Jonah JacobsHere’s a common problem that many people face. In fact, according to statistics, over 12 million people have faced it in the past: You have bad credit, and you need a loan to help pay for an emergency.
Since family and friends can’t help, you turn to other avenues. But since you have that bad credit, most lenders aren’t willing to work with you. Where do you end up? Applying for a payday loan. And even though it gets you that cash you need, it comes with issues that can do more harm than good.
We’ll discuss why a traditional payday loan isn’t your best bet if you need up to $500. And we’ll reveal the better alternative that offers more benefits than just fast funding.
Why You Should Apply For an Installment Loan
1. You have bad credit.
Why do lenders check credit before handing over cash? Because they want to ensure that you’ll pay them back. Unfortunately, bad credit can be a sign to a creditor that they may have issues collecting, which is why you may have trouble getting a loan with a low credit score.
An installment loan from a company like Possible Finance can approve you for up to $500 even if you have bad credit. How? Because they do not check your credit in the first place.
2. You need cash fast.
If your rent is due or your utility company is about to shut your lights off, you don’t have the luxury of waiting until your next paycheck. You need quick cash to cover your emergency, which is what an installment loan can give you.
Apply with possible finance for an installment loan, and you could get up to $500 in a matter of minutes.
3. You don’t want to go deeper into debt.
Getting a payday loan can be a lot more trouble than it’s worth. With interest rates up to 400 percent, you may regret getting that loan later on when you find yourself in a deep financial hole trying to pay it back.
Do installment loans charge interest? Of course, they do, as they are loans. But the interest rates are lower than those of payday loans, which makes them less of a risk.
4. You need more time to pay.
A payday loan isn’t just expensive. It also requires faster repayment, so you may have to pay yours back as soon as you get your next paycheck. You can avoid this stress by applying for an installment loan that can be paid back in two months.
5. You want to build your credit.
Your credit won’t fix itself, as you’ll need to make moves to increase your score. Since installment loans are paid over two months, and they’re reported to the three credit bureaus, you can use them to build your credit as well.
How to Apply For an Installment Loan
If you’re interested in applying for up to a $500 installment loan, visit Possible Finance now. You can learn how to apply in some straightforward steps and see how much interest to expect before making an informed decision.
