Apply for Installment Loans with Bad Credit with Pheabs

Why Should I Use Pheabs For

Installment Loans?

Pheabs can help find the best installment loans for you, working with reputable and legit lenders across the US. We act as a loans connection service, so we can match your loan enquiry with the lender who is most likely to accept you and offer the best rates possible. 

With both short-term and long-term options available, we offer an easy-to-use online application form and we do not charge any fees for applying. Whether you are looking for installment loans for 3 months, 6 months or more — we can find the right option for you, with no obligation, no fees and no impact to your credit score!

Key Features

What is an Installment Loan?

An installment loan allows you to spread repayments over several months, or installments. Whether you are applying for $300, $500 or $1,000, this gives the customer the flexibility to repay over a longer period of time, so they can get their finances in order and not feel the pressure to pay the entire loan back immediately, like with a payday loan.

This type of product can be unsecured or secured (with collateral), depending on the loan amount, the duration and the customer’s credit rating.

Loans with installments can be just a few weeks, or several months — and Pheabs gives you the option to choose how long you would like to borrow money for, whether it is 9 months, 18 months, 36 months or the maximum of 60 months (5 years).

You always have the option to repay early if you would like, so if you find that after a couple of months or half way through the loan term that you would like to clear your account, you can certainly do so — and you will save money overall since less interest has accrued. 

Representative Example*

Good credit: Borrow $30,000 with a 10.99% APR, repaid over 60 months. Total interest: $652.12 per month. Total repayment: $36,652.12

Bad credit: Borrow $1,000 at 100% APR, repaid over 12 months. Total interest: $620. Total repayment: $1,620.00

* We do not know how many customers take out a loan or the APR, this calculation is based on the mean APR of the lenders we work with

Does Pheabs Offer Installment Loans Near Me?

Yes, we can facilitate installment loans across the USA, so wherever you live, you can get the right product for you. We work with trusted and legit lenders across the West Coast including California and Texas and the East Cost of Illinois and Florida — and everywhere in between.

Your application will be connected to the lender who operates legally in your State, but we also work with national providers too — so you can get the best of both worlds.

You do not have to enter a store or visit a branch, since everything with Pheabs is handled online from start to finish. 

What Are Loans for Installments Used For?

Installment loans can be used for everyday emergencies including car repairs, staying on top of credit card bills, paying off debts, home repairs, broken boilers, plumbing problems or for other family expenses.

This type of product can be used for any purpose, even to pay for weddings, funerals, holidays or purchase a new car.

This includes business purposes such as paying for your staff, buying inventory, paying a tax bill or to grow your company.

What Are The Types of Installment Loans?

Short term and long term installment loans — When you apply, you can choose to borrow over a short term such as 1,3 or 6 months or you may prefer to borrow for long-term over 1,3 or 5 years. This may depend on your loan requirements and what you are using the finance for.

For an emergency purpose such as a medical bill, household repair or for paying rent, you find that just a few months will suffice. Otherwise, for something like debt consolidation, starting a business or paying college tuition, a long term option may be better suited. Either way, you always have the option to repay the loan early if you wish and you will often save money on the overall interest.

Unsecured — This is where your loan is not secured against physical or valuable such as a house or car. Instead, your eligibility is based on your income, credit score and affordability for a loan. If you cannot repay, you will be charged late fees and your credit score will be negatively affected, but your home or any other items will not be repossessed.

Secured — This is a loan which is connected to a valuable item such as your home, apartment, car, van or bike — and the amount you can borrow will depend on the value of your collateral or asset. The rates for this can be very low, since you are bartering with something valuable, however, if you cannot meet the repayments, your item or collateral may be repossessed or sold off in order to cover your debts.

Can I Get an Installment Loan with Bad Credit?

Yes, Pheabs can offer installment loans for people with bad credit histories — and we work with a number of lenders who only serve customers with poor credit or no credit at all. 

Installment loans work perfectly for people with bad credit who may be trying to get their finances in order, since they can spread repayment over several months to maybe help pay off other debts and get back on their feet.

Whilst Pheabs offers unsecured options, you may find that you have to use collateral or security in order to borrow larger amounts if you have adverse credit — since this allows you to leverage the value of your item to borrow money, although you may risk losing this if you cannot keep up with repayments.

You may find that the interest rates charged for people with poor credit could be a little higher to reflect the risk of default. Plus, you may find that the amount you can borrow may be a little less and the duration a little longer to give you more breathing space. See also loans for bad credit.

Do You Offer Installment Loans with No Credit Checks?

If you are looking for installment loans without credit checks, it is possible if you apply for a secured loan or auto loan, since you will be leveraging the value of your property or vehicle to get access to funds.

In this case, the value of your item is more important, since the lender uses this as security, and your credit score may be less important and there may not be credit checks involved. 

However, it is noted that most USA lenders will carry out credit checks before approving your loan. An installment lender will need to confirm that you can afford to repay your loan and taking out additional funds will not put you into greater financial difficulty. A quick credit check can see if you have lots of other outstanding loans or bad debts — and a lender may make a decision based on this.

How Do Repayments Work?

Your repayments are typically made in equal monthly installments, so you know exactly how much you will be repaying each month and that amount will not change. So if you are paying back $300 each month for a loan of 12 months, then it is a  pretty straightforward process.

You will always have the option to repay early if you want to, whether it is to clear your account in part or in-full and this can be a useful way if you are looking to save money on interest, since less interest will therefore be accruing overall. To repay early, simply call up or email your lender and or log into their online portal to make full payment.

If you miss any payments, you will be able to speak to the lender and maybe ask for an extension, however, late fees will usually apply and falling behind on repayments could negatively impact your credit score.

Useful Guides

• Can I Get a Loan with Bad Credit?
• What Happens If I Cannot Repay My Loan?
• What Information Do You Need to Provide For a Loan?
• Why Was My Loan Application Declined?

How To Apply

You can apply for an installment loan online with Pheabs in less than 5 minutes. Our entire loan application is 100% online and requires some basic information including your name, age, residence, location, income, expenses, how much you would like to borrow and how long for.

You can apply 24 hours a day, 7 days a week, on desktop, laptop or mobile and you can get an instant decision on the screen with an indicative quote. Subject to further checks and approval, you can get money into your bank account within a few hours or the next business day.

To begin, simply click on the ‘Get Started’ button below.