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?”
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.
Having bad credit can make it difficult to take out a loan but it doesn’t necessarily mean you don’t qualify. Go to Wiseloan.com for more information.
We are not financial advisors and therefor are not giving any financial advise. Before implementing any of the tips on this website, please consult with a financial planner to ensure it makes sense for your individual financial situation.