Can I Get Installment Loans with Bad Credit?

Author · Modified on 11 July, 2023

Yes, you can get installment loans with bad credit, provided that you have a stable income, employment and are committed to repaying your loan on time each month. Our partner lenders assume that your credit score is not perfect and they have designed their business models accordingly to accommodate poor credit.

When you apply online with Dime Alley, our lenders take all credit scores and histories into consideration and will help to match you with a lender that suits your financial needs!

Installment loans are a great option if you need a little extra cash to tide you over to your next payday, but don’t want to repay your loan in a lump-sum.


installment loan bad credit


What are Installment Loans?


Installment loans are a form of personal loan, with the main difference being that it can be repaid over a course of multiple repayments, rather than having to be paid back in one go.

Such loans can help you spread important payments over a longer period of time, whether it is purchasing a new car, making home improvements or debt consolidation.

Installment loans work by allowing customers to borrow a fixed sum over several months, and pay it back over time, usually in equal repayments. This approach may be preferred to other forms of fast loans, such as payday loans which only last a few weeks.


How Much Does an Installment Loan Cost with Bad Credit?


If you have bad credit, no need to worry! Our lenders will be able to offer you an installment loan plan that suits you!

As a representative example, say you want to borrow $1000;

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


Where Can I Get Installment Loans Near Me?


At Dime Alley, we offer installment loans in all 37 US states that legally permit them.

Whilst each state has slightly different regulation on payday lending, if you live in California, Florida, Nevada, Texas and 33 more states across America, you should be able to apply with Dime Alley!

Some states don’t permit installment loans and therefore we cannot offer loans in these states, which include New York, New Jersey and Georgia, as well as 10 others.


Can I Get an Installment Loan in Canada?


Yes! Dime Alley has multiple lenders in all provinces across Canada who would be happy to provide you with an installment loan, even with bad credit!

If you want to apply for payday loans in Canada, all you need to do is make sure you pass the folllowing eligibility criteria;

  • A Canadian resident with valid ID, aged 18 or over;
  • A regular source of income;
  • An open checking account (for your loan to be paid into);
  • A Canadian phone number

If all these details apply to you, don’t let a bad credit score stop you from applying online today!


Can I Get Installment Loans with Bad Credit Guaranteed Approval?


Yes, Dime Alley’s lenders can offer installment loans with bad credit histories, so even if you have been turned down elsewhere, we have a number of options available for you.

To be eligible, you must simply be in regular employment and have a stable income and you are committed to repaying your loan on time.

Whilst traditional unsecured and payday loans will need you to have a good credit score, our installment lenders are designed to work to offer loans with people who have very bad credit and very poor credit too. This may include offering alternative products that are repaid in monthly collections such as title loans, credit unions or other credit facilities.

A loan is never fully guaranteed, since this will always be subject to final checks, which could involve a phone call to confirm some information, proof of income via a pay stub or bank statement and sometimes proof of your employment. However, as long as you pass the eligibility criteria, feel free to apply online now.

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