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 small loans for bad credit require credit scoring so anyone can borrow money as long as they have a job or income. You may get loans approved even if you have bankruptcy, late payments, foreclosure years ago etc.
* When you need a no upfront fee loan urgently, there are faster options compared to 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-quote form do not require you to explain the reason for borrowing money. They respect your privacy for discreet 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 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.
Where Can I Get A 3500 Loan
If you are not working or not making a lot of money, can you get a loan as well? Now, not having a job will certainly put you at a disadvantage with regards to loans with no upfront fees but you shouldn’t think that there are no easy installment loans for your situation. When getting financing options, it comes down to the types of installment loans you are looking at.
Being less stable financially doesn’t automatically restrict you from having access to low credit personal loans from various lending places. You may have stopped working but if you have always maintained a good credit history, you can check with the bank representatives about getting a small installment loan.
To get a large installment loan with bad credit is a bit trickier. There are not many U.S. lenders that accept big unsecured lending risks. Actually, even asking for 3000 bad credit loans may not be successful unless you involve the use of collateral. As you have low income and bad credit at the same time, it is natural that most loan companies will not extend credit to you without additional presence of collateral etc as an assurance.
Therefore, don’t be too optimistic about the possibilities of borrowing 3500 loans if you have poor credit. Check with your government office if you can qualify for benefits instead. Although not much, but at least you get weekly payments by the government which is free. At the same time, consult them for better job opportunities so that you can quickly get on life with a better job and put right your financial worries.
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 fast 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.