Are you sure a unsecured installment loan for $3500 can really help your money problems or wondering if the borrowing costs are not worthwhile? Find out when you can take advantage of direct lenders for installment loans and when you should avoid them for your own financial future.
Direct installment loans allow anyone with bad credit to borrow money easily because the lenders can check your credit score quickly. The basic requirements such loans are very simple and nearly everyone is eligible. For example, you only need to be a citizen of the country, have stable employment or income, have a social security number. Easy credit requirement loans are best used when you are only cash tight for short term, such as a few weeks. Due to the high loan APR, borrowing for several months can cost a lot of interest fees. Usually, you can get installment loans for 30 days at the cost of $20 to $30 per $100 borrowed.
When Should I Take A $3500 Loan For More Than 30 Days
* For emergencies where the cost of not having the money outweighs the borrowing costs. For example, a 3500 loan with bad credit can help you pay for the rent before your landlord evicts you, avoid credit card fees for late payment etc, when you are away from home with no money etc.
* When you cannot get a bank loan, these fast loans for bad credit do not require any credit scoring so anyone can borrow money as long as they have a job or income. You can get loans approved even if you have bankruptcy, late payments, foreclosure etc.
* When you need a loan urgently, there are no faster loans compared to no upfront fee loans online or pawn shops if you live near one. You can get in within minutes typically.
* When you do not want to reveal the purpose for taking a loan, these lenders do not ask any embarrassing questions. The request-for-quotes form do not contain any fields that require you to specify the reason for borrowing money. They respect your personal privacy for unsecured loan transactions.
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When Should I Avoid Installment Loans Up To $3500
* When you cannot afford to pay back on time, the high interest rate at 400% APR will cost you a fortune. That means people who are unemployed should not take such loans, even if the lenders agree to help. Usually, these are last resort loans, when you have exceeded your credit card limits and cannot get another cash advance.
* If you are not able to increase your income or find other ways to get money, paying for the bad credit loan is difficult and you risk being dependent on a new loan next month. This is because you will end up with less money for personal expenses after the lenders have deducted the fees from your paycheck.
* If you are always late in paying your bills, the late payments on online loans will chunk up a lot of interest charges as well as further damaging your credit report.
* If you already have substantial personal debts such as mortgage, student loans, auto loans, credit card balances etc, you will find it very difficult to save money if you continue to add new debts.
We hope you understand the pros and cons of direct lenders installment loans and when they are useful for short term financial hardships such as paying unexpected bills. You can find many direct lenders that give guaranteed low APR loans for bad credit with no hassles, since the eligibility criteria are easily met. If you are unemployed, we prefer to try getting a pawn shop loan using your possessions as collateral, and you can safely avoid any debts. Many borrowers are not able to re-balance their finances after taking the first bad credit loan because the high cost of borrowing leaves significantly lesser money for the next month.