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How Can I Borrow $1000 Installment Loan For 90 Days?

Are you looking for a $1000 dollars loan today but are afraid if your bad credit history will prevent you from getting approved? It's a known fact that people with low 550 credit scores will find it almost impossible to apply successfully for a 90 day installment loan from banks and financial institutions but it does not mean that you cannot get help elsewhere. As a matter of fact, there are numerous non-bank lenders you can turn to for your credit needs and in this article, we take a look at these private installment loan lenders that give small loans for people with bad credit, how they work and whether it is feasible for you to use them.

For people with low credit score (below 500), you are considered as too risky for mainstream lenders. Thus it can be extremely tough to try and get credit from banks or high-street financial institutions. Banks are tightening their lending criteria and even if you have a fair credit score between the 580-620 range, you are also considered to pose moderate lending risk at some places.

If you have bad credit or no credit history, a better solution lies with state licensed finance companies that provide short-term installment loans with no hidden fees. These non-bank loan lenders advertise themselves as being able to offer you a high risk cash loan even if you have bad credit and despite the costs associated with such lending, they are very popular with consumers.

These online loan providers usually provide temporary financing and the term 'instant decision cash loan' is becoming a catch-all phrase encompassing these short-term loans that are accessible to people with no credit history. A short term unsecured loan, is basically a loan against your next paycheck and most installment loans are available in relatively small amounts to limit the lenders' risk exposure. As an example, if I need to borrow $1000 dollars and pay over 90 days, I can apply for a temporary installment loan. Usually the money will be transferred to my bank account immediately and I can pay back after I get my next salary.

Collateral is not required for borrowing money from installment loan lenders but because they are income-based lending, applicants need to provide employment information and their paycheck. Common lending criteria from online loan companies include a minimum monthly salary of $1500 dollars, steady employment or income, and you have no outstanding unsecured debts.

From my observations, most US installment loan companies also preferred that your salary is paid through direct deposit to your bank account. This is to ensure that they can debit the money directly from your bank account when your repayment date is due.

Going into their financing fees, unsecured installment loan companies are generally high-cost. The interest rate is higher than what you are paying on your mortgage or auto loan. The typical fees are around $20 for every $100 you borrowed for a 90 day loan. While critics are quick to paint them as modern day cash loansharks, a sense of perspective is appreciated given the fact that these legitimate installment loan lenders are providing credit to risky borrowers without the requirement of collateral when nobody else would bother.

With a legitimate no dishonest cost installment loan that you can apply with bad credit history, it is possible for anyone to borrow money online and pay over a few months. If you need to borrow 1,000 dollars for 90 days, get in touch now using our application form for free loan quotes.