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Yes, You Could Get an Installment Loan Even if You Have Bad Credit

Installment loans are not only available to those with spotless credit. Maybe you have bad credit and have been cash-strapped in the past and had to resort to using payday loans. The truth is that there are loans for people with "bad credit" that allow you to make regular payments. Here is what you need to know about getting installment loans even if you have bad credit.

Installment loans for bad credit with managable payments

If you thought that installment loans were only available to people with spotless credit, you're in for a surprise. Maybe you have bad credit and have been cash-strapped in the past, finding that you had to resort to using payday loans, which are convenient but costly. The truth is that there are loans for people with "bad credit" that allow you to make regular payments to pay off your balance. Here is what you need to know about getting installment loans even if your credit is challenged.

What Are Installment Loans?

Installment loans are more common than you realize. For example, an auto loan is classified as an installment loan. This type of loan provides you with a lump sum that you are borrowing and then gives you certain terms for repayment. Unlike payday loans, installment loans allow you to pay back your loan over a period of time instead of in one lump sum. Installment loans can range from just a few hundred dollars to several thousand depending on your needs, your credit history, and your lender.

Apply for an Online Installment Loan with Big Picture Loans.

Our process is fast. Get approved in just three steps!

 

Benefits of Installment Loans

If you've ever taken out a title or payday loan, you know that these financing arrangements can be stressful. While it's true that you may still have a high-interest rate if you have bad credit and no guarantor (or co-signer), the payments on installment loans can be much more affordable. Installment loans provide you with a longer loan payback period, which could provide you with lower periodic payments than other bad credit loan options. Some lenders will allow you to pay back an installment loan as quickly as you like without penalty. If you have the money to repay your loan, you are welcome to do so early, or you can maintain your normal payment schedule.

Requirements for Installment Loans If You Have "Bad Credit"

Let's assume that you have some credit challenges and can’t qualify for most traditional loans. Instead of borrowing from payday lenders, an installment loan that is geared towards people with bad credit is a better option. The best part is that the qualifications for these loans are much simpler than a conventional bank loan. A few of the requirements might include:

  • Must be at least 18 years old
  • Must be a permanent U.S. resident
  • Must have steady, verifiable monthly income
  • Must have an open bank account in good standing
  • Must have a valid email address and working phone number

The best news is that installment loans for poor credit applicants don't require a lot of red tape. If you meet the requirements, you may be able to have your loan processed the same day and your funds deposited within one business day.

Finding sources to borrow money when you have bad credit can be a challenge. Fortunately, installment loans are now available to many borrowers who may otherwise not be able to qualify for loans outside of risky payday and title loans.

Get approved in just three steps!

Step 1: Apply
Step 2: Select loan amount (up to $5000)
Step 3: Get approved

Receive Funds!

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The information provided is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs. Big Picture Loans disclaims any and all liability in the event any information, commentary, analysis, opinion, advice and/or recommendation prove to be inaccurate, incomplete, unreliable, or result in any other losses. Your use of the information on the website or materials linked from the Web is at your own risk.

The content at any third party site may be subject to copyright or other intellectual property rights, and may not be redistributed without the permission of the third party site owner. Any reference obtained from this blog to a specific product, process, or service does not constitute or imply an endorsement by Big Picture Loans of the product, process, or service, or its producer or provider.

Consumer Notice: Our loans should be used for short-term financial needs only, not as a long-term financial solution. Individuals with credit difficulties should seek credit counseling. For more information, please see our Financial Wellness Page.
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IMPORTANT INFORMATION ABOUT PROCEDURES FOR APPLYING FOR A LOAN – To help fight the funding of terrorism and money laundering activities, and to comply with Tribal law and the spirit of federal law requiring all financial institutions to obtain, verify and record information that identifies each person who applies for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask for your driver’s license number or other identifying documents.

* Loan approval, and amounts are based on minimum income amounts, other credit criteria, and verification of the information you provide during the application process. Big Picture Loans, LLC (“Big Picture Loans®”) will run credit checks on all applicants and may review credit information from specialized credit bureaus. Big Picture Loans reviews and approves all loans on Tribal land at its office located at E23970 Pow Wow Trail, Watersmeet, MI 49969. If your application is verified and approved by 5:00 p.m. CST, you will generally receive an ACH deposit on the next Business Day. Business Day means Monday through Friday excluding all federal banking holidays. The loan documents and authorizations, including the loan agreement, depend on time-sensitive factors. Despite our best efforts, unavoidable delays in the review process can happen. If we are unable to verify your information within two Business Days after you submit your application, the loan documents and authorizations may need to be modified to accurately reflect certain payment disclosures, and you may be required to carefully review and submit new documents reflecting these changes.

** Returned payments, late payments, and non-payments may result in additional fees, charges, or collection activities pursuant to the terms of your loan agreement and as allowable under Tribal and applicable federal law.

*** Big Picture Loans is a wholly owned subsidiary of Tribal Economic Development Holdings, LLC, a wholly owned and operated economic arm and instrumentality of the Lac Vieux Desert Band of Lake Superior Chippewa Indians (“Tribe”), a federally recognized Indian tribe, created for the benefit of the Tribe and operating pursuant to Tribal law. Big Picture Loans is a duly licensed Financial Services Licensee of the Lac Vieux Desert Tribal Financial Services Regulatory Authority, an independent regulatory body of the Tribe, and operates in accordance with the Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribal Consumer Financial Services Regulatory Code, which can be found here: Tribal Consumer Financial Services Regulatory Code.pdf.

If Big Picture Loans approves your loan it will be governed by Tribal law, applicable federal law and your loan agreement. The laws of your resident state may have interest rate limits and other protective laws that are more favorable. If you wish to have your resident state law apply, you should consider taking a loan from a licensed lender in your state. Availability of installment loans are subject to change from time to time as determined by Big Picture Loans.

You can contact us at Support@BigPictureLoans.com or at PO Box 704, Watersmeet, MI 49969-0704. To access a copy of Big Picture Loans Privacy Notice, please click here: Privacy Notice. Any unauthorized reproduction, distribution, or disclosure is prohibited without Big Picture Loans’ express written consent.

Consumer Notice:
Our loans should be used for short-term financial needs only, not as a long-term financial solution. Individuals with credit difficulties should seek credit counseling. For more information, please see our Financial Wellness Page.
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