installment loans got to finance a car purchase usually last for up to 12 to 96 months, but note that not all lenders will agree to this range; you will need to check with your lender and confirm all terms of the agreement.
#2: Mortgage Loans
A mortgage loan can also be referred to as another form of installment loan. These are guaranteed installment loans for bad credit, gotten to cover the purchase of a house.
#3: Personal Loans
Installment loans can also be taken to cover your personal expenses, especially when having to deal with an unexpected financial crisis in Louisiana. Personal expenses include grocery shopping, home improvement, medical bills, auto repair, and lots more.
Getting a no credit check installment loan to finance personal expenses can be a really effective way to maintain your monthly budget, while still having to cater for other extracurricular financial expenditure(s).
Installment loans can also be used for debt consolidation.
What to Consider when Applying for Speedy Cash Installment Loans?
Guaranteed installment loans for bad credit direct lenders vary based on the type of installment loan you are applying for. With that said, it’s important to consider the following factors when applying for installment loans online in Louisiana:
- APR (Annual Percentage Rates)
- Qualification requirements
- Loan terms
The above factors can be broken down thus:
#1: APR (Annual Percentage Rates)
The cost of getting installment loans is usually conveyed as an annual percentage rate that includes the interest fees attached to the selected loan offer.
Every installment loan type has its specific annual percentage rate (APR), so it’s always important to check with your lender to confirm all designated fees when applying for a no credit check installment loan in Louisiana.
A good knowledge of your interest rates and fees on your installment loan offer will help you know exactly how to properly schedule your monthly payments on the loan offer.
Interest rates on installment loans also vary with respect to your current financial status and the loan terms. Thus, you may accrue a larger interest rate on your loan offer if the loan term extends for a long duration for repayment, and vice-versa
#2: Qualification Requirements
Before applying for an installment loan, it’s always good to check to see if you actually qualify for the loan offer.
The basic requirements to get an installment loan are:
- Applicant must be currently a resident in the United States
- Applicant must be 18 years and above
- Applicant must provide proof of address and other personal details like their social security number.
- Applicant must show proof of payday (consistent source of income)
- Applicant must provide an active bank account
It’s also good to note that our loans at InstantPaydayLA are guaranteed installment loans for bad credit in Louisiana. That being said, you will not be assessed for approval for your loan offer with your current credit rating.
#3: Loan Terms
Lastly, it’s important to understand all the necessary nitty-gritty that relate to your installment loan offer; and as discussed earlier, a longer installment loan term accrues larger interest rates, and a shorter duration of installment loan term attracts small interest rates.
Proper understanding and communication of your installment loan terms will help you effectively plan your funds well to know exactly how to properly schedule your monthly payments on the loan offer.
How to Get Guaranteed Installment Loans for Bad Credit Direct Lenders
If you’ve been on a consistent hunt for guaranteed installment loans for bad credit direct lenders, then you’ve come to the right place. No credit check installment loans direct lenders only take interest in the basic requirements as listed earlier in the guide, and not your current credit score or rating.
Luckily, we at InstantPaydayLA have a long list of trusted lenders that are willing to work with you, even with a bad credit rating.
The best part?
Our no credit check installment loans also help applicants to improve their credit rating. As you’d know by now, one of the major factors used to rate a person’s credit score is his or her payment history, which makes up 35% of your credit score; and with you, taking up an installment loan with us, that usually involves you constantly settling your loan at the end of the month, it will automatically reflect in your credit history, thus helping to boost your credit score for good.
And it gets even better when you are able to pay back the loan in full.
Plus our vast network of no credit check installment loans direct lenders only just want to help you build your finances, which makes it a win-win situation for us all.
Why Should I Get an Installment Loan with InstantPaydayLA?
Getting installment loans with InstantPaydayLA has been made really easy for all, as the entire application process is done online.
That being said, you can, from the comfort of your home, get your funds to your bank on that same day of applying for the loan offer.
We understand that everybody today is business, thus we built our platform to convey convenience for all our customers. Plus, we are not out to bug you with so many requirements to get your loan request approved.
You do not even need to provide any form of collateral to have your loan request approved.
Filling out the loan request form on our application page takes just about 5 minutes to complete, and once completed, you’ll be matched immediately with an installment loan lender that suits your current lending purpose.
There are also no hidden fees when working with us, all our actions here at InstantPaydayLA are pretty straightforward, ensuring that you get the cash you need to settle that pending purchase, and when you need it.
But one thing we usually like to advise our customers with is never to take up as much cash that they really need. Doing this will make it almost impossible for you to properly utilize your loan offer. An action like this may even get you into bigger debts than you are already in.
We provide our services in the following areas: Baton Rouge, New Orleans, Monroe, Lake Charles, Lafayette, Houma, Hammond, Bossier City, and any other location in Louisiana.