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Long term loans with installments are advantageous when you need to borrow money without having to repay it within a short period. With monthly installment personal loans, users are able to repay the debt slowly on a monthly basis and therefore more likely to be able to complete the loan obligation without any missed payment. Some people end up in more debt when they rely on bad credit payday loans for the financial needs without considering if they are truly capable of returning the money within 30 days, which is usually what guaranteed payday loan companies demand. For 6 month installment loans with bad credit, you need to look beyond payday installment lenders and instead, find monthly installment lenders with long term personal loans for 12 months or more.
Although it could be argued that committing yourself to a 36 month loan with installments will mean paying more in interest, but it should be pointed out that spread over easy monthly installments, your financial burden is not as heavy. In anycase, if you need to borrow 10000 dollars with bad credit, it is likely for you to find a short term $2000 payday loan, much less a ten thousand dollar loan with no collateral.
6 mth installment loans with low fees are easier to avail and there are specialized lenders that provide monthly payment loans for people with bad credit. The APR for such 1 year loan is lower than high risk 90 day payday loans, and if you are able to offer collateral, it gives you more bargaining power to request for a low interest installment loan for 6 months.
Collateral will also come in useful if you are jobless and need money fast, as secured personal loans are about the only way for people who are unemployed to get a loan with bad credit and no income. That said, there are unemployed payday loans for people on unemployment benefits but those are usually small cash advance of 500 dollars or less, and you can't really find free loans for the unemployed with no interest.
Whether you are intending to apply for secured loans with monthly installment or unsecured loans with bad credit, it is always good to shop around first and get more information on the different types of personal loans with bad credit and how they work before you sign for a loan with half a year to pay back.