Guaranteed Installment Loans
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Guaranteed installment loans are one of the most common types of borrowings you’ll hear about. They’re a great option for people who need a short-term loan to cover some unforeseen expenses. Installment loans come in a variety of flavors, so it’s important to understand what’s guaranteed and what isn’t before you decide which one is right for you. Explore the basics of guaranteed installment financial assistance and help you make an informed decision.
What Are Guaranteed Installment Loans?
Guaranteed installments loans are flexible outlets from cooperation that allow installment repayment at certain times. They are not the one-time pay up deal with a big massive return on the borrowed money. Instead, there is an agreed fixed schedule provided at the advantage of the borrower. The cooperation can either be personal or a commercial outlet set up for the very aim. Some attributes of guaranteed installment cash assistance:
- Guaranteed installments loans work with fixed schedules
These schedules are provided by the lender and the borrower is free to choose from a range of options (timing) that will be comfortable.
- Guaranteed installments loans are accorded various fixed rates of interest.
- These installment paybacks are a summation of the principal borrowed, along with the rate of interest placed on it.
- The installment pay is constant throughout the repayment of guaranteed installments loans.
There are various reasons for guaranteed installments loans. There isn’t a broad definition to fit all the reasons why humans keep running into debts but here are the major reasons why these companies such as a mortgage, auto loans and student loans are set up. Such financial help is significant to the existence of an evolving society. Out of these options, the guaranteed installment cash assistance can either be secured or not.
- Secured guaranteed installments loans are identified with collaterals. Mortgage loans and vehicle loans are normally under these installment plans.
- Unsecured guaranteed installments loans are attributed to trust transactions and given on creditworthiness accessed by a credit score.
Installment plans make use of credit scores as prerequisites for borrowers. The credit score is based on the credit history of a borrower and it ranges from 300 to 850 from the measure of the FICO scoring system. A fair credit score ranges from 580. Credit scores below 600 are disadvantageous to the borrower as it attracts bigger rates to compensate for the risks.
Top Choices for Guaranteed Installment Loans
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CASHUSA
Cash USA is an online company that offer guaranteed cash assistance with its headquarter situated in Las Vegas, United State. They are the top-rated for bad credit, loaning as far as $10,000. Their services are quick as the borrower is required to fill a prequalification form and when this is cleared, a guaranteed installment loan comes quickly.
Loan Range: | $500-$10000 |
Interest Rate: | 5.99-35.99% (it varies) |
Loan Tenure: | 1-3 years |
Payment method allowed: | All types of credit card allowed |
Deposit method: | Deposited in bank account |
Time to get approved: | A day to few minutes |
Legibility: | 18 years and above
U.S citizen or permanent resident Employed at least 90 days Meets income minimum specific requirement |
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UPGRADE
Upgrade has a 5.0-star recommendation from over four thousand users. Their credit scores provide a wide opportunity for U.S citizens with a wide loan range of $1,000-$50,000, including guaranteed installment loans. The company is San-Francisco based and operates its services online with easy and credible accessible steps for guaranteed installment loan services. Co-applicants are encouraged with the lower cheap rates on guaranteed installment loans. The downside to Upgrade is the origination fees ranging from 2.9-8% on the guaranteed installment loans received but it has a fair credit score of 560. These origination fees are deducted from the guaranteed installment loan funds at first received but there are lenders who cut through the process of origination fees. Upgrade guaranteed installment loans are also limited as it isn’t used to fund investments or school loans. A quick tip: Upgrade is preferable for guaranteed installment loans that are quick to pay off.
Loan Range: | $1000 – $50000 |
Interest Rate: | 5.94% – 35.47% |
Loan Tenure: | 2-6 years |
Payment method allowed: | All types of credit card allowed |
Deposit method: | Deposited in bank account |
Time to get approved: | A business day |
Legibility: | 18 years and above
U.S citizen or permanent resident Employed at least 90 days Meets credit scores Requires income verification documents |
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BILLS HAPPENS
This company loan is quite limited with the biggest range of $5,000 but with a flexible interest rate on guaranteed installment loans. The credits accessible through this medium are personal loans (i.e. medical bills, electricity). Borrowers with bad credit scores are encouraged to apply for guaranteed installment loans, and the community provides a lender that accommodates these scores. It is safe to say that any credit score is allowed.
Loan Range: | $500- $5000 |
Interest Rate: | No fixed rate |
Loan Tenure: | Varies |
Payment method allowed: | All types of credit card allowed |
Deposit method: | Deposited in bank account |
Time to get approved: | Within a minute to 24 hours |
Legibility: | 18 years and above
U.S citizen or permanent resident Employed or self-employed Any credit score SSN and Driver’s license |
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UPSTART
Not to be confused with Upgrade, Upstart has a range similar to Upgrade. Unlike Upgrade though, it has no credit score for its guaranteed installment loans. Upstart is quite favourable to newcomers to the loan market. However, it makes use of origination fees and has very limited payment options.
Loan Range: | $1000 – $50,000 |
Interest Rate: | 5.42% – 35.99% |
Loan Tenure: | 3-5 years |
Payment method allowed: | All types of credit card allowed |
Deposit method: | Deposited in bank account |
Time to get approved: | A business day |
Legibility: | 18 years and above
U.S citizen or permanent resident Employed with an average income of $2000 |
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PERSONAL LOANS
This platform provides a close range to Upgrade. You are allowed to request a guatanteed installment loan from any of the fifty states in the USA. It isn’t selective on credit types and the uses but provides quick funding and approval. True to the name, it is meant to provide to the concerns of citizens throughout the states and scores nice reviews from customers. There is also no issue of bad credits. Hence, there is wide approval for guaranteed installment loans for most borrowers.
Loan Range: | $500- $35,000 |
Interest Rate: | 5.99% – 3.97% |
Loan Tenure: | 3 months to 6 years |
Payment method allowed: | All types of credit card allowed |
Deposit method: | Deposited in a bank account |
Time to get approved: | 1-5 business day |
Legibility: | 18 years and above
U.S citizen or permanent resident Employed or self-employed |
Factors to Consider When Choosing a Guaranteed Installment Loan
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Duration
Although there are long payment ranges, it won’t be quite wise to choose extremely long payment duration for the guaranteed installment loan. With longer duration comes longer interest rates and it’s quite unsettling when one realizes they are paying an overcompensated sum for the gueranteed installment loans.
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Income
Be aware of an income base to support the period of repayment of the guaranteed installment loan. Questions such as, will my income afford these interests? Would there be ‘frequent’ emergencies that cut across the budgets? Although these corporations are sworn to secrecy and privacy, the cost of a guaranteed installment loan would rather be too high for those who fall shorts of the payment requirements.
Online lending services provide great fixtures for bad credits instead of traditional banks. More so, these online communities provide networks with lenders that are accommodating of bad credits and also bad credit scores.
In Conclusion
There are a few benefits to using a guaranteed installment loan. First, you know exactly what you are paying each month, so with guaranteed installment loans there is no guesswork involved. Second, guaranteed installment cash assistance can be very affordable when compared to other types of loans. The interest rates for guaranteed installment loans are usually lower than other forms of borrowing. Finally, guaranteed installment loans are a great way to get the money you need without having to worry about your credit score.