Can I get an installment loan if I have bad credit?

Answer by  Skullwing (746)

It is possible, but the loan will be difficult to obtain in the first place, and very high interest once obtained. Depending on what the loan is for, it may be easier and cheaper to save the money over time for the item(s) you would be purchasing with the loan.

Answer by  carrots (156)

You can get a loan, but you will need to search. Your interest rate will be a lot higher. Start off small and pay back quickly.

Answer by  John (9008)

It is possible, but very difficult. You will probably either have to have a co-signer who has better credit or have some form of security (like a home or a vehicle) that you can pledge to ensure that the loan is repaid.

Answer by  jake341 (48)

Sure, lots of places will do an installment loan, as long as you're willing to go along with the terms, and agree to the collateral. Your time and money are probably better spent trying to repair your credit first however

Answer by  Travis404607 (3916)

This depends on where you apply. Some banks are more conservative than others. Of course, the more inquiries into your credit history, the more this affects the chances of getting a loan. You may want to consider trying to get a trusted person to co-sign the loan with you. That might make getting the loan a bit easier.

Answer by  cynosure (376)

Many companies will give you an installment loan. They will require you to pay a higher interest rate, and may collateralize the obligation, but will loan to you.