A $2500 installment loan may not be possible for those with bad credit. Lenders who offer loans with poor credit will not approve loans over $100. Bank loans are only available to those with a strong credit score and substantial collateral.
GreendayOnline has a different proposition. Greenday Online offers bad credit installment loans like those offered by banks and credit unions but with the speed and convenience of small-dollar lenders.
The Problems with Bank loans
It is unlikely that a bank will offer $2500 bad credit installment loans to those with poor credit. The joke about banks lending money to people who don’t need it is true.
Banks don’t lend large sums of money to people with bad credit. They only give them to people who have excellent credit, are well-paid, and have substantial assets. If a cosigner or collateral is not available, a borrower with bad credit will have a slim chance of getting a loan from the bank.
Problems with small-money loans
Only a handful of lenders will approve you to borrow $2500 if you have poor credit. Payday lenders and pawnshops typically limit loans to a few hundred dollars for “subprime” customers or customers with a poor credit score. Because many clients don’t have the funds to repay these loans, they won’t give large loans in the name of bad credit loans.
Except for auto title loans, which require the borrowers to surrender their cars to qualify for online payday loans, there is no collateral. They do, however, offer small-dollar loans with high-interest rates and APRs. These loans also come with short repayment terms even for those with a good credit score.
Pawnshops often offer loans only a fraction of the collateral value and payback within 30 to 60 days. On the other hand, payday loans have an average APR of three digits with repayment terms as short as one to ten days.
GreendayOnline offers the best of both worlds
Greenday Online allows consumers to quickly obtain large-dollar loans without having to wait for bank loans. You won’t have to worry about meeting credit score requirements either.
For those with poor credit on financial reports from all credit bureaus, Greenday Online does not offer a $2500 loan. We look at their financial history to determine if the applicant is financially responsible and if any other factors that could lead to credit problems.
Because of our risk-based underwriting, we can approve customers those banks wouldn’t otherwise consider. Payday lenders charge a higher default rate than we do, so our APRs are often lower than the payday lenders. Some borrowers may qualify for APRs as low as 29%.
Payback terms and long wait times for a bank loan decision are unacceptable. Greenday Online can offer you the finances you need on repayment terms. It is however important to take financial responsibility after getting approved for the loans.
Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth knowledge of all things financial, he is a great asset to Greendayonline.