Approval for an installment loan with bad credit
If you are in need of a loan and you have bad credit, it may seem like you don’t have a lot of options. You may have applied for a loan in a traditional bank and been turned down due to your credit score. Most financial institutions do require a good credit score to take out a loan and you may be wondering “Can I get approved for an installment loan with bad credit?”
Can you get Approved?
The short answer is YES. Although most financial institutions want you to have a great credit score, some institutions like Wise Loan take other factors into consideration. Wise Loan does assess an applicants ability to pay back their loan in the application process but they do not solely look at credit score and often approve loans for applicants with lower credit scores.
Wise Loan also reports an applicants on-time payments to all of the credit bureaus. This means that after your loan is paid off, it will help improve the borrowers credit score or help the borrower establish a credit score if they simply don’t have enough credit to have a score.