Why Borrowers Are Getting Installment Loans For Bad Credit

December 21, 2021 | Daniel Dewitt

installment loans for bad credit

Borrowers get installment loans for bad credit for a variety of reasons, including paying for urgent home repairs, medical bills, and overdue bills. These loans welcome all credit scores, making them an option for everyone, including those with less-than-perfect financial histories.

Let’s have a deeper look into the reasons why borrowers seek installment loans for bad credit and cover a quick method for getting online installment loans from Wisconsin Auto Title Loans, Inc.

Why Are Borrowers Getting Installment Loans For Bad Credit?

1. To Pay For Medical Bills

Depending on the treatments and surgeries you or your loved one requires, medical bills can be incredibly expensive. And the financial effect only continues if you weren't expecting the medical bills in the first place.

In an ideal scenario, your emergency fund is enough to cover them. But if it isn't, installment loans for bad credit are an option. Many of the people who acquire these loans use them to cover medical bills.

getting an installment loan for car repairs

2. To Pay For Urgent Home Or Auto Repairs

While usually less stressful than medical emergencies, home and auto damages are typically costly to repair. So, many individuals with less-than-average credit scores turn to installment loans to cover the costs without having to go through traditional banks.

3. They Process Quickly

Traditional bank loans take weeks (sometimes months) to process, depending on the type of loan you wish to obtain. But installment loans usually process in 24 hours, allowing you to acquire the money you need on the same day or the following business day.

The application procedure is also quite short. It takes just 30 minutes to complete our in-person process.

4. To Pay For Overdue Bills

Overdue bills incur late charges and keep accruing them until they're paid. That’s why people often turn to installment loans for bad credit to avoid these extra fees.

Keep in mind that if you're consistently finding it difficult to meet your bill payments, it is time to look at long-term solutions. It may mean freeing up money by eating out less and cutting expenses. Alternatively, you could increase your income by taking on an extra job or selling things you no longer need or want.

5. No Collateral Needed

Installment loans use your signature as a promise that you will repay the loan. They do not require you to put up any collateral like your car or house. 

are installment loans right for you

Are Installment Loans The Right Option For You?

If you were thinking about getting installment loans for bad credit, only to find we didn't include your situation in the list above, that's okay. Just because we haven't mentioned it doesn't mean your circumstance doesn't justify the loan.

To find out if you should get one of our bad credit installment loans, ask yourself the following questions:

  • Will your situation worsen if you leave it unsolved?
  • How much time do you have before you need to solve your situation?

If you have a long time to get the money together to solve your issue, it might be best to find a different funding route. However, if you're running out of time and the issue will only get worse if you leave it unsolved, installment loans for bad credit could be an option for you.

How To Get Installment Loans For Bad Credit

As we've already mentioned, getting installment loans is simpler compared to traditional bank loans. The five steps below outline the simple process of getting a loan from us at Wisconsin Auto Title Loans, Inc.:

  1. Contact one of your local Wisconsin Auto Title Loans, Inc. storefronts by calling 800-514-2274 or using our convenient signature installment loans online form. The latter sends your information to your nearest store.
  2. Pick up the phone when one of our loan representatives contacts you to confirm your information. They also tell you about the simple required items and the process. Now is also the best time to ask any questions you have.
  3. After the conversation, head to your nearest Wisconsin Auto Title Loans, Inc. storefront. Don't forget to bring your driver's license (other kinds of state-issued photo identification works too), checking account statement in your name, and your proof of income (i.e., your most recent pay stub).
  4. When you get there, one of our associates will review your required items to determine if you qualify.
  5. Finally, if you are qualified, you can complete the simple paperwork and get the money you need on the same day or the following business day.

Get Installment Loans For Bad Credit Today

Whether you need to pay for medical bills, fund home repairs, or pay overdue bills, installment loans for bad credit are an option worth considering. Contact your local Wisconsin Auto Title Loans, Inc. storefront via phone, or use our simple online inquiry form to kickstart the process.