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Should you pay off an installment loan to help your credit score?
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Personal loans and credit cards are both generally considered to be unsecured debts because the lender has no way of securing, or guaranteeing, that the debts will be paid. Unsecured debts are thus riskier for the lender than secured debts, and will usually carry much higher interest rates.
With 279 loan offices in 6 states in the southeast, 1st Franklin Financial is a leading provider of installment loans for bad credit borrowers. Unlike the faceless online lending institutions, 1st Franklin Financial has a history of being active in the communities we serve (primarily rural areas), which allows us to know and help generations of families.
Having bad credit prevents a person from obtaining many kinds of loans, but you’re ok asking for a bad credit installment loan. In most cases, bad credit or even no credit does not disqualify you when processing your request, although for larger, personal loans a credit check may be performed.
Ideally, you’ll have experience with both revolving credit (typically, credit cards) and installment loans (which include personal loans). If you don’t already have installment debt such as a mortgage or a car loan, using a personal loan to manage some of your debt would diversify your credit mix.
The loans can be used for a person who has little or no credit at all, or for a person who is attempting to rebuild their credit after a bad credit experience. Credit builder loans work similar to secured credit cards , except that rather than being revolving credit lines, they are actually installment loans .