Can you get an Online Installment Loan with no Credit?

Bad credit can be considerably impactful on your ability to successfully attain a loan. In the most black and white scenario, we are told that those with bad credit will never be in a position to be approved for a loan, however, and that is simply untrue.

For those struggling with a less-than-desirable financial profile, there is hope out there, providing you are willing to do some research. Even a small period of time sat in front of the computer will eventually lead you to lenders willing to approve online installment loans fast. Lenders who are also willing to consider approving those with bad credit – or no credit at all – are not as elusive as you may think.

So what is an installment loan?

An installment loan is a form of credit where the lender provides a lump sum of money to a borrower. The lender will then pay the loan back over an agreed timeframe, which can be over a few months to years. Installment loans generally cover large purchases or significant expenses but are also usually requested for other means such as vacations and home improvements.

Am I eligible for an online installment loan?

That depends on a number of factors. Your credit score will be a factor in what decision a lender makes, but this doesn’t mean that you will necessarily be ruled out if you have bad credit. As previously mentioned, there are certain factors which a lender will take into consideration other than your credit rating, and additional values which may influence your success in obtaining the loan.

What factors can help me get approved for an installment loan?

There are options to applicants if they have been refused credit the first time around. Lenders are generally willing to cooperate should a borrower have another means of strengthening the case for approval. Even if one provider does not accept you, there are always new things to try. For example:

• A cosigner – If you have a cosigner, this is always something a lender will consider. If you cannot make repayments, the cosigner guarantees to make the payments.
• Try comparison sites and shop around – You would be surprised to learn that there are a number of lenders that encourage those with poor credit to apply for loans. In fact, they can make a preliminary decision on your application based on the basic information you provide.
• Try local-based institutions to see if they will consider your circumstances. Even with poor credit, a lender based in the same town or state may be able to help you where others can’t.

These are simply a small number of options which you have at your disposal, despite being considered to have poor credit. While the avenues open to those with good or excellent credit will be wider than those with bad credit, there is still hope. Even if you are recent graduate battling with a student loan, you will find assistance. Shop around, look for companies that specialize in providing loans to those with poor or no credit and, if possible, look for as much advice as you can within your means.