12 Month Installment Loans
For long term borrowing, you may be considering 12 month installment loans with fast income verification. This is because a long term loan for bad credit or worse tend to have a high annual percentage rate similar to options such as 30 day payday loans or other similar short term loans. With the interest rate coupled with a longer period of repayment, it is perhaps manageable to handle a installment loan with monthly payments, giving him or her more time with it.
You can shop around and visit a number of banks and financial institutions to see what are the types of real installment loans available. Typically, they fall under the category of personal loans: short term or long term personal loans and whether they are secured or unsecured.
Unsecured Loans From Banks With Long Term Payback
As a general guide, you will need to have an exemplary credit record if you wish to borrow unsecured installment loan of 4000 dollars and higher through the banks. You can retrieve a free copy of your borrowing/payment records from annualcreditreport.com and go through the report for any errors. If you find yourself having bad credit and unable to get approval for bank personal installment loans, you need not lose hope.
Private Installment Loan Lenders
There are some personal installment lenders operating in the private lending market and these direct lenders are often able to provide unsecured loans with no upfront fees, hence saving you the hassle from having people look into your credit history. A 12 month loan with low income requirements and pay back by installments can be negotiated with either U.S. lenders like ChecknGo or from other legitimate third-party loan broker websites that help to connect you with a finance company.
It will cost you a lot more in finance fees if you opt to borrow money with poor credit by using these direct cash advance companies and you should always first consider all avenues that you may be able to get money from that do not need you to pay any fee for a loan.