Installment Loans for Bad Credit
Last update: 27 June 2019
Are you in need of an instant loan but your credit is bad?
Here you can learn whether you are able to get an installment loan for bad credit, so you’ll have extra time to repay the money.
What Is an Installment Loan?
The word “installment loan” refers to a kind of consumer loan that’s repaid according to a fixed schedule over time.
Upon borrowing an amount of money from your lender, you sign a contract to pay back the loan with interest in scheduled monthly payments.
What Are Installment Loans for Bad Credit?
If you need instant cash but can’t pay it back all at one time, you can apply for bad credit installment loans. They’re for people with bad credit, no credit or sub-prime credit.
Installment loans for poor credit have fixed interest rates that you can pay back in scheduled monthly payments. Each of the fixed payments include the interest rate and the loan principal.
How Does an Installment Loan Work at 5 Star Car Title Loans?
At 5 Star Car Title Loans, you can get long term installment loans that are very convenient.
Auto title loans are one type, where you can drive your car around while making your monthly loan payments. After the loan is paid back, we’ll remove the lien and return your car title to you.
Still wondering about How Does an Installment Loan Work, keep on reading!
Please feel free to take advantage of the guide that is following to understand details of our installment loans for bad credit online application, requirements, monthly payments and advantages:
B. Installment Loans Requirements*
1. Personal Details – General details for those at least 18-yrs-old including your phone number, name and email.
2. Car Details – The year, model, mileage and make of the car you own to estimate the value of your car as collateral for a title.
3. Car Title – A car title in your name without a lien is mandatory.
4. Identification – We’ll need a driver’s license, and international passport, a military ID or an ID issued by the state.
5. Regular Income – Your income from disability payments, benefits or your regular paycheck. Send us proof such as your monthly bank statement, social security payments or your job paystub.
6. References – Send us 3 references.
If you don’t have everything needed, call us for help!
*Disclaimer: More documents may be required, depending on your unique situation. Ask for the list of documents needed when finalizing your loan details.
Approval – We will evaluate your auto after checking its condition. Its general condition is only one of the points we use to determine installment loans limit.
This can be $2,600 – $20,000, but loan approval is given based upon your ability to pay back the loan.
D. Loan Funding
Loan Funding – Following your approval of a title loan, a team member will discuss with you the terms and rates of your installment loans. They can let you know how much money you qualify for. After you agree to the terms and conditions, you’ll get your money in five hours or less**.
Repayments – The monthly installment loans for bad credit repayments have an APR ranging from 60% to 130%. These rates apply to customers who can fulfill our credit criteria.
Installment Loans Advantage, Fees, Penalties and Terms
Bad Credit Installment Loans - Samples
Below you can see an example showing the different APR ranges used for poor credit installment loans interest rates.
Use the loan amount of $2,800 for comparison with the two samples below. The comparison chart will help you learn about our monthly installment loans interest rates range and title loans payment programs:
Examples of 36 Month Installment Loans*:
|Installment Loans Examples||Example A||Example B|
|High Loan Amount||$2,800.00||$2,800.00|
|Installment loans interest rates (monthly)||9.01%||8.97%|
|Term of Loan||36 Mo.||36 Mo.|
|DMV Lien Transfer Fee||$15.00||$15.00|
|Single Monthly Payment Amount||$264.00||$282.00|
*Repayment plans are without any hidden fees / prepayment penalties.
Disclosure: Not all applications are approved. Installment loans approval is dependent upon specific underwriting criteria and the applicant’s ability to repay. Other restrictions may also apply.
Repay Over Time with an Installment Loan
For those with a bad credit score, installment loans can be a good option. It gives people who have trouble getting through to their next paycheck some emergency funds.
Don’t worry if your credit score is bad or you need some quick cash. Call us or apply online today!
1. How Does an Installment Loan Work?
You’ll give up the title to your car, but still be able to drive your car.
As the lienholder, 5 Star Car Title Loans will hold on to your title. Finish paying the installment loan off and you’ll get your title back without the lien.
See our article “How Do Title Loans Work” for more information on the process.
2. Do Installment Loans Have an Effect on My Credit Score?
So long as you are making your loans payments when they are due, installment loans don’t have an effect on your credit at all.
3. How Long Will It Take to Apply for an Ordinary Installment Loan?
It takes only minutes to evaluate your qualifications for a bad credit installment loan.
Give us all the necessary documents and one of our customer service representatives will get back with you regarding your qualification for an installment loan.
4. What is the Highest Amount I Can Apply For?
Although we always recommend only taking out an amount that you will be able to repay and that meets your needs, the highest installment loan amount is $20,000.
5. How Many Installment Loans Can I Get?
You can only get one installment loan at a time – only one car installment loan for each household.
6. If My Credit Is Bad, Can I Be Approved for an Installment Loan?
Any type of credit applicant is welcome to apply – good credit, bad credit or no credit.
At 5 Star Car Title Loans, your ability to pay back installment loans is more important than your credit score. Loan approval, payments, length of term are all according to your ability to pay.
**Following your installment loans application process and the Underwriting Department’s review, you may receive a conditional offer. Funding time can be affected by locations of 5 Star Car Title Loans and completing the loan process. The typical time is 1-3 hours following approval.