When you’re in a rush to get the cash you need for an emergency between paychecks, it can be easy to overlook important details that will get you the best deal. Many people make the mistake of assuming that their bad credit means they can only secure loans with predatory interest rates, or worse yet, no loans at all.
We work with many different types of clients to help them meet their needs. That’s why we’re dedicated to helping you find affordable payday and installment loans that will ultimately help you build credit.
What to Look for in an Online Installment Loan
When you’re searching through bad credit installment loans, your options can feel extremely limited. Despite this, you can still find decent interest rates and services that will still get you the money you need. Consider these few points when trying to find an outstanding deal:
Decent APR
The competitiveness of a loan is expressed through its annual interest rate, or APR. When dealing with payday or short term installment loans, it’s not unusual to see this number jump up into the thousands. This is because the annual interest rate is calculated into a few weeks instead of a year.
If you’re not careful, you can find yourself stuck with a loan that has an APR that runs as high as 6,000%. At Wise Loans, our APRs range from 200% to 700% based on your credit so you can get fair interest rates.
Repayment Terms that Work for You
It can be easy to overlook the terms of a loan when you need cash fast. That’s why it’s so important to ensure that you give yourself enough time to pay back your loan. Short-term online installment loans are often meant to help you with big expenses in a small amount of time, so terms up to five weeks can be beneficial to you while setting lower interest rates.
No Hidden Fees
Some lenders hide extra fees that end up getting rolled into your loan. Always be sure to read the fine print and work with the lender to make sure you understand the payment plan. Late fees, among other penalties that may be less visible, can make taking out a loan a miserable process. That’s why we don’t have hidden fees in our processes at Wise Loan.
Building Credit with an Installment Loan
Credit is so important that it can feel like end-all, be-all for getting a loan when you need one. Because it’s a measure of how trustworthy you are as a client, the lower that score is, the higher the risk is for lenders to work with you.
Loans, when diligently paid off on time, can help you build credit for even better interest rates the next time you need one. While most lenders don’t report loans to the credit bureaus (until you miss a payment), we believe in helping clients build up their credit while they work with us. That’s why we ensure that your good-faith payments are reported so your credit score improves as you pay off your installment loan.
How Wise Loan is Different
We are dedicated to helping our clients get more than just the money they need. When you work with us, we’re happy to help you understand the terms of your loan, provide the money you need as quickly as possible and ultimately help you build credit so you can get even better deals the next time you need a loan.
Try applying for a loan today to see how we can help you!
The recommendations contained in this article are designed for informational purposes only. Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.
