These loans are not the same as payday loans while installment loans for bad credit may have higher rates and less-borrower-friendly terms. HereвЂ™s exactly just how installment loans for bad credit and extremely short-term payday advances vary.
Beware: Some lenders of short-term loans may blur the lines between an installment loan and a cash advance. As an example, you may see вЂњinstallment loansвЂќ marketed for a small amount with payment terms which range from anyone to 12 installments and APRs since high as 749%. And both on line installment loan companies and payday lenders may guarantee distribution of funds regarding the next working day.
Then when searching for a loan, donвЂ™t just concentrate on how a lender labels it look that is at the APR and payment terms to learn exactly what type of loan youвЂ™re getting and when itвЂ™s right for you personally.
Eligibility for installment loans for bad credit
Eligibility needs for installment loans for bad credit differ by loan provider. YouвЂ™ll frequently need certainly to offer at the very least the following:
- Your name
- Your age and evidence of identification
- Your Personal Protection quantity personal loans kansas
- Information about your earnings