If you need cash fast, whether you need to cover a home repair bill or want to go on vacation, installment loans are a great option. Although you may have to get a credit check when you apply, many lenders don’t require you to have good credit to get approved. Here’s a closer look at installment loans and how they work.
Can I get an installment loan without a credit check?
It may be difficult to find a lender that offers installment loans with no credit check. Luckily, there are many lenders that don’t require borrowers to have excellent or good credit. You may be able to get approved for an installment loan and get the funds you need quickly with a poor or fair credit score.
How do installment loans for borrowers with poor credit work?
If you take out an installment loan for poor credit, you’ll borrow a set amount of money at once and pay it back via fixed monthly payments or installments. Once you apply, a lender will consider several factors in addition to your credit score when deciding whether to approve you. These factors may include your income, employment history, and current debts.
What you’ll need to get an installment loan with or without a credit check
When you apply for an installment loan with or without a credit check, you’ll need to provide the following:
- Government ID like a driver’s license or passport
- Proof of income such as pay stubs or bank statements
- A valid Social Security number
- Proof of a valid bank account
How to get an installment loan
Many installment loans come with easy applications and quick approval decisions. Here are the steps you can take to get an installment loan:
1. Compare lenders Not all lenders that offer installment loans are created equal. Do your research and compare lenders so you can choose the best option for your situation.
2. Gather necessary documents Before you apply for an installment loan, collect your government ID, proof of income, Social Security number, and bank account details, as well as any other necessary information.
3. Fill out your application Fill out your application carefully and provide all necessary information. Fortunately, many lenders allow you to apply online from the comfort of your home.
4. Wait for approval Once you submit your application, wait for the lender to get back to you with a decision. You may get an approval decision instantly or shortly after you apply.
5. Receive your funds Depending on the lender you select, you may receive your funds via direct deposit, a check, or a prepaid card. This should happen shortly after you get approved and accept your loan offer.
Benefits of getting an installment loan
Some of the most noteworthy benefits of getting an installment loan include:
Easy application process
You may be able to apply for an installment loan online or in-person very quickly. All you have to do is share some personal and financial details.
Get funds quickly
Many lenders will distribute your money right away or very quickly. You may receive the funds the same day you apply, within 24 hours, or in a few days.
Good credit is not needed
If you don’t have the best credit, you can still get approved for an installment loan. Many lenders consider other factors in addition to credit score and will approve borrowers with a poor or fair credit score.
Get an installment loan from Advance America
Advance America offers installment loans that you can get approved for quickly without needing good credit. You can fill out an easy application in just a few minutes online or in person, and you may get a quick decision. If approved, you can receive the funds almost immediately, sometimes the same day you apply or within 24 hours. You can then use your installment loan to cover the expenses you need.