Best Installment Loans – Compare Lenders

We’ve made an attempt to compare the reliable lenders issuing installment loans without incredibly high APRs or the cunning tactics that many payday lenders use.

We will explain what loans with installment payments are, outline how the lenders differ, try to explain why it’s hard to get the best installment loans for bad credit, and advise how to avoid scams. Read on to know more about the options we recommend.

What Is an Installment Loan?

The term basically explains itself. It’s a kind of loan that can be repaid through a series of monthly payments (i.e. installments), which are usually fixed. The repayment is typically scheduled over a set amount of time.

Best Online Installment Loans

OppLoans.com

This online company provides hassle-free and quick installment loans for consumers who need to cover their temporary monetary disruptions.

OppLoans.com provides up to $4,000. APR ranges from 99% to 199%.

This online platform offers financial support for consumers across the country. The state regulations and credit history can change the APR and the minimum cash advance amount.

Consumers may repair, improve and build the credit rating if they repay the money on time. Such online installment loans with monthly payments can be paid off in equal parts within a stated term. OppLoans requires no collateral.

LendingClub.com

The emergency installment loans from this lender top out at $40,000. APR starts at 5.99% and can reach 35.89%. These are the best installment loans online for borrowers with fair credit.

Lending Club is not available in West Virginia and Iowa. In case you make a payment by check, LendingClub will charge you a fee.

PersonalLoans.com

This company offers various kinds of small personal loans from direct lenders, short term installment loans, and peer-to-peer loans.

PersonalLoans.com provides up to $35,000. APR ranges from 5.99% to 35.99%.

This resource is informative and authoritative. However, it is not a direct lender. It’s just a referral site that works 24/7. That is why you don’t know all the essential information that helps understand the exact fees, terms and conditions a lender will provide.

When comparing the best bad credit installment loans, use PersonalLoans to save your time and effort. Solicit multiple offers at once from various direct lenders only.

Avant.com

If your credit is not good enough to borrow from LendingClub, you can take out an online installment loan from Avant if your credit score is 580 or higher.

The maximum amount is $35,000.

The APR starts at 9.95%, but it’s possible to get money fast. These easy installment loans are available in 46 states plus the District of Columbia.

The state law and credit determination can change the APR and the loan amount.

Prosper.com

To get approved by Prosper, you need a fair credit. The APR starts at 5.99%. It is also possible to borrow up to $35,000. The Prosper website is quite transparent. It does not contain any extra important information in the fine print.

In case you need money straight away, Prosper is not the top option as it is a peer-to-peer lending service. It will take you between one and two weeks to find investors ready to fund your loan in full. The origination fee starts at 0.50% and can reach 4.95%.

Prosper offers long term installment loans for up to 3-5 years.

CashNetUSA.com

This lending service is among the best direct lenders for poor credit installment loans.

CashNetUSA maximal amounts depend on the state. APR ranges from 207.81% to 805.28%.

This company specializes in giving small installment or payday loans with easy approval for up to 31 days. The borrowers may take the cash for various purposes until the next payday.

Keep in mind that the interest rates are really high compared to other options. The longer the repayment term the lower the fees are.

Best Lenders with Physical Office Locations

OneMain Financial

OneMain can be a good choice if your options are subject to credit limits or you want to see your lender in person before signing an agreement.

This lender issues mostly unsecured loans. Secured options with lower APR are available as well. This brick-and-mortar option is convenience. It has over 1,800 branches across the U.S.

Wells Fargo

Wells Fargo is a good option for borrowers with fair or perfect credit who want to combine competitive terms and personal service. It has over 6,200 locations all over the country. Its site proposes good tools for account management.

The APR is 7.24-24.24%. The amount ranges from $3,000 to $100,000.

If you are not a WellFargo customer until now, you will have to visit one of its branches and apply in person. The majority of personal installment loans are unsecured.

However, if you have a savings account that can be used as collateral or a Wells Fargo CD, you might be able to get a secured loan.

How to Avoid Scams?

  • Avoid lenders who push renewals. Such renewals are profitable for predatory lenders. The more often you renew your plan, the more money they get.
  • Refuse insurance add-ons. In case your lender offers you a credit disability or a credit life insurance, decline it firmly. Such policies will not protect you.
  • Steer clear of advance guarantees and fees. Some lenders promise that you will get guaranteed or instant approval with no credit check. Stay away from them. Upfront fees are also a reason to reject.
  • Don’t cooperate with high-pressure lenders. If they pressure you somehow, stop shopping around and just walk away.
  • Approach a lender on your own. Predatory lenders can suss out their borrowers with calls, postcards, emails, and other ads. As a rule, legitimate companies don't act this way.

How to Shop for an Installment Loan?

  • Shop around. First of all, check if your bank provides monthly installment loans. They can offer you a lower interest rate or better terms of repayment to keep you afloat. Credit unions can be an option if you're not sure you will qualify at big banks. Be sure to check trusted installment loans reviews.
  • Ensure that there is no sense to use a credit card. Sometimes it's better to pay for a big purchase with a credit card than take out payday loans with installment payments. However, if your credit limit doesn’t allow you to spend the amount you need, installment loans for poor credit can be your best option. You will have to pay an origination fee. Yet, it's really convenient to pay fixed monthly payments.
  • Compare fees. The origination fees of the small installment loans range from 1% to roughly 6% of the total loan amount. The stated APR may already include this fee but it's better to check it twice.
  • Borrow for the shortest term possible. It’s advised to take out poor credit installment loans for a short term to repay it faster, thus paying less in interest.
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