During economy downturn, many people are suffering from financial difficulties and their credit histories are poor. It is "cruel" for me to say that it is impossible for you to obtain unsecured loans from any traditional bank when your credit score is low. So what is the solution then?
You should switch your focus to non-traditional lenders. These lenders are more open-minded and they are more willing to provide installment loans for people who have low credit scores without asking them to put up collateral. One of these lenders is American General. Why do these lenders dare to do so?
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Let me justify.
In order for you to qualify for the short-term bad credit installment loans, you need to prove that you are currently employed. By maintaining your employment and getting fixed income every month, the non-traditional lenders are convinced to lend you money. They know that you have the financial ability to pay back your loan. In order for you to obtain the short-term installment loan successfully, you need to make sure that you don't quit your existing job. Besides, you are required to prove that you have active bank account with good standing. By fulfilling these 2 requirements, you can access to the quick loan easily.
Since your credit is bad, the non-traditional lenders will never charge you low interest rates as other regular banks. They have to bear higher financial risks because they are offering financial assistance to you who have poor credit rating. In other words, due to your low credit score, you are required to bear higher finance cost but you are able to access to guaranteed instalment loans fast. For people who need cash for urgent purpose, I would say getting this type of installment loan will be a wise option.
Some people find that the interest rates and loan fees for bad credit installment loans are extremely high. The late charges are unbearable too. Getting this type of unsecured loan can be a financial burden for people who have too many commitments in a month. If you wish to reduce your finance cost, you may consider getting the short-term bad credit instalment loan from the credit unions. In general, most of the employed Americans are members to credit unions and these unions usually offer low interest rates to their members without performing any credit check. If you are the member of the credit union, why don't make use of your privilege?
For people who are internet savvy, short-term bad credit installment loan can be obtained through online application. There are many active online loan providers who offer short-term financial assistance to people who have poor credit histories. The approval process is super fast if the loan applicants submit sufficient supporting documents to them during the online application. No credit check is performed and the online lenders will bank in the money directly to the borrowers' bank accounts once their applications are approved.
Having poor credit history may be considered a big challenge in life but this hardship can be overcome by using the right strategy.
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