If you have bad credit and are worried that you won’t be able to find the right loan option, don’t worry. When it comes to bad credit installment loans in Missouri, there are options available for you to still get the cash you need. Life brings unexpected events that put us in financial binds, so we have a comprehensive guide on what you should look for when seeking bad credit loans.
Getting a Missouri Loan with Bad Credit: Your Options
Whether your loved one is in the hospital or your home has been damaged, finding the right loan option can give you the security you need. There are four key factors you should consider when trying to establish yourself on more solid ground and while looking into lenders.
1. Find a Co-signer
If you have close friends or family members who have good credit, ask them to be your co-signer. Not only will you seem more attractive, or lower risk, to lenders, but you will also receive a loan with a lower interest rate, fees, and/or a flexible repayment schedule.
2. Establish a Budget
Since you will be making loan repayments, take the right steps and establish a day-to-day budget. Not only will this help you save money, but it will also assist you in paying back your loans on time. Not to mention, it can help you pay more than the minimum balance and shorten your debt life.
You don’t want to find yourself unable to pay your loan and drown in high-interest fees. Lay out all of your expenses and income on a spreadsheet. Pick a few options that you can cut down or even omit to help alleviate some of your financial burdens. Even small changes can fuel large results.
3. Take Caution
There are plenty of loan options out there, so it’s important to know the types of loans that may not be the greatest option for you in Missouri. Take caution when looking into the following loans:
- Payday Loans. These short-term loans have high interest rates and a strict payment schedule. As a result, many people find themselves stuck in a repeated cycle of payday loan debt. You should only take out payday loans if you know you will be able to pay them off right away.
- Title Loans. Title loans require assets as collateral. The most common type is a car title loan where you pledge the title to your car in exchange for a loan. Title loans carry very high fees, so not only are they difficult to pay off, but you can very well lose your vehicle and/or other assets. According to a 2016 Consumer Financial Protection Bureau, 1 in 5 title loan borrowers have their vehicle repossessed.
4. Consider Missouri Online Lenders
Even with bad credit, you can apply for personal and installment loans from Missouri online lenders. Not only are these loans cheaper than payday loans, but you can also pay them off over a predetermined number of payments. You also do not need to pledge the title to any of your belongings.
Missouri lenders do carry critical components, so it’s important to understand how to properly navigate the ins and outs of the journey. Take a look at the breakdown of Missouri loans with bad credit.
Terms and Rates for Personal Loans with Bad Credit in Missouri
Just because you have bad credit doesn’t mean that there is only one option available to you. Personal and installment loans carry various terms and rates across all Missouri lenders. With these choices, it’s crucial to understand the right elements and make educated decisions that work for your situation.
Most people look at loans offered by local banks and online lenders. If you have bad credit, online lenders can provide what you need, as most do not check your credit score. At Lift Credit, we do not check your FICO® Credit Score.
While you’re shopping around for personal loans with bad credit in Missouri, be sure to look and ask the following key questions:
1.How Much Can They Provide?
Lenders have different minimum and maximum amounts that they are willing to lend. So, make sure that you find a Missouri lender that can provide you with the money that you need.
Also, be sure to borrow the least amount that is required. You don’t want to compromise your financial goals by paying a high amount of interest in the long run. Set yourself up for success!
At Lift Credit, we offer loan amounts from $100 to $2,500. Not only can we provide you cash within the next business day.
2. What Do the Repayment Terms Look Like?
As personal and installment loans are repaid over time, look at the time frames that lenders offer to pay back your loan. Consider your circumstances as well in order to make realistic decisions that will allow you to pay everything on time.
Payment most often comprises a small amount of the principal plus interest. Remember, any missed payment will only increase your interest and make repayment more difficult. Lift Credit Missouri offers repayment terms for 3 to 12 months.
3. What Do Monthly Payments Look Like?
Payments are usually done on a weekly or biweekly basis and aligned with your payday schedule. Look into their payment plans to ensure you can meet their standards. Lift Credit’s friendly customer service team will create a customized repayment plan that works for you in Missouri.
4. What are the APR Rates?
Another reason to research lenders’ repayment plans is their APR, or annual percentage rate. This is a critical component when comparing loans. Often expressed as a percentage, these rates include the loan interest and any added fees that will be added to your repayment amount.
A lender that offers a lower APR than another means that they require fewer upfront fees and offer a better deal. At Lift Credit Missouri, we offer declining rates if you pay your loans on time.
Shopping for a Missouri loan with bad credit doesn’t have to be hard. You have options available, and lenders like Lift Credit can quickly get you set up with the cash you need through their convenient online platform. Use our tips above to make the right decision!
Apply with Us
Don’t let bad credit get you down. Lift Credit is here to give you the cash you need for those unexpected life events. We provide customized repayment plans that will help keep you on track. Learn more and apply with us today.