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Home > All About Installment Loans for Bad Credit

All About Installment Loans for Bad Credit

How much cash can i get

Find out now. It's fast, secure & free!

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Did you know that instant loans are available even for people who have bad credit score?

Find out if you qualify for an installment loan for bad credit and take time to pay the loan back.

Understanding Installment Loans for Bad Credit

Installment loans for bad credit are designed for individuals with poor or limited credit histories. Traditional personal loans may be challenging to secure if your FICO credit score falls between 350 and 579.

Poor & Fair Credit Score Ranges

Credit Score RangesRatingDescription
<580PoorThis credit score indicates a significant risk to lenders, falling well below the average score of U.S. consumers.
580-600FairWhile still below the national average, many lenders are open to approving loans for borrowers in this credit score range.

What Is an Installment Loan?

An installment loan is a personal loan that you can pay back over time, according to a payment schedule.

You get a loan and agree to pay it back with interest in a set number of monthly payments.

Installment loans can be used for various purposes, such as buying a car, covering medical expenses, or consolidating debt. They provide borrowers with the convenience of a structured repayment plan, making it easier to budget and manage their finances.

What Are Installment Loans for Bad Credit?

Bad credit installment loans are especially for someone who needs fast cash but has bad credit, sub-prime credit or no credit and can’t pay it back all at once.

Example of an Installment Loan Payment Table for an Auto Title Loan

Loan Amount: $5,000

APR: 65.00%

Loan Term: 12 months

MonthMonthly PaymentPrincipal PaymentInterest PaymentRemaining Balance
1$512.88$411.84$101.04$4,588.16
2$512.88$416.16$96.72$4,172.00
3$512.88$420.54$92.34$3,751.46
4$512.88$425.00$87.88$3,326.46
5$512.88$429.52$83.36$2,896.94
6$512.88$434.12$78.76$2,462.82
7$512.88$438.79$74.09$2,024.03
8$512.88$443.54$69.34$1,580.49
9$512.88$448.37$64.51$1,132.12
10$512.88$453.27$59.61$678.85
11$512.88$458.26$54.62$220.59
12$512.88$463.32$49.56$0.00
This table demonstrates the monthly payments, principal and interest portions, and the remaining balance for a $5,000 auto title loan with a 65.00% APR over a 12-month loan term.


All About Installment Loans for Bad Credit

Types of Installment Loans for Bad Credit

There are several types of installment loans available for individuals with bad credit, and each type has its own characteristics and purposes. Here are some common types of installment loans for bad credit and the differences between them:

Type of Installment LoanDescriptionKey Differences
Personal Installment LoansUnsecured loans used for various expenses.Higher interest rates, 12-60 month terms.
Payday LoansShort-term loans for immediate expenses.High interest rates, smaller loan amounts.
Secured Installment LoansCollateral-backed loans, potentially lower rates.Collateral required, risk of losing collateral.
Credit Builder LoansDesigned to improve credit scores.Small loan amounts, held in savings account.
Online Installment LoansUnsecured loans from online lenders.Varies by lender, convenient application.
Debt Consolidation LoansCombines multiple debts into one payment.Simplifies finances, doesn’t always reduce total debt.

Remember to compare interest rates, fees, and terms from different lenders to find the best option for your specific financial needs and credit situation.


How Do Installment Loans at Montana Capital Car Title Loans Work?

Our company provide long term installment loans such as auto title loans.

In simple terms, title loans let you borrow money using your car as collateral. You get a certain amount, pay it back over time, and the lender holds onto your car title until you’ve repaid the loan.

Installment loans for bad credit borrowers offer a convenient way to access cash and pay it back while retaining possession of your car and the ability to drive it.

To get more information on our installment loans for bad credit application, requirements, repayments and their advantages, read on:

Apply Online for Instant Installment Loans

Application

Just pick up the phone and give us a call.

Requirements

See below for installment loans requirements:

  • Personal Details – Basic details with your name, email and phone number. You must be at least 18.
  • Car Details – Your car’s model, make, mileage and year so we can evaluate its value to use it as collateral for a title loan.
  • Car Title – A car title in your name with no liens attached.
  • Identification – Use your driving license, an international passport, a military ID or a state ID.
  • Regular Income – This can be your salary, disability payments or other benefits. Send us proof such as your recent bank statements, social security payments or a paystub.
  • References – Send us 3 references.

Approval

To evaluate your vehicle, we will check its general condition. Its value helps determine your installment loans limit, which ranges between $500 and $50,000. Your loan approval is according to your ability to pay back the loan.

Loan Funding

Once the title loan is approved, our loan team will explain the terms and rates of your installment loans, including how much you can get. After acceptance of the contract conditions and terms, you’ll get the money within five hours**.

Repayments

Monthly installment loans for bad credit repayments use an APR ranging from 60% and 130%. These are the rates for our customers who qualify and satisfy the credit criteria.

Installment Loans Advantages

Our Product:

  • Loan amount From $500 to $50,000
  • Loan term – From 24 to 48 months
  • Average rate – From 60% to 130% Annual Percentage Rate, or APR
  • Credit rating – Good, bad or no credit customers accepted
  • No prepayment fees or other hidden fees

Our Services:

  • Keep driving your car
  • Customer service open 6 days a week
  • Fast funding with MoneyGram
  • *Assistance in transferring your title to your name, if required
  • *Assistance in registering titles that are out of state, if required

Calculator for Long Term Installment Loans

The installment loans calculator *** will help you organize monthly repayments of title loans. You will see a simple amortization schedule that you can print out for easy viewing.

Installment Loans Calculator

Frequently Asked Questions:

How Do Installment Loans Work?

After turning over the title to your car, you can keep driving it while paying back the loan. Montana Capital Car Title Loans will be its legal “lienholder.” After you pay off the loan, we will remove the lien and give you back your car title. We have a complete post on the process under the title, “How Do Title Loans Work?

How Long Does it Take for Me to Apply for Standard Installment Loans?

You can find out if your application is approved for a bad credit installment loan within a number of minutes.

If you send in all the required documents, one of our customer service representatives will contact you to let you know if your application qualifies for an installment loan.

In a hurry?

Fill out the online bad credit installment loans application now and in minutes you can find out if you have received pre-approval for your installment loan.

If my credit is bad, can you approve my application for an installment loan?

Whether you have bad credit, no credit or your credit is good, you are invited to apply now.

Get the Option of Repaying Over Time with an Online Installment Loan

Installment loans are a loan option for those people who have a bad credit score. They provide the flexibility of repaying the borrowed amount over a longer duration, which can be a lifesaver when you’re dealing with financial challenges.

With bad credit installment loans, you can cover your immediate expenses and then make manageable monthly payments. This extended repayment period can help reduce the burden on your finances and make it easier to meet your obligations.

So, even if your credit score isn’t perfect, you can still access the funds you need and work towards a more stable financial future.

Are you in need of instant money but you have a bad credit score?

Contact us today – call us at

*Disclaimer: In some cases, you may be asked to give us more documents, depending on your own situation.

**Disclaimer: After applying, conditional offers may follow once the Underwriting Department reviews the details. Funding times depend on your location and the loan process completion

***Disclaimer: The “title loans calculator” provides approximate values for illustrative purposes based on your input. Actual payment amounts may vary slightly.

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