Traditional lenders have tightened their lending standards, due in part to the housing crisis a few years back. Individuals who have a less than ideal credit score may find these lenders won’t speak to them when they are in need of funds. Fortunately, this does not mean the person is out of luck. Lenders such as Blue Trust Loans understand that a person may have had financial difficulties in the past, yet they still need help at times. They work with individuals who have bad credit or no credit to ensure these people have access to funds when they need them most.
An installment loan is one option for individuals who are in need of cash quickly. This type of loan is repaid over a period of months, so it allows the person to resolve the immediate financial crisis without creating a new one in the process. The loan may be paid off early to save on interest fees and the borrower will find paying the higher interest is easier as it is spread out over time. This has been a problem for individuals who have opted to make use of payday loans in the past.
Qualifying for the Loan
People often wonder if they should even bother applying, as they don’t have a great credit score. Thankfully, installment loan providers are more flexible when it comes to their lending standards. They do require the individual be of legal age to take out a loan, and the person must have an active checking account to qualify. Furthermore, the individual requesting the money needs to have a valid social security number. The credit score isn’t of great importance when working with a lender of this type.
Numerous individuals have found they struggle even more when they take out a payday loan. They extend their payments over a longer period of time to avoid new financial difficulties only to discover they are paying outrageous interest fees. With an installment loan, this isn’t an issue. The payments are much lower, so they are less likely to cause a new burden on the borrower. Consider this option today when you need funds, as it may be exactly what you need to get your life back in order.