High Risk Installment Loans
Options for high-risk installment loans have decreased in recent years, but there are still alternatives available for credit-challenged borrowers hoping to get extra cash, a vehicle, a college education or a home. Qualification through steady income is even more important for bad-credit borrowers.
Other People Are Reading
-
Auto Loans
-
Most car dealers and banks will issue high-risk installment loans to people with at least a $1,000 cash down and a stable job. Failure to pay this type of loan will result in repossession of the vehicle.
Mortgages
-
Qualifying for a mortgage is always difficult but more challenging for those needing high-risk installment loans. Proof of income and banking-account statements are required, as is a down payment of 5 percent to 20 percent of the purchase price.
-
Student Loans
-
The U.S. government will issue installment loans, payable once the borrower leaves or finishes college, to people without a credit check. The applicant must intend to go to an accredited college at least half time and must fill out a Free Application for Federal Student Aid (see Resources).
Finance Companies
-
Finance companies still specialize in high-risk installment loans, though the number has declined in recent years. American General Financial Services (see Resources) is one of the lenders that issues personal loans to some people with bad credit and stable jobs.
Credit Unions
-
Credit unions are a valuable method of securing high-risk installment loans. Those wishing to get a credit-union loan might need to use collateral, such as a savings account, retirement account,or certificate of deposit.
-
