Will a Bad Credit Score Stop Borrowers From Getting an Installment Loan?
Not necessarily. Although a high credit score can make it easier to qualify and secure lower interest rates, many lenders in Jacksonville are willing to work with borrowers who have less-than-perfect credit.
Factors beyond your credit score, such as income, employment status, and ability to repay the loan, are also considered during your loan inquiry.
However, remember that loan terms may be different for bad credit loans. Jacksonville residents with bad credit may face higher interest rates, smaller loan amounts, or other differences, due to the increased risk for lenders.
Relevant Florida Laws Regarding Installment Loans
Here are some relevant Florida laws regarding installment loans:
- Interest Rate Caps: Florida sets interest rate caps for consumer finance loans up to $25,000, using a tiered system. Lenders can charge up to 36% per year on the first $10,000 of the loan. For the portion between $10,000 and $20,000, the rate can be up to 30% per year. For amounts between $20,000 and $25,000, the cap is 24% per year.
- Grace Periods: The grace period for late payments is 10 to 12 days. Any late fees must be clearly outlined in a written agreement and must follow legal limits set by the state.
- Installment Loan Repayment Terms: Florida law allows installment loan payments to be scheduled biweekly, semimonthly, or monthly.
Conclusion
Installment loans can offer quick access to cash when unexpected expenses strike, no matter your credit history.
They have predictable monthly payments that can help you manage your budget.
Start your loan inquiry now, and you could receive your funds in as little as 1–2 business days.
FAQs
In What Way Are Revolving Loans and Installment Loans Similar?
Both are forms of credit that allow you to borrow money and require repayment with interest over time.
How to Pay Off Installment Loans?
Set aside some funds every payment period to cover the installments until the loan is fully repaid.
How Long Do Installment Loans Stay on a Credit Report?
Installment loans stay on your credit report for up to 10 years after they are paid off. Late payments may stay on your report for up to 7 years after the missed date.
