Every one of us needs a loan, and whether we like it or not, we have to take it at some point in our lives. Loans are not as bad as they seem; they can help you when you're going through a rough patch. There are different types of loans, such as personal loans, installment loans, bad credit loans, secured loans, cash advances, and others. Installments are proving to be very useful as they give a lot of flexibility to borrowers. These loans offer more flexible repayment terms, reasonable rates, and negotiable loan amounts.
Besides that, installment loans are not as risky as other loans and can provide you with the necessary funds to meet a financial emergency. To help you choose the best installment loans, we have compiled a review of the best loan-providing platforms. These lending platforms will help you get an installment loan based on your requirements.
Following are our top picks for the best installment loans:
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MoneyMutual is an intermediary or a third party that acts as a platform to connect lenders and borrowers. The lending platform works with reputable lenders that offer borrowers reasonable rates and loan terms. Their application process is quick and easy and approves your loan request within a few minutes to proceed with the debt consolidation loans process. You can apply for an installment loan at MoneyMutual and repay it over time with the agreed payment terms.
The lending platform is trusted by millions of customers across the country. Borrowers and lenders rely on this platform, allowing people to connect most conveniently. The platform can match you with a lender within a few minutes and saves you time and effort. This is very helpful as you don't have to spend much time looking for the best lender that meets your requirements.
Loan Amounts: MoneyMutual allows you to get a loan between $200 and $5000. These loan amounts can help you meet any upcoming financial expenses such as medical bills, home improvement, vehicle repair, or anything. You can apply for a loan and get the funds in your bank account in as little as 24 hours.
Intuitive Platform: MoneyMutual has a user-friendly and intuitive platform that allows borrowers to apply for a loan instantly. You just have to enter your personal information by filling out the form, and the lenders review this information and make an offer to you.
Flexible Repayment Terms: The installment loans offered by MoneyMutual are flexible regarding repayment. The lenders offer flexible repayment terms so the borrowers can pay back the loan amount according to their preferred schedule.
Affordable Interest Rates and APR: MoneyMutual is not a direct lender; thus, it can't provide a fixed rate for interests and APRs. However, the platform works with reliable lenders who don't charge unreasonably high-interest rates and APRs.
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BadCreditLoans offer a reliable platform for lenders and borrowers to interact. The website uses advanced encryption technology to keep users' information secure and private. The platform allows you to connect with lenders of your choice and get an installment loan to meet your financial needs. BadCreditLoans will enable you to use the service for free and get loans with flexible loan terms and repayment schedules.
At BadCreditLoans, you not only get installment loans, but there are bad credit loans, personal loans, and many other types of loans on this platform. You can complete the online form anytime in the comfort of your home. Whether you need financial help for an unexpected medical expense or want to do an auto repair, you can apply for installment loans at BadCreditLoans.
Easy Application Process: The platform offers an easy application process that allows you to complete the online form within a few minutes. After applying, you can compare your options and complete the loan process to get the funds in your account.
A huge Network of Lenders: BadCreditLoans partners with a huge network of reputable lenders. On this platform, you can find a lender to get installment loans of your choice. If you don't find any lender, BadCreditLoans will connect you to a third-party network to help you find lenders in their networks.
Big Loan Amounts: If you need a loan amount of up to $10,000, BadCreditLoans is your answer. You can request an installment loan between $500 and $10,000 at this platform to meet your financial needs. To do so, enter the loan amount on the home page and click 'continue' to get started.
APR and Interest Rates: BadCreditLoans doesn't control the APR and interest rates as it is not a direct lender. However, the platform ensures that lenders don't charge outrageously high rates. The APR at this platform ranges from 5.99% and goes up to 35.99%.
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RadCred is a reputable lending platform that allows borrowers to find a suitable lender for requesting installment loans. The lending platform has good experience in the lending industry and partners with reliable lenders to provide the best and most affordable loans to borrowers. It is a good option if you're looking for a safe environment to connect to lenders and get an installment loan.
The company uses advanced SSL encryption technology that allows users to interact with lenders and make a deal according to their preferences. To access quick funds, you must apply for a loan on this platform for the company to review. RadCred then reviews the application and forwards your information to the lenders to get a suitable offer.
Free of Charge: RadCred offers a free-of-charge service to users. There are no hidden charges or additional fees for using the platform. However, the lenders may charge origination fees or any other fees they mention in the loan terms and conditions.
Requirements for Loan: To qualify for installment loans, you meet a few requirements. For instance, you must give proof of your U.S citizenship, such as your license or SSN. Besides, you must provide evidence of your income and bank details and present a valid email address.
Instant Deposit: At RadCred, you can get instant funds as the loan application, and the approval process is very fast. You are required to enter the details on the home page and click 'Apply now to continue with the loan application process. Once the lender approves the funds, the amount will be deposited into your account within a day or two.
Affordable Installment Loans: The installment loans provided by RadCred are beneficial for meeting an expense you can't handle otherwise. For instance, you can buy a car, use the loan for a mortgage, or offset the cost of a house.
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CashUSA is a popular and reputable lending network that allows you to choose installment loans at reasonable rates. The platform is an intermediary and connects you to a suitable lender for your requirements. It is a free service and is suitable for borrowers looking for a safe and reliable platform to obtain installment loans. The platform allows you to get loans of up to $10,000 at reasonable interest rates and APRs.
The lending platform partners with numerous reliable lenders, including state and tribal lenders. The tribal lenders, however, offer higher interest rates than the state lenders. Besides, their loan approval process is quick and transparent, with no hidden charges or fees.
Loan Approval: The lending platform will review your information after you apply for a loan at CashUSA. Depending on your information, the lending platform will connect you to a lender offering an installment loan. You can work with the lender to come up with an agreement.
Loan Disbursement and Repayment: The platform allows you to review the loan offer before accepting it. This makes it very convenient for the borrowers as they can decide beforehand whether a lender or loan is suitable for them or not. Loan repayment is also easy as you can set automatic payments for loan payments according to a fixed schedule.
Safe and Secure Platform: CashUSA offers a safe and secure platform for users to interact with each other and make transactions. The platform uses industry-standard encryption and offers additional credit monitoring and debt relief features.
APR and Loan Duration: CashUSA is not a direct lender but works with lenders offering affordable loans. Depending on the lender, the APR will range from 5.99% to 35.99%, and the loan durations are between 90 days and 72 months.
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PersonalLoans offer quick funds that reach directly to your accounts. The platform allows you to request a loan for any occasion, whether you have a financial emergency, business setup, unexpected utility bills, or a trip. PersonalLoans can provide you with installment loans at competitive rates so that you benefit from the loan amount without worrying about repaying it quickly.
The good thing about installment loans is that you can repay the loan according to your convenience with a fixed payment schedule. PersonalLoans allow you to request an installment loan and use its platform for free. There are no hidden fees or upfront costs, and there is zero obligation to use PersonalLoans for loan applications.
Extended Lender Network: PersonalLoans work with a vast lender network that can offer a loan according to your requirements. If you can't find a suitable lender, the platform will connect you to a third-party network to help you find the right lender for installment loans.
Fast Funding: PersonalLoans offers a fast and simple process to obtain loans. You can request a loan anytime and from anywhere. The lending partners of this platform can provide loans of up to $35,000. After loan approval, funds can reach your account within the same day.
Competitive Rates: The lending platform offers borrowers competitive rates to easily meet their expenses. Since there are a variety of lenders on this platform, you can find a loan that is most affordable and suitable for you.
Convenient Repayment Schedules: If you've missed a payment or are late to make a repayment of the loan, you can contact the lender and request them to grant you flexibility. Besides that, you can also contact customer support to help you in this regard.
If you are looking for the best installment loans, you must know the factors that make the best lending platform. However, choosing the best installment loan provider is not as easy as it seems. To make it straightforward, we have compiled the following factors that you must consider to choose the best installment loans:
Brand image and reputation play an important role when it comes to choosing a lending platform for installment loans. To know about a company's image and reliability, you must read customer reviews. A reliable and transparent brand is open about its services and operations, which you can find on the official website.
Always choose an installment loan with a good repayment plan. The lender offers a loan repayment schedule according to your request type and the loan amount. The reimbursement can be for a few weeks or as long as a few months. You must negotiate with the lender to come up with favorable terms.
You must consider the loan amounts first to get the best installment loans. For instance, a lending platform might not work with a lender that offers a considerable loan amount. If you need a loan amount of $15,000 or more, BadCreditLoans would not be suitable for you. Instead, you can go for PersonalLoans, which offers loans up to $35,000.
Pre-qualification is a very useful feature as it allows you to compare different loan offers and then decide. Through this feature, you can check whether you qualify for a loan or not and then proceed with the loan process. Also, make sure to check the qualification criteria for every lending platform to avoid any inconvenience.
Many lenders offer quick funds as compared to other loan providers. For example, a fast lending platform will approve your loan request quickly and connect you to a suitable lender. Once you and the lender agree on loan terms and conditions, the lenders will approve the funds, and you'll get the cash into your bank account within a day or two.
We conducted thorough research and evaluated the most popular options before reviewing the best installment loans on the market. We looked into various factors, such as the platform's reliability, fast transactions, security, flexible repayment terms, and customer reviews. Our selection criteria included all those factors that make for the best installment loan provider.
After hours of research and evaluation, we decided that only five brands met our selection criteria. These are the lending platforms that have the majority of positive customer reviews. Besides that, they offer the best installment loans with flexible terms and can meet your requirements in the best way.
After research and evaluation, we jotted down the best installment loans. Following are the factors that we prioritized for our reviews:
Yes, all types of loans require a credit check. If a lender doesn't ask for a credit check, you should know that they are not reliable. A reputable lender will always do a credit check to determine your credibility. Once they look at your credit history and ensure you are eligible, the lenders will make an offer that meets your requirements. A credit check, however, can lower your credit score temporarily. If you want to avoid a credit check, consider the pre-qualification feature before applying for the loan.
The interest rate on loan depends on various factors such as your credit score, lending history, loan amount, repayment terms, and others. However, most lending platforms set a range of interest rates for the lenders that partner with them. For instance, the lending platforms we reviewed in this post have an interest rate of 5.99% and 35.99%.
Applying for a loan requires a credit check. Lenders do this as they have to check whether the borrower will be able to make payments on time. A credit check can temporarily hurt your credit score. However, if you make payments on time and prove that you're a reliable borrower, the lender will report it to the major credit bureaus. This action will help you improve your minimum credit score.
Having a good score can improve your chances of getting an installment loan at good interest rates. However, you can still get an installment loan if you have a bad credit score. The online lenders will offer bad credit installment loans with high-interest rates and also charge extra origination fees for such loans. So, yes, you can get an installment loan with bad credit, but the interest rates and APRs will be very high.
An installment loan can help you finance various activities, such as buying a vehicle or investing in home improvement. The quick approval process makes these loans very flexible and easy to obtain. The good thing is that multiple lending platforms offer installment loans at affordable rates. If you have decided to choose an installment loan, make sure that you go through our buying guide and consider all the factors. Before applying for an installment loan, you must weigh all the pros and cons of the platform and then proceed with the loan application.
We have reviewed the best installment loan-providing platforms in this post that will help you choose one that suits you the best. Whether you're looking for huge loan amounts, a secure platform for making transactions, or a platform that could provide quick funds, you'll get your answer here.
Disclaimer: The loan websites reviewed are loan-matching services, not direct lenders, therefore, do not have direct involvement in the acceptance of your loan request. Requesting a loan with the websites does not guarantee any acceptance of a loan. This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance. Loans available to U.S residents only.
Disclaimer: This article is published in association Blue Ribbon Media and not created by TNM Editorial. Please do your own research before applying for loans from the above services and seek independent legal/financial advice if you are unsure.