Unexpected events come up in life that put us in tight financial situations. If you have bad credit, you might be worried that you won’t be able to take out a loan. But don’t worry, there are possibilities for you in Wisconsin. Lift Credit can provide you with the quick cash you need through our convenient online application

Taking out a loan requires research and planning. Just because there are several options out there does not mean they are all great choices. So, in order to launch a smart financial plan, take a look at this valuable information about key factors and options for Wisconsin loans with bad credit

Finding the Right Resources for Bad Credit Installment Loans in Wisconsin

Just because you have poor credit in Wisconsin doesn’t necessarily mean you will automatically have a difficult road ahead of you. With the right knowledge and resources, you can put together a realistic plan that will work for you. Be sure to consider the following key options while finding loans in Wisconsin.

Co-signers 

Co-signers are people who agree to be legally responsible for paying back a debt if you, the borrower, cannot pay. They are a great resource for individuals with bad credit. Co-signers should be people who have good credit and a steady income. 

By applying for a loan with a co-signer, not only will lenders be more likely to approve you for a loan, but you’ll also have lower interest rates and a more flexible loan repayment period. If you have family or close friends you trust who have good credit, consider asking them to be your co-signer. 

Credit Counseling

Wisconsin offers credit counseling to help you increase your credit score by working out a repayment plan and creating a workable budget. They focus on providing you with the necessary strategies to set you up for long-term financial success. 

Though many credit counseling organizations are nonprofit, they may charge hidden fees, so be sure to find an organization that offers in-person counseling. That way, you can easily get access to the resources you need and be able to discuss all of the logistical details in-person. Also, you’ll get a point-person with whom you will be able to establish a relationship with. 

Credit Unions

Not only do credit unions provide credit counseling, but often, loan services do as well. Credit unions are institutions that are created and owned by their members—the people who use their services. In order to become a member, you must open a nominal account with them. And as a member, you can have a vote in decisions surrounding the union. 

Seeking personal loans with bad credit in Wisconsin as a credit union member provides great benefits such as lower interest rates and more flexible terms. Because they are not-for-profit, they are not concerned with making money from borrowers like traditional banks. They are more willing to accept riskier borrowers, so if you have a low credit score, this is a good option to consider. 

Installment Loans

Personal or installment loans provide more flexibility, especially when it comes to repayment periods and interest rates. With installment loans, you repay your loan over a certain time period with a set number of payments. 

Some lenders provide loans at an incredibly high APR or require steep monthly payment rates, such as payday loans. So be sure to understand all the terms and conditions prior to signing. 

At Lift Credit, our friendly customer support staff guides you through bad credit loans by creating a customized repayment schedule that works for you. Better yet, we offer rewards where you receive declining rates for payments that are paid on time. 

Personal Loans with Bad Credit in Wisconsin: Know the Facts

Understanding how loan terms work is vital in taking out bad credit loans. Carefully compare rates and terms to find the most affordable lender who is willing to work with you. This will help give you an idea of what your debt-to-income ratio will be to know whether you’ll be able to stay on track. There are four components that you should look for when researching bad credit installment loans in Wisconsin:

  1. Loan Amount

Lenders across Wisconsin offer different loan amounts. Commit to a lender who can offer you exactly the amount you need—nothing more. Be sure to borrow the least amount of money you can to avoid having to pay back more than you should.

  1. APR 

Look at how much APR, or annual percentage rate, the lenders charge. APR is a yearly percentage of your interest rate. A lower percentage means less interest and fees you will have to pay. Do your research and compare rates across various lenders. You might also want to compare rates with a co-signer as well to see how much you can save. 

  1. Repayment Terms

So you have the money you need, what happens next? Repayment entails the following two components: 

 

  • Repayment period. Lenders have an established timeline in which you must pay back your loan. For example, Lift Credit offers borrowers 3 to 12 months to pay them back. You want to make sure that you go with a lender that offers a flexible repayment period.
  • Monthly payments. Lenders usually set a fixed monthly rate for each payment. Some even do it on a weekly or biweekly basis, so figure out a timeline that works for you and find a lender that can match your needs.
  1. Requirements

There are also several other types of requirements, so be sure to look into these to ensure you can get the services you need. At Lift Credit, some of the main requirements for taking out a personal loan with bad credit in Wisconsin are:

  • You must be at least 18 years old to apply for a loan. 
  • You must be a Wisconsin resident and show proof of residence and income. 
  • You must have a monthly net income of at least $1300.
  • You must have been employed at your current job for at least three months or longer.

By understanding the right options and establishing a plan, you can set yourself up for financial success with bad credit installment loans in Wisconsin

Apply with Us Today

Here at Lift Credit, we understand that sometimes people need assistance in getting back on track. As a reliable online lender, you can count on us to bring you the service and resources you need to carve out a successful financial future for yourself. Don’t let bad credit get you down and apply with us today!