If you are planning to borrow 4000 dollars and pay back by installments, knowing you have bad credit, the question as to where can I get monthly installment loans with a low fico score frequently gets asked. It used to be very difficult for people with bad borrowing-repayment history to secure a low rate personal installment loan as conventional lenders are less willing to offer easy financing for them. They will carry out a credit check on you and if your score is low, you are not likely to be eligible for a 4000 dollar installment loan on your signature alone.
If you have bad credit, the most common way to get an easy approval loan is to rely on short term loan lenders with payday loans. Although payday loans have easier borrowers’ requirements, they tend to carry an astronomical interest rate which may prove too expensive if you want to borrow 2000 dollars and up. These unsecured temrporary loans are probably better suited when you need a small personal loan under 500 dollars to help you bridge the gap between paychecks.
There are other reasonable options though if you need a long term installment loan with monthly payments. As more and more people are getting used to getting non-bank personal loans like payday loans from private direct loan lenders, new loan products are also being introduced to meet the demands of consumers who prefer a non payday loan with a longer payback. While a typical $500 payday loan often had to be repaid in less than 30 days, some money lenders are offering immediate installment payday loans which promise to give you a long term payday loan with a repayment period that last as long as 12 months. As such, you may wish to try for a 4000 dollar loan online through the websites of direct monthly installment loan lenders.