You can go through all the circles of hell trying to build credit. Lenders don't want to approve you as your credit score is too low. A good idea may be to get a loan to increase your FICO score and build up a credit!

This can be frustrating. But there is good news. There are other ways to build your credit, including taking out an Installment Loan or a Personal Loan. But how does that help? What kind of loan works better? The answers to these questions you can get below.

What is an Installment Loan?

Installment loan is the exact amount of money to borrow. This amount is paid back for a certain number of months, plus interest. These can be private loans (such as mortgages) or federal loans (such as some student loans).

Installment loans can help build credit because you show financial responsibility when you pay them back on time. Full payment on time is a huge credit boost because the payment history is 35% of your FICO score.

Another plus is that installment loans have longer repayment periods. For example, if you rent your car, you can make monthly payments for about three to five years.

Is Installment Loan a good idea?

Although installment loans are easy to obtain, but don’t forget about the disadvantages. If you miss one payment, it will damage your credit report. So don't take this loan unless you don’t have a steady income to repay the loan every month.

Must know!
Always remember about the interest when you’re paying back your installment loan!

For example, you take a loan of $ 1,000. The interest rate is 15.00%, maturity period is one year. Your monthly payments will be about $ 95. You’ll pay $1,150 in total. So you spend an extra $ 150 to borrow $ 1,000.

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What is a Personal Loan?

A Personal Loan can be a type of installment loan. You can take out a personal loan from a bank, credit union or other lender. You will pay back this loan with interest for a certain number of months. This type of loan you can use for almost anything.

For example, you need to pay off a big part of debt, taking a personal Installment Loan. With a Personal Loan, you’ll pay less in interest.

You should also be aware of the existence of a Personal Loan with one payment. That is, you take a lump sum of money and repay it all at once with interest included.

Is Personal Loan a bad idea?

If you are fast paying off debt with high interest personal loans are a great option for you. But they are not for everyone!

Payday Loan is a type of one-time payment Personal Loan. Before you take this loan, make sure you are able to repay the loan with interest during your next payday payment.

Getting a payday loan can put you deeper into a debt hole if you fail to pay off it on time at the end of the loan term. Not to lose your money compare the best lenders online with the cheapest rates.

TOP RATED COMPANIES

Rates last updated November 19th, 2019
4.3056633048875

LEND YOU

$1,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

17,5%
MIN MPR

The minimal percentage allowed that actually represents monthly cost of your loan. The MPR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, Unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

LendYou.com is the easy way to find the cash you need when you need it. You’re looking for cash to pay bills, to buy a car or maybe do some work around the house. LendYou.com has the lenders you're looking for. It's easy. It doesn't matter the size of the loan you're looking for… LendYou may be able to connect you with a lender that can help.

The loans you need, when you need them.   

4.3980848153215

Check Into Cash

$1,000
Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

Varied by state
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Check Into Cash makes it fast and easy for you to get the cash you need quickly. When you go to the website, you simply complete their online application in as little as five minutes and one of their representatives will call you to take you through their secure process. There are more than 700 Check Into Cash centers nationwide. They are a national leader in affordable short-term, small dollar credit solutions. They provide online payday loans, in-store cash advance, in-store title loans, check cashing and more.

4.3965517241379

Greenlight Cash

$1000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.

Varies by state
MIN MPR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

Unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Need a financial support? We’ll find you the money when you need it most! Greenlight Cash offers Online loans up to $5,000. Among other benefits are:

  • Any credit is welcome. Have less-than-perfect credit but still need a loan? It’s not a problem! Submit a request, and we’ll find a lender that will be willing to work with you.
  • Simple online process. No lines and no extra paperwork! It takes a few minutes to fill out our short online form, submit it and get a quick decision from a lender.
4.4281524926686

Loan By Phone

$1500
Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

260.71%
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Online cash advance is really quick, easy, and confidential with LoanByPhone. They offer Payday Loans, Installment Loans and Line of Credit for both good and bad credit score customers. An easy, online application that takes only minutes to complete will help you get the approval and necessary funds as soon as possible. LoanByPhone makes the loan process really easy and mobile. Ypu can apply on the go, get funds quickly, and manage your account, all from the device at your fingertips.

ONLINE COMPANIES

Rates last updated November 19th, 2019
4.3348623853211

Payday Loans USA .online

$1,000
MAX. loan amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

16,6%
MIN MPR

The minimal percentage allowed that actually represents the cost of your loan charged for a month. It's more important for the customer as mostly Payday loan are borrowed for a month term and paid off with the next paycheck.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Has life thrown you an unexpected financial curveball? Need a loan? Bad Credit?  Don’t look any further! PAYDAY LOANS USA .ONLINE is here for You. 100% online short-term Payday and unsecured Personal loans from some of the best direct lenders in the USA.

4.1714285714286

Your Faster Payday

$1,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

16,6%
MIN APR

The minimal percentage allowed that actually represents the cost of your loan borrowed for a month. It's more significant criterion than APR as mostly Payday loans are borrowed for 14-30 days until the next paycheck.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

How does YourFasterPayday.com work? You’re looking for cash to pay bills, to buy a car or maybe do some work around the house. YourFasterPayday.com has the lenders you're looking for. It's easy. It doesn't matter the size of the loan you're looking for... YourFasterPayday may be able to connect you with a lender that can help. Fill out the block above to get started.

4.2613636363636

Fast Holiday Loans

$1,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

200%
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Get cash for the holidays! Get a loan of up to $15,000 as soon as the next business day! Wrap Up the Holidays with up to $15,000 in Cash! This holiday season, get the cash you need. We’ll connect you with a lender who can provide up to $15,000 to take care of all of your holiday expenses!

Benefits:

  • Easy Online Application
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4.2798353909465

Bad Credit Loans

Available for Bad Credit

BadCreditLoans.com has been in the business of helping people since 1998. They make it simple for consumers to get the funds they are looking for online.

The company offers: 

  • Bad Credit Personal Loans
  • Bad Credit Business Loans
  • Bad Credit Credit Cards
  • Bad Credit Mortgage Loans
  • Bad Credit Home Loans
  • Bad Credit Student Loans
  • Bad Credit Auto Loans

Will an Installment Loan or Personal Loan help your credit?

Installment Loans and Personal Loans will help you build credit. This is a great way to improve your credit rating. Even if you had a bad credit score before. It can take three to six months to start building credit. But it can set a strong foundation for your credit report.

Personal loans are great for getting rid of big debt by eliminating or reducing accounts with high interest rates. You can consolidate your debt. This will allow you to receive one managed monthly payment with one low interest rate.

You can choose the best loan depending on your situation.

Must know!
Can an installment loan or personal loan help your credit when you want to build it up? Yes. The type of loan you choose should depend on where you are on your credit trip.
  • If you're at the beginning, a small installment loan can help you get on the right track. At this time you will make your payments every month. If you need to consolidate your debt or pay off high interest debts in a shorter period, you can take out a larger personal loan.
  • Always look at the fine print! It doesn't depend on which loan option you choose. View term limits, loan options, and lenders. As long as you are responsible and aware of your loans, you can build credit.

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  • Personal Loans $1,000 - $35,000