A bad credit history may be something that you could easily keep as a secret from friends or from other people. However, when the time comes that you would need money badly and your income is simply not enough to cover it, that is when you may be able to help but breaking out the secret to a creditor that could help you. Unfortunately, a bad credit history could also be the very reason why the lending firm’s representative would give you a cold shoulder or a sympathetic but negative response to your request for a new loan. This situation does not mean that there is no other alternative though.
There are some lending firms who are more understanding when it comes to individuals who do not have a credit history worth bragging about. Apparently, even millionaires can go bankrupt due to certain financial management errors or to factors that are beyond their control. An average earner like you is certainly not immune to such circumstances. This is why a number of lending firms have seen it appropriate to offer no teletrack installment loans. These loan packages are definitely like lifebuoy from heaven that are dropped just when you are drowning in financial woes.
Since it does not require teletracking, it is pretty obvious that the lending firm is not concerned about your credit history. It would, of course, appreciate it if you have been a very responsible payer of debts ever since you made your first one. However, even if your credit history is made up mostly delinquent payments, it still would not mind giving you the loan that you are requesting. You may say that this is borne out of generosity but the lending firm knows best that they could still profit from the said arrangement. What is important though is that you still have the chance of incurring a loan despite your blemished record as a debtor.
As an installment loan, you can be assured that the amount that you are going to pay would be divided into smaller portions. Once divided, you can then cover these through installments. Of course, an installment plan is always the easy option when compared to full or lump sum payments. This makes this kind of loan even more attractive for people in your situation.
However, you must also take note of the fact that while these loans are easy, the interest rates could be higher than the usual on ordinary loans. This is naturally because of the lending firm’s objective of not being put at a losing end once problems occur in your payment. You should remember though that a higher interest rate may be much better than not being able to get a loan.