Having bad credit won’t necessarily preclude you from getting an installment loan. Unlike traditional bank loans, you won’t be automatically denied if you have recent marks on your credit report. Installment loans come with high interest rates and fees. With that most lenders know that people who apply at these rates aren’t going to have too many options. You can generally expect a higher interest rate and lower amounts if you have bad credit. Your financing options will trend downwards the worse your credit score gets. Someone with good credit will obviously go with a bank lender or credit union when unexpected expenses hit. But those who are credit challeneged need to seek alternative options. Direct lenders are essentially looking to see if you have an active checking or bank account. The want to know if you have past advances that are delinquent or otherwise unpaid.