Having a bad credit score can hold you back in life more than you might realize. Low credit scores can stop you from purchasing a house, renting an apartment, and even leasing a car. Building your credit up can take a long time and it’s often very difficult to make the necessary changes to have a significant, positive impact on your credit score. Here at Lendah we have installment loan programs specifically designed to help you build credit and improve your financial health. With consistency and healthier money habits, it’s possible to change the trajectory of your financial future.
What is an Installment Loan?
Installment loans are loans in which the lump sum of the loan is given up front, and then the borrower pays back the loan in monthly installments. Installment loans are ideal for debt consolidation, emergency home repair, personal loans, and credit repair. This is due to the monthly payment plan that typically accompanies installment loans. Investopedia explains that “the main variables that determine the amount of each regularly scheduled loan payment include the amount of the loan, the interest rate charged to the borrower, and the length or term of the loan. The regular payment amount, typically due monthly, stays the same throughout the loan term.” With the set payment requirements, paying back an installment loan isn’t unpredictable like other loans, allowing for easy budgeting in advance.
How Do Installment Loans Fix Bad Credit?
There are some sure ways to improve your credit score: make consistent, on-time payments, stay within 30% of your credit utilization, and review your credit history for inaccuracies and patterns. Payment history is the most important factor that contributes to your credit score; a long track record of responsible credit use is good for your credit rating. With an installment loan, you can consolidate multiple credit card debts and decrease the amount of payments you’re making monthly, making prioritizing those payments easier. Over time, you will see a steady increase in your credit score if you maintain healthy payment habits.
Installment Loans with Lendah
Lendah is dedicated to creating debt solutions, not continuing a harmful debt cycle. We offer loan programs for debt consolidation, credit repair, and unsecured loans. Our goal is to find the right loan program for your specific financial needs with the lowest possible interest rate to make reaching your financial goals possible. Our installment loans are available with interest rates as low as 5.99% and pre- approval rates of up to $35,000. If you are looking to build your credit, we understand that applying for a new loan might seem counter-intuitive, however, our team of financial experts will be with you at every step to keep you informed and help you build healthier financial practices as we work together to repair your credit score.
For more information on how Lendah can help you build your credit, visit our Bad Credit page. You can also check out our blog post about how debt consolidation affects your credit score. Visit our website and get started by filling out a quick questionnaire. Prefer to talk in person? Call us at 833-453-6324 and we’ll get you connected immediately with one of our loan experts.