No one anticipates being in overwhelming credit card debt for their entire adult lives, but it happens very easily. The hard part comes when we try to pay off our debt. High-interest rates and multiple monthly payments make it feel like an impossible task. However, with options like installment bad credit loans, paying off your debt can be done relatively quickly, and can save you thousands of dollars in the long run. Lendah offers installment loans for bad credit that leave you with a clear, easy path to financial freedom.
What is an Installment Loan?
Investopedia describes an installment loan as a loan that “provides a borrower with a fixed amount of money that must be repaid with regularly scheduled payments. Each payment on an installment debt includes repayment of a portion of the principal amount borrowed and also the payment of interest on the debt.” Common types of installment loans include:
- Auto Loans
- Mortgage Loans
- Personal Loans
- Student Loans
How To Reduce Your Debt with an Installment Loan from Lendah
When approaching debt repayment, there are several tactics that you can follow, but we have found that the most effective and beneficial debt repayment plan is debt consolidation with an installment loan from Lendah.
When utilizing an installment loan, you take the guesswork out of debt repayment. As mentioned above, installment loans have a fixed monthly payment. Most loan programs also offer lower interest rates so you keep the life of the loan short. You can use the loan to pay off your credit cards and switch from multiple monthly payments to a single monthly payment. This allows for more consistency from month to month in your budget and provides the opportunity to pay off your debt quicker than you would by paying the minimum monthly payments on multiple credit cards.
Installment Personal Loans for Bad Credit
Lendah has a network of over 30 lenders so even if you have poor credit, we can still find a bad credit loan program that works for your individual financial needs. All the elements that make an installment loan ideal for debt repayment make them ideal for bad credit. By paying off your debt consistently and quickly, you can increase your credit score. It won’t happen overnight, and it will take diligence, but credit repair is possible with an installment loan.