If you need a 1500 loan today for some personal expenses, you may be wondering what type of loans are available and cheapest for you. Well when your credit score is higher and above 720, you pretty much qualify for any installment loans. Even with a low score, there are lenders you get approval on the same day. Though the borrowing costs in terms of APR is higher compared to other loan options, its advantage is you get approved easily and the money is available in your checking account quickly. By borrowing less when you have bad credit, the fees are still reasonable and you are able to pay it off quickly and on schedule.
Where Can I Borrow Legitimate Online Installment Loans?
We strongly recommend you take a same day installment loan only for situations that can become very costly in case you are not able to borrow the money for it. For example, an emergency car repair that can cost your job if you do not settle it fast. A 1500 loan for bad credit will cost at least 1700 dollars by paying back within 2 to 4 weeks. But when you take several months to pay back via smaller installments, the overall fees are higher. That is very easy to calculate whether the loan fees are worthy or not. Do note that there are additional fees in the event your payments are late.
If you need to borrow 1500 installment loans today but have poor credit, arrange for a 60 day payment period or longer as required by your situation. Be conservative with your estimates, so that you can avoid late payment fees. On the other hand, when you are recently unemployed and thinking of getting a payday cash advance, make sure you quickly get a job or some income. Do not let such unsecured loans accumulate interest with no payments made. They can snowball and get big real fast.
Direct Installment Loan Lenders Online
Online installment lenders provide direct deposit loans with longer payback periods (eg, 60 days or longer) while keeping the interest rates low. The maximum amount you can borrow depends on their risk assessment, but even a partial loan can help you make ends meet and avoid the more expensive consequences. For example, the regulations in some states will disallow lenders from making payday loans above $1000 even with very good credit. While this may sound restrictive, you actually get consumer protection as the loan APR are also kept to a legal upper limit.
Short term installment loans are usually offered with 3 month term and in some places, may be extended for another month depending when is your pay date. The entire borrowed amount, fees and interest must be paid in full. For larger loans, you can also choose a 12 month installment loan where you take a longer time to pay it back. Just remember that when you take a high interest loan, time and interest rates are not your friends.
Where To Get 1500 Dollar Installment Loans Fast
Looking at how to borrow a 1500 installment loan fast for your business needs? What are the available options for you in getting approved with no collateral needed? 1500 loans with bad credit are no small sums and whenever you want one urgently, there are a few things that you should be aware of. Obviously an installment loan works differently from a small cash advance you easily find from a payday loan lender.
The best way to get an interest free loan is from friends and family. I never ask for fees when friends asked me for financial help, hopefully they do the same for me when the time comes. You can write a personal promissory note which is a legal agreement to pay back the borrowed money. Surely, your family members will not do a credit check before lending you money although they may already know your financial situation pretty well. That said, do not drag on the payment or your reputation may suffer.
Other Ways to Borrow Installment Loans For Bad Credit
Do you have a credit card and do you know of its cash advance facility? You are allow to withdraw a percentage of your credit limit directly from the ATM, but do note that there is no grace period for such balance compared to charging your spending to the card. It is a very convenient way to borrow money quickly, but maybe too convenient according to what people with a lot of debts claim.
Do you possess any items of good value? You can use it as collateral for a pawnshop loan. For example, gold or silver jewelry, expensive watches etc will easily qualify for a pawnbroker loan. There is no difficult credit check required and you may borrow up to 50% of your collateral’s value.
Are your purpose for the money meant to purchase some goods? Try asking the store if they can extend some funds to you. Some merchants are willing to do so in order to make sales, and the borrowing terms may be more attractive compared to taking an installment loan. After all, there is no harm asking.
Even when you get offers for easy to get installment loans, it does not mean you should go ahead and borrow money recklessly. A long term installment loan for bad credit comes with high costs and you may end up losing on the deal. As you see above, it is possible to source for loans from many places for any purpose. Do avoid taking these on a whim for non-essential purchases, as these will only benefit you in real financial problems. Make sure you have money to pay back every scheduled payment, such as working overtime to earn some extra cash.
On the other hand, after you realize it is very difficult to pay back a bad credit loan given your current income, then it may be true that you are not suitable for these fast installment loans. These are some available options if you are wary of borrowing money from non bank lenders for people with unknown credit because you think these are loansharks. Try working out new payment plans with your existing creditors instead of paying one loan with another. Show them your monthly income and leftover budget to convince them you are trying your best to meet the repayments. The short term solution is try to sell something or get a pawn shop loan instead. Meanwhile try to fix your credit score and do some weekend or evening jobs for more income. Having some savings for unexpected expenses beats having to borrow 1500 installment loans with bad credit, because you save on the loan fees.