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An installment personal loan is usually taken out for large item purchases such as a new home or car and also for business financing and consolidating debt. Most people will turn to their banks for personal loans for long term with installment plans simply because a bank is often able to provide you with competitive rates that are affordable.
However, not every body can qualify for these personal bank loans with no cosigner needed as one would need to have a good credit record. If you are a self-employed with bad credit and need to borrow 3500 dollars today, the chances of being approved by banks that offer monthly installment loans can be low.
Although you need not lose heart. In the private loan market, there are legitimate installment loan lenders for poor FICO and you can actually try unsecured long deadline loans payable by installments. These accredited monthly installment loan lenders are likely to charge you higher interest rate due to your bad borrowing history and you need to beware of some unscrupulous lenders who try to exploit desperate borrowers by charging excessive fees.
To find a legitimate loan company with quick approval long term loans, you can visit the website of Better Business Bureau or BBB. There are many legal installment lenders who are accredited by them and although it doesn’t mean you will definitely find cheap loans with no fees, but at least you can be safe in the knowledge that these are legal and safe, providing you with a legal recourse if it happens that there is any dispute with your loan contract.