How To Qualify For A Personal Loan With Bad Credit In Missouri

Personal loans provided by banks and similar financial institutions tend to stipulate "good credit" in their requirements. However, Missouri residents like you are in luck — you can get an installment loan with bad credit in this state!

In this guide from Missouri Title Loans, Inc., we will discuss why you can get installment loans in Missouri regardless of your credit score. We will explain what these loans are, the requirements, how to get approved, and where to get the best installment loans for bad credit. 

What Is A Signature Installment Loan?

Signature installment loans allow you to borrow money with no collateral, requiring only your signature to promise repayment. While your credit will be checked, that doesn't mean you need a great credit score to gain approval.

As the name suggests, you repay the amount you receive in installments, as agreed before signing the paperwork. The number of installments will depend on your specific situation, including how much you end up borrowing.

You can get approved for up to $1,500, based on your income and ability to afford repayment. However, why can you get approved for an installment loan for bad credit even though you don’t need collateral?

Why Can You Get Installment Loans For Bad Credit?

Borrowing loans with collateral is common when providing collateral, since the loan lender has something of value to replace money lost if you fail to repay the loan. For example, a title loan is available to borrowers with bad credit because the lender holds your vehicle title. That isn’t the case with an installment loan, so why are they available for poor credit?

Installment loan approval is based on your current income and ability to afford repayment. As we mentioned above, you will have to afford monthly repayments until you pay back the loan with interest. If your income suggests you can afford these repayments, you can get approved. Your loan value will depend on how much you make.

Another reason these loans are available with poor credit is that they are low-value loans. They are only worth up to $1,500 and are worth much less if you have a low income. The lender’s risk is less than with bank loans worth over $10,000.

Where To Get Installment Loans With Bad Credit Near Me In Missouri?

You can get installment loans for bad credit right here at Missouri Title Loans Inc. We have 15 store locations across the Show-Me State, with at least one likely to be within 20 miles of you. Whether you live in Central West End in St. Louis or the Crossroads in Kansas City, we have a store location that can help you get same-day approval for signature installment loans.

Here are some of the Missouri store locations to get bad credit installment loans:

• Springfield, MO – 1440 W. Kearney Street
• Joplin, MO – 1225 South Rangeline Road
• Kansas City, MO – 5058 NE Antioch Road
• Columbia, MO – 614 Business Loop 70 West
• Louis, MO – 4976 Natural Bridge Avenue
• Poplar Bluff, MO – 2021 North Westwood Boulevard
• Joseph, MO – 1405 North Belt Highway, Suite B

Now that you know some of the locations where to get installment loans with bad credit near me in Missouri, you can begin the process. The first thing you should consider before applying is the requirements of this bad credit loan.

What Are The Requirements For Signature Installment Loans For Bad Credit?

As we've already mentioned, your credit will not affect approval. You will need to be over 18 years old and have proof of income and a checking account. You can prove you meet our simple requirements with just three items.

Here are the required items for signature installment loans in Missouri:

• Identification — You must prove your identity and that you are at least 18 years old. You can use any state-issued photo ID that displays your full name and date of birth. We accept all kinds of primary identification documents, such as passports, driving licenses, student ID cards, and military ID cards.
• Proof of income — We use your proof of income to establish whether you can afford to repay the loan. This allows us to accept lenders with lower credit scores, as we don't place as much regard on your credit history. We accept your most recent pay stub as proof of income.
• Checking account — This gives us an accurate picture of your current financial situation. We will also use your checking account details to help withdraw money for each monthly payment.

Note: Even though you don't need a perfect credit rating to be approved, we will conduct a soft credit check. This will not lower your credit score like hard credit checks at traditional financial institutions. While a low credit score can lower your installment loan value, it won’t affect your ability to get approved.

How To Get An Installment Loan With Bad Credit In Missouri

Unlike other types of personal loans, we don't bog you down in hard-to-meet requirements or arduous processes with long wait times. Instead, you can get a signature installment loan from us within a few hours.

All you need to do is ensure you have the paperwork listed above and follow these steps:

1. Complete our online request form. We also offer title loans, so be sure you select the right loan before sending. You will need to provide your full name, zip code, phone number, and email address.
2. We will get in touch via phone to discuss the process, ensure you have the required items, and answer any questions you may have. We will also set up a date and time for you to come into our store for the in-person portion of the process.
3. When you arrive, we will sit down with you to look over your documents and verify whether you qualify for approval. This part of the process takes less than 30 minutes.
4. If you are satisfied with the amount we can lend you, we will help you sign the paperwork. Before signing, make sure to iron out the details of your monthly payments (when you need to pay, how much you pay each month, etc.). You will now receive your installment loan cash later that day or by the next business day.

FAQs About Signature Installment Loans

Will you conduct a credit check for installment loans?

Yes, we may run a soft credit check to assess your financial status. However, this will not affect your ability to get approved. You can still borrow bad credit installment loans. A poor credit score may affect how much you can borrow, though.

Do installment loans affect my credit score?

We do not report our loans to the major credit bureaus. They will not be notified of the loan, so it won’t register as new debt on your credit report. You can borrow money without worrying about your credit score going down.

How much are the monthly installment payments?

This number will vary depending on your repayment schedule, how much you borrow, and your income. Verify this information with your loan associate before signing the loan agreement.

Get Signature Installment Loans In Missouri – Borrow Up To $1,500 Today!

Qualifying for a personal loan with bad credit isn't as difficult as you may have believed. If you're ready to get your hands on a signature installment loan with bad credit, Missouri Title Loans, Inc. can help. Just complete the online installment loan form and visit us in person to get approved in less than 30 minutes.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.