When you need a large personal loan for 2 years but you do not want to pledge collateral, what are your options? Are you thinking of an unsecured monthly installment loan which you can pay back slowly over 24 months with fixed payments? If what you need is a long term signature loan with no collateral, banks and other lending institutions do offer these unsecured personal loans providing you have good credit, and your account is in good standing.
For example, if you have a high credit score 700 and up, you are eligible to apply for short term unsecured personal loans from 5000 dollars and more, with a term between 12 months to as long as 48 months. You can avail them if you need a lump sum of money for big purchases; a new house or a car, so that you can purchase them first and make the repayments easily through monthly installment plans.
Although banks prefer to provide signature personal loans only for people with very good credit history, unsecured installment loans with bad credit may be available. For those who are unable to borrow money because they have poor credit, some banks may allow you to borrow between 2000 dollars to 10000 dollars you can find someone with good credit to serve as a cosigner and take full responsibility for the, say, 6 month installment loan of 5000 dollars if you default. Anyone with a credit score above 750 will be suitable to act as your co-signer so if you can try to ask family members or close friends who may be able to help you to co-sign for an instant bad credit installment loan.
It’s better for you to repair your credit history and try to get current on any bills that you are behind on. When you have a low credit score, there are not many places where you can get an unsecured personal loan on the cheap, if you are able to get them in the first place. Often, the alternative for installment loans with no credit check is an expensive choice, what with private loan companies that offer high risk $4000 personal loans at very high APR. If you are having trouble making ends meet, you should avoid these bad credit loan lenders because you are more likely to get deeper into debt by using unsecured loans that you really can’t afford. Go over your budget and see if you can restrict borrowing to certain needs and get a smaller amount of money, like a short term 1000 dollar loan to pay for recurring bills or for other emergencies expenses.