The problem with solely relying on banks and credit unions for financing is that many of them are often hesitant to approve loans to clients that have a less-than-stellar credit history. And the unfortunate reality is that most of them fail to consider that having a low credit score may not even be a result of a circumstance within their control.
However, this doesn’t stop unexpected emergencies from popping up, as sometimes a run of bad luck can hit through no fault of your own. No matter how well you put your budget together, a sudden car repair or trip to the hospital can derail you financially, especially if you are living paycheck to paycheck.
In such situations, you will need to be able to access a line of credit when most other traditional avenues are closed to you. This is where an installment loans broker like USInstallmentLoans comes in.
What Does USInstallmentLoans Do For Borrowers?
USInstallmentLoans is not a direct lender. Instead, it is an online platform that allows borrowers to instantly connect with a large number of legitimate and licensed loan providers.
In this respect, the service effectively acts as an intermediary that makes it easy for consumers to find and access various loans. Some of these lines of credit include payday loans, installment loans, bad credit loans, and more.
According to Owen Wilcox, the co-founder of USInstallmentLoans, “With over 100 lenders within our network, we are dedicated to helping borrowers find a clear path to financial assistance, even if their credit score is at a less than ideal level.”
With USInstallmentLoans, borrowers can access funding as high as $35,000, with the entire application process being fast-paced and handled entirely online. On top of that, the service is completely free to use, and the eligibility requirements are quite lax compared to most traditional lenders.
All you need to get started is to be over the age of 18, a US citizen, and have a stable income source as well as an active bank account.
Step-By-Step Process of Applying via USInstallmentLoans
USInstallmentLoans is fairly easy-to-use and navigate, making it well-suited for first-time borrowers who have little to no experience borrowing loans online. The steps are as follows:
Step 1: Submit Your Loan Request
The first thing that you need to do is go over to the USInstallmentLoans home page and select the loan amount that you want to borrow.
From there, you will be directed to a pre-approval form that you will need to fill out using your personal and financial details. These will usually include information like your name, address, contact info, social security number, bank account details, credit score, employment info, income level, etc.
This information is necessary as it is what their partner lenders use to evaluate your application and make a decision on whether or not to approve your loan request.
Step 2: Review Loan Offers
Once you submit the form, the platform will take your information and run it through its algorithm, which is designed to match you with a lender that is prepared to provide you with the funding you need. And the benefit of this is that it only matches you with lenders that are likely to approve your loan request, which spares you a lot of time and makes the loan approval process easier.
This will usually only take a few minutes, and it should present you with a list of loan offers from lenders that will approve your loan request. Each offer comes with its own lending rates and terms, so you will be able to compare them to find the one that best fits your budget and needs.
Step 3: Accept The Loan
If you decide to accept a loan offer, you should make sure that you read and re-read through the fine print of the loan agreement to avoid any surprises. For instance, some lenders may charge a pre-payment penalty for repaying your loan early, so keep that in mind.
Once you are satisfied that everything is in order, you only need to e-sign the loan agreement, and the lender will start to process your funds. In most cases, the funds will be deposited in your account within 24 hours, but this can vary depending on your bank’s processing times.
Why Use USInstallmentLoans?
USInstallmentLoans offers consumers a wide range of benefits that give it an advantage over most other online lending sites. Some of the main aspects worth commending include:
#1. 100% Free to Use
USInstallmentLoans does not charge borrowers any hidden fees or charges to use its service. The platform doesn’t even require you to sign up for an account.
Instead, you have complete access to a credit service that instantly links you with lenders in minutes. This is because the company only charges its partner lenders a commission whenever a successful loan agreement is made via their platform.
#2. Speedy Application Process
USInstallmentLoans’ loan application process only takes a few minutes to complete, which makes it a great choice for borrowers that are looking for urgent funding. You also don’t need to worry about having to wait long for a decision on your loan request.
In addition, there’s no lengthy paperwork that you need to submit, either. All you need to do is submit a few basic bits of information to get started, and you will be on your way to a quick financial fix.
#3. Instant Loan Comparison
Instead of having to go from one loan provider’s site to the next looking for the ideal rates and terms, USInstallmentLoans makes it easy for borrowers to compare loans instantly.
This way, if the first lender doesn’t offer you a favorable rate or good repayment terms, you can move on to the next one, thereby saving you a lot of time and effort in the process. Plus, it increases the likelihood of you being able to secure yourself the best annual percentage rate (APR) with the most flexible terms possible.
What Do We Dislike About USInstallmentLoans?
If you happen to have a bad credit score, the good news is that USInstallmentLoans’ partner lenders will still be open to accepting your loan request.
However, the downside is that they will likely charge high interest rates and short repayment terms, which can mean dealing with higher monthly payments. It is for this reason that you should always review any loan offers in detail to avoid accepting a loan that you will struggle to repay.
USInstallmentLoans offers a simple and straightforward loan application process that is completely free and allows borrowers to instantly compare and contrast different loan options.
They also have strict privacy and data security policies, which ensure that any information you submit on the platform remains confidential and secure.
And when you take into account that it is accessible to borrowers of all credit types, then it’s easy to see why it is regarded as the leading credit broker for installment loans online.
All in all, it’s safe to say that you have nothing to lose by giving the platform a chance, especially if you are unable to secure approval from a bank or credit union.
Just make sure to only accept loan offers that you can afford to repay on time; otherwise, you risk putting your financial health and credit rating in jeopardy.