The average American credit score sits around 675. However, many individuals are scoring below the average and are deemed to have a “bad” credit score of 650 or less. It’s unbelievably easy to fall into the low credit scores. A few past mistakes, such as large student loans or unpaid phone bills, can haunt you for a long time.
What Is an Installment Loan?
Unfortunately, many traditional lenders use your credit score as the most critical determiner of your eligibility for a loan. People with a score of 650 or less may not be able to acquire the money they need for new opportunities. Individuals are forced to miss out on real estate opportunities, home renovation projects, or business investments. As a result, alternative loan options have entered the marketplace for “bad credit borrowers.” One of the most popular options is installment loans for bad credit.
An installment loan is a loan that has a predetermined schedule for payments, ranging from 30 days to years. Installment loans, also known as hard money loans, are offered by private lenders.
Installment loans and payday loans are not the same things. Payday loans are short-term loans and carry exuberant interest charges. Its crucial individuals with poor credit understand that payday loans aren’t their only option. You don’t have to settle for uncomfortable interest rates.
How WildCat Lending Can Help
WildCat Lending is a hard money lender that provides individuals with a second chance. At WildCat, we understand that your credit score doesn’t define you. As lenders, Wildcat uses a different set of requirements to determine your eligibility. We take a closer look at the specificities of your financial situation. We then consider this information when deciding how much to award the client.
We understand that some things can’t wait. And, prolonging financial obligations only intensifies the punitive measures behind them. WildCat Lending believes everyone deserves to have options available to them.
Tips for Choosing a Hard Money Lender
Not all hard money loans are created equal. Make sure to compare rates with all the lenders you’re considering. As hard money lenders are private businesses, they can set their prices, and these rates will vary drastically.
Next, make sure to ask if any of the lenders offer ‘perks.’ Some lenders will provide features such as a contingency plan if you fall behind on payments or assistance with debt consolidation.
Lastly, ask for some references. A hard money lender that genuinely cares will have satisfied customers it can refer you to. Or, at the very least, some positive reviews online.
Pro Tip: Be sure to vet any loan sharks that may present themselves as “payday lenders.” A payday lender will frequently charge up to triple-digit rates for borrowing!
WildCat Lending Partners with Its Borrowers
WildCat Lending believes in partnering with its borrowers. Our customers are our business, and we know when we’re fair, customers will return. We want to encourage responsible borrowing that helps our customers rebuild their credit. After all, we position our borrowers in the best kind of debt: one that puts them on a consistent payment schedule.
And, we can prove we back our customers. We don’t charge exploitative interest rates on our loans. We’re comfortable our rates will win against the competition. We also personalize our perks to each borrower’s unique set of needs. Lastly, we never let customers borrow more than they should. We work with each customer to assess how much they need.
Stop letting the banks determine your worth. An installment loan can be the very thing you need to take the next step up in your life. Whether it will allow you to fix your car or purchase a home, you can start moving in the right direction.
Contact WildCat Lending to begin your application on for an installment loan. Let us help you without taking advantage of your needs.