Why Borrowers Are Getting Installment Loans For Bad Credit

When unexpected expenses hit and your credit isn’t perfect, traditional loans may be out of reach. That’s why more borrowers are turning to installment loans for bad credit to cover everything from medical bills to urgent repairs.

In this guide from Wisconsin Auto Title Loans, Inc., we will explain some of the reasons bad credit borrowers turn to signature installment loans for quick cash. We will also review the installment loan process for getting approved today.

Installment Loans For Bad Credit: Five Reasons To Get This Loan Today

Borrowers have several financing options, such as traditional bank loans and title loans, when facing urgent expenses. However, many opt for signature installment loans for bad credit. Quick installment loans in Wisconsin provide a fast, dependable way to get funding even with poor credit.

The following are five reasons borrowers turn to bad credit installment loans:

1. All Credit Types Are Accepted

Nearly 30% of Americans have a credit score below 669, meaning a large portion of people cannot get approved for bank loans when urgent costs arise. You don’t have to worry about not being able to afford medical bills, home repairs, and other emergency expenses with signature installment loans.

Unlike traditional bank loans, you do not need to prove your creditworthiness to get approved for a signature installment loan. While we may do a soft credit check to verify your score, it will not affect your ability to get approved. Your credit score can affect your loan amount, but you can still get approved with bad credit or no credit at all.

Taking out an installment loan also won’t reduce your credit score any further.

2. Installment Loans Don’t Affect Your Credit Score

Traditional banking institutions will report any loans you take out to the major credit bureaus. This can temporarily lower your score. As long as you repay the loan on time, your credit score can recover. However, financial emergencies can occur that may affect your repayment plan and extend the impact on your credit score.

You won’t have to worry about that with signature installment loans. We do not conduct hard credit inquiries, which can lower your score. We also don’t report our loans to the three major credit bureaus. You can borrow emergency cash without experiencing a credit impact with Wisconsin installment loans.

You can also get approved without needing to worry about collateral.

3. No Collateral Required

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. As long as you agree to repay the loan in fixed installment payments, you can get approved for urgent funds.

This makes it easier to get approved for then title loans or bank loans that require collateral. You won’t have to put up your car title for approval. This, along with the simple list of requirements, makes quick installment loans appealing for fast emergency financing.

4. Simple Eligibility Requirements

You can get approved for a signature installment loan with just a few items. The simple eligibility requirements make it appealing to those worried about the long list of requirements for a traditional bank loan. You can find the required items for a signature installment loan easily to kickstart the process.

Here is what you will need to qualify for an installment loan:

• A state-issued photo ID displaying your full name and age
• Your most recent pay stub to verify your income
• A checking account statement from an account open in your name

As long as you have these items, you can easily start the approval process for installment loans. You can get approved quickly to fund surprise emergency costs.

5. Quick Approval Process

You can receive installment loan approval the same day you apply. Our process has just a few quick steps that you can start at home. You can apply for an installment loan with our quick online loan form before getting approved in person.

Here are the steps for getting approved for a signature installment loan in Wisconsin:

• Submit an online contact form with your basic information (full name, zip code, email address, and phone number)
• Answer a phone call from a loan specialist to discuss installment loan details
• Bring your required items to a Wisconsin store location for verification
• If approved, sign the loan agreement to complete the process
• Receive your emergency cash later that day or by the next business day

Pros And Cons Of Signature Installment Loans

We have discussed some of the pros of signature installment loans: fast approval, simple requirements, no collateral, and access to emergency funds with bad credit. However, it’s important to understand some of the downsides of installment loan options for poor credit to inform your decision-making.

Here are some cons of installment loans:

• Lower loan amount for bad credit borrowers
• You need current income and a checking account to get approved
• You must repay the loan in fixed installment payments
• Long-term commitment
• Interest rates
• Late fees for missed payments

If these disadvantages aren’t a dealbreaker for you, personal installment loans for bad credit can help you afford emergency expenses quickly.

Signature Installment Loans FAQs

How much can you borrow with signature installment loans?

You can borrow up to $1,500 through installment loans in Wisconsin. The amount you qualify for depends on your ability to repay based on your income.

How long does approval take?

Filling out the online form takes less than five minutes. After a quick phone call, you can be approved in person at a Wisconsin store within 30 minutes. Once your loan is approved, you can get your emergency cash loan either the same day or by the next business day.

How much does each monthly payment cost?

The amount you pay each month depends on how much you borrow. Our loan specialist will negotiate the timeline and monthly payment with you to ensure you can afford repayment.

Get Installment Loans For Bad Credit – Borrow Up to $1,500 Today!

Ready to explore your installment loan options for bad credit? Contact Wisconsin Auto Title Loans, Inc. today or fill out our online inquiry form to get quick, accessible cash tailored to your needs. Apply for an installment online with our simple loan form, and you could get approved in person in less than 30 minutes!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.