The Best Secrets To Get Installment Loans For Bad Credit
Installment loans are unsecured, meaning collateral is not used during the approval process. As such, your credit does make a difference when getting approved. Even so, there are installment loans for bad credit. Although installment loans for bad credit do not guarantee you will be approved, they do provide an option for individuals with less than stellar credit.
To further increase your chances, there are some things you can do. With the tips and tricks below, you will have a better chance of getting approved for installment loans for bad credit. So, if you are interested in getting installment loans for bad credit, use this guide to help you learn some of the best secrets to get approved.
5 Tips When Applying For Installment Loans For Bad Credit
1. Understand Soft vs. Hard Credit Checks
There is a difference between how lenders run credit checks. Credit checks are typically called soft or hard checks. Soft credit inquiries do not hurt your score, but hard credit inquiries do. The more hard credit inquiries you run, the more damage will be done. If you already have a bad credit score, you don’t want to make the situation worse.
When it comes to installment loans, you have to choose a loan lender, like us at Texas Car Title and Payday Loan Services, Inc., that do soft credit checks to protect your credit score. This may not increase your chances of getting an installment loan, but it certainly won’t hurt you either.
2. Increase Income
When it comes to this loan from us, the main requirements are proof of income and your checking account statement. These items show how much you make, how much you spend, and how much you can pay back in the future. By increasing your income, you have better chances of getting approved for a higher amount of installment loans for bad credit as a result.
With a higher income, you will be able to front the prices more, making your credit score less of a risk. There are many ways that you can increase your income. Take up a side job or take on more hours. Side jobs are a great way to make extra cash and prove to lenders like us that you are a reliable borrower.
3. Improve Your Credit Score
While you are increasing your income, try to improve your credit score. Although improving your credit score will take some time, beginning the process now shows initiative and will help you in the long run. Make sure to pay off bills on time and try to lower your utilization rate.
You can also increase your credit score by diversifying your credit. In other words, don’t just have a mortgage or just have a credit card. Have a variety of credit that you’re paying back on time. This doesn’t mean that you should just open credit cards recklessly. Be strategic in what kind of ways you choose to diversify your credit. Make sure you are being responsible.
4. Have Everything Else Squared Away
Before talking to a lender of installment loans for bad credit like us, make sure you have everything ready to go and squared away. Double check on the requirements and make sure that you have everything you need. Having everything squared away shows responsibility and initiative. It doesn’t change your chances of approval, but it makes the process go a lot smoother.
5. Be Upfront When You Talk To Us
The last tip to follow is to simply be upfront with us. Even if you have bad credit, it’s worth discussing the matter and seeing what we can do for you. Although talking to us about your poor credit may seem scary or embarrassing, the worst we can say is no or discuss alternate options.
At our nearest Texas installment loan location, we will check your credit when you apply for installment loans for bad credit. Even so, we invite individuals with bad credit to contact us. Perfect credit is not required, and we respectfully explain our requirements where your credit score is concerned. Plus, we also offer you title loans or payday loans as well.
Where To Look For Installment Loans For Bad Credit
Texas Car Title and Payday Loan Services, Inc. provides installment loans for bad credit. Our installment loan amount can reach up to $1,500 if you are approved. Although we will run a credit check, we do not expect perfection. We welcome all inquiries, including inquiries concerning installment loans for bad credit.
To apply, you need your driver’s license or state-issued photo ID, a checking account statement from an active account in your name, and proof of income in the form of your most recent pay stub. Whenever you sit down with a team member, the process can take as little as half an hour. In the case that you are approved, we work diligently to get you the money on the same or next day.
Get Your Installment Loans For Bad Credit Today
Your credit score can put a serious downer on your loan prospects, but luckily there are installment loans for bad credit available. Texas Car Title and Payday Loan Services, Inc. offers these loan types to help you out. To learn more about our bad credit requirements, fill out the online form on our website to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.