When You Have Bad Credit in Oklahoma, a Personal Installment Loan Can Help

A bad credit score can be the result of many different factors. These may include: educational debt, medical debt, increased cost of living, stagnant wages, the economy, a pandemic, and a variety of other reasons. Many residents in Oklahoma have a lower than average credit rating. Oklahoma also has a lower median income than most states, ranking 40th among them, according to the US Census.

Some of the top reasons that Oklahomans find themselves with bad credit ratings:

  • Medical bills—With the increased cost of medical services, many people find themselves with medical debt from illness, even after a full recovery.
  • Late household utility payments—These regular payments can be expensive and are easy to fall behind on. They can also negatively impact your credit score.
  • Educational loans—So many Oklahomans have student loans that they’re unable to keep paying. Getting a repayment deferment or an income-based repayment plan can save your student loans from damaging your credit score.
  • Emergency expenses—Life happens, along with all its unplanned emergencies that inevitably can create unwanted debt and credit repercussions.

Unfortunately, lenders often use your credit score to determine eligibility for future loans and lines of credit.

In other words, for lenders, your credit score is an indication of how high a risk it is for them to loan you money. While it feels difficult to get ahead, if you have bad credit, it is still possible to prove to lenders that you’re a safe investment. There are a few different ways that you can do this:

  • Clear up bad credit when you can. If possible, take care of any errant or outstanding bills. Lenders like to see steady and concerted improvements in your credit score over time. They realize it can’t happen overnight, but a steady improvement trend in credit can make it worthwhile for them to take you on as a borrower.
  • Consolidate existing debt, if possible. Having one credit card with a low interest rate looks better to potential lenders than if you have many smaller credit card accounts active at once. Many credit card companies will allow you to transfer debt from other cards into a single account.
  • File for student loan deferment or income-based-repayment. If educational loans are having an effect on your credit score, there are options available to stop this from happening. Most educational loan companies will try to work with you, even if your account is in default. This can go a long way in repairing your bad credit.

While loans for individuals with bad credit can be hard to come by, they do exist. The most common form of loan available in these cases is a personal installment loan. Bad credit personal installment loans work just like many other types of installment loans, with fixed, regular payments over an agreed-upon timeframe. While, in some cases, lenders may require collateral (secured), there are many unsecured loans available for a wide variety of expenses.

Some of the most common things Oklahomans use personal installment loans for are:

  • Emergency expenses—This may be the most common application for personal loans. Nearly everyone has an unexpected expense from time to time. Emergencies are hard to plan for and personal loans can help get you back on your feet when you need it the most.
  • Educational loans—Like the rest of the US, many Oklahomans find themselves burdened with student loan debt. A personal loan can help to get you on a better, more manageable payment plan while avoiding bad credit.
  • Vacation funding—While most people deserve a vacation, many don’t have the cash on hand to pay for one all at once. Taking out a personal loan can help you finance your next getaway and allow you to pay for it over time.
  • Medical bills—With the increased cost of medical services, many people find themselves with debt from illness, even after full recovery. Personal loans will allow you to manage medical debt better and avoid the bad credit that can be associated with it.
  • Automobile repairs—Whether it’s tire replacement or a transmission rebuild, most Oklahomans need to keep their vehicles functioning for day-to-day survival. Breakdowns happen without notice, and personal loans can help to keep you on the road safely.
  • Late household utility payments—These regular payments can be expensive and are easy to fall behind on. They can also negatively impact your credit score.
Getting a personal loan with bad credit can be the next step towards rebuilding your credit. Even if you have poor credit, if you’re a resident of Oklahoma and looking for a personal installment loan, Western Shamrock can put its 50-plus years of experience to work for you. Our team will help you build more financial stability and answer any questions you may have along the way. Fill out an application today to get started.

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