Guaranteed Installment Loans Direct Lenders Only

Writer and editor - Joseph Smith | Updated on 2020-05-19
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Why are guaranteed installment loans direct lenders so hard to find?

When it comes to learning about guaranteed installment loans direct lenders only, this article covers it all. We will touch on the benefits, types, and considerations when shopping for loans. First, let’s clear up some misconceptions.

There is no such thing as a guaranteed installment loan. While some direct lenders come close because they have low approval standards, there is no way they can “guarantee” acceptance. For instance, lenders with loose requirements will probably reject people that cannot prove their income.

That said, installment loans are becoming increasingly popular. People can secure the money they need within a few hours without leaving home. Most lenders require a simple application and some financial details. Prospective borrowers will also have to put down collateral, such as a regular salary or personal property, to secure the loan.

Best “guaranteed” Installment Loans direct lenders and connectors

Loans Amount Cost / APR ? Bad Credit Features
CashUSA
$500 - $10,000
Individual rates
Bad credit allowed
Allowed
  • Loan terms start at 3 months.
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
Check Into Cash (Direct Lender)
$100 - $1,000 ?
Individual rates
Bad credit allowed
Allowed
  • Next-day deposit: In some cases ?
  • Medium approval rates ?
  • Time for decision: 1.5 min ?
QuickLoanLink (Personal loan) $300 - $35,000 APR:
Starting at 6.90% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 550
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
HonestLoans
$400 - $5,000
$30 - $750 ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
GazelleLoans
$300 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
LifeLoans (Personal loan) $500 - $40,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 5 years
  • Credit check type: Both ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
CreditLoan (Personal loan) $100 - $40,000 APR:
Starting at 5.34% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OppLoans (Direct Lender)
(Personal loan)
$1,000 - $5,000 APR:
Starting at 99.00% ?
Bad credit allowed
Allowed
  • Loan term 9 months to 3 years
  • Next-day deposit: In some cases ?
  • Low approval rates ?
  • Time for decision: 1.5 min ?
RubikLoan
$100 - $1,000
$1,000 - $5,000
$15 - $300 ?
APR from 6.9% ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
Personal Loans (Personal loan) $500 - $35,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 3 months to 6 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
BadCredit.com
$100 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OpenCashAdvance
$200 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?

About guaranteed installment loans

Installment loans involve borrowing a lump sum of money and paying the loan amounts back incrementally. People can borrow as much money as they need, up to a limit, unlike revolving credit. Revolving credit, like that for credit cards and business lines of credit, automatically renews after an individual pays off their debts.

The repayment on installment loans occurs over a fixed period. The payments are typically due at the end of the month, though the due date can vary based on the lender. Each payment is known as an installment, hence the name. Some examples of installment loans include mortgages and personal loans.

The benefit of direct lender installment loans for bad credit is that the repayment process is predictable. Borrowers can budget their payments while accounting for any unexpected changes. After making the final payment, the borrowers’ debt disappears.

Why are installment loans better than payday loans?

One of the benefits of an installment loan is that borrowers can obtain more money. When purchasing a home, the installment loan will be hundreds of thousands of dollars. Conversely, payday loans are relatively small and are typically $100 to $1,000 in value.

The higher cash value makes installment loans ideal for long-term financing. Whether investing in a home, car, or another significant product, people can purchase the item immediately and pay back the lender over time. Due to the extensive repayment period, the interest rate for installment loans is lower than for payday loans.

Furthermore, installment loans are easier to refinance. If borrowers want to obtain a better interest term and rate, the process is straightforward. While refinancing payday loans is possible, it is less common, and, in some states, it is not available.

How to check and improve your credit score

The first step to improving a credit score is to get a credit report. People can get a free copy of their credit report from the three major credit bureaus: TransUnion, Experian, and Equifax. Visit www.annualcreditreport.com or call 1 (877) 322-8228 for a free copy.

Next, correct any errors on the credit report. Credit bureaus have a legal obligation to investigate inaccuracies on the credit report. These errors can be detrimental to someone’s overall score, with common mistakes including misspelled names, misattributed credit accounts, and information from a former partner or spouse.

People should try to pay off any existing debt, whether that is from student loans, credit cards, or utility bills. Lenders value individuals who have minimal debt obligations. While it may not be possible to eliminate the debt, reducing the overall sum goes a long way toward improving their credit utilization ratio.

Is there anything like a monthly installment loan with no credit check?

Unfortunately there are no monthly installment loans no credit check direct lenders. However, even if a lender do some kind of credit check their requirement might be very low. Some only require a monthly income of $800 pre-tax.

Things to consider with installment loans

Installment loans let people pay off significant expenses in exchange for long-term debt. While the repayment process is incremental, missing a single payment can create more debt. That is why it’s critical to consider the terms and conditions before placing pen to paper.

Installment loans may have features similar to payday loans, such as higher interest rates and short repayment periods. People with poor credit histories may struggle under these conditions. Plus, a person’s credit score will go down even further if they default.

While installment loans are not inherently “good” or “bad,” people should take the time to consider all facets of the offer. For instance, interest rates can dictate how viable paying off a loan is in the given time period. Taking these factors into consideration means understanding how much a consumer will have to effectively pay to borrow money.

Summary: Guaranteed installment loans direct lenders only

The predictability of installment loans makes them a safer option than payday loans. People can even use them to consolidate debt into a single payment. The borrower’s finances and needs will dictate the conditions of the loan, as well as the potential offers.

There is no right way to go about finding a guaranteed installment loan for bad credit or a direct lender. That said, it is in the best interest of consumers to get quotes from multiple sources. While this process can be time intensive, it allows people to quickly compare and contrast rates, and even leverage one lender against another.

It is also critically important to understand the terms and conditions before signing. Make sure to agree with the offer that the direct lender has set forth to avoid any unwanted surprises later. Doing research online and checking out resources, such as the Better Business Bureau, can give people a meaningful insight into the credibility and trustworthiness of a company.

Joseph Smith

Joseph Smith
Writer and editor

Joseph Smith is an experienced freelance writer with over 11 years of experience. His area of expertise includes finance, loans and lending. His work has been featured on various large websites including this one.
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