If you are unemployed or need to borrow $2000 fast, the best place for you to get monthly installment loans approved easily is definitely not banks If you have a poor credit record, it is no longer that straightforward as most banks will not let people with low credit scores borrow money, especially when you are also without a job. That why we recommend you take a look at our direct lenders for installment loans.
Short Term Installment Loan For 6-12 Months
A credit union is often able to provide some form of financial assistance to all members. If you are jobless but are a member of one, you may approach your trade union representatives to see if they have any short term installment loan for 6 to 12 months catering to members who are on unemployment. Because a credit union is often a non-profit organization owned and operated by its members, you will be able to apply for their community loans with cheaper interest as their rates are often among the lowest, comparable to those offered under government loan programs.
But if you are not a member or if you are unable to find a credit union in your area, there are some private lenders who can give you a loan despite your unemployment status but the flip side is that these private funding are often very expensive. Typically, they charge a high finance fee for a very short-term loan, say, borrow 1000 dollars for 30 days, and if you fail to repay on time, you will also incur other charges. Using a payday loan like a installment loan means you have to pay finance charges and extend your payments for a few months. There are also payday loans for the unemployed but the catch is you still need to provide a source of income (social or unemployment benefits etc) in order to qualify although for people with no job, this requirement is altered to allow people who are on government benefits to get a payday loan. These are some licensed lenders for people receiving benefits you can try to get free loan quotes.
Borrow $2000 With Monthly Payments
Getting popular these days with people who are looking to borrow $2000 through social lending, you can also use a person to person lending websites to get a cheap installment loans directly. These are websites that allow anyone to request for a loan from people who are willing to fund your request and earn interest through the borrowed money. There is no income verification and you can dictate your own repayment terms to attract investors to fund you.
The aforementioned are a few ways where you can get to get a loan with monthly payments. Each has their advantages and disadvantages so do your own due diligence and be careful that you do not borrow more than you can afford to repay. For example, a $2000 dollar installment loan may take 6 months to pay back, if you are earning $1500 now.