In today’s complex financial environment, finding the best installment loan can be challenging, especially appealing for those with less-than-perfect credit due to their flexible credit score requirements. These loans are available in various amounts and typically offer extended repayment periods. A significant benefit is the option to apply with a co-signer or co-borrower, enhancing approval chances. However, it’s essential to thoroughly research and ensure the type of loan aligns with your financial objectives and circumstances, as selecting among the best installment loans is crucial for your economic well-being.
What Is an Installment Loan?
An installment loan is a flexible financial option for those with varying credit scores, notable for its easier accessibility compared to other loans. It involves borrowing and repaying a certain amount in fixed monthly installments over a set period, aiding in budget planning. The best installment loans online cater to a wide range of financial needs, and some loans offer the option to apply with a co-signer, easing the approval process. However, be mindful that these loans may carry higher interest rates or additional fees, especially for lower credit scores. It is essential to carefully review all terms and conditions before committing.
Best Installment Loans Online of This Month
Wise Loan
Lender Details
Wise Loan has established itself in the installment loan industry and earned BBB accreditation on June 5, 2015. The company serves small businesses and individuals, especially those with less-than-perfect credit histories. Wise Loan offers loans in various amounts with flexible repayment terms of 4 to 12 bi-weekly payments, accommodating different financial needs. Notably, they don’t require excellent credit scores for loan approval, positioning themselves as a preferred option for consumers working to build their credit or needing accessible financial assistance. In 2024, Wise Loan is regarded as a top online installment loan provider for individuals with lousy credit, highlighting their inclusive lending approach and customer-centric services.
Loan Specifications
Loan Amounts:
$200 to $3,500 (depending on your state)
APR:
299.96% to 799.00% (depending on where you live and your credit rating)
Minimum Credit Score:
N/A
Pros and Cons
Pros:
- Same or next-day funding
- Flexible qualification requirements
Cons:
- Only available in Delaware, Idaho, Louisiana, Mississippi (returning customers only), Missouri, South Carolina, Texas, Utah, and Wisconsin
- Small loan amounts
Rocket Loans
Lender Details
Rocket Loans, renowned for its expertise in mortgage, debt consolidation, and auto loans, extends its offerings to include installment loans for various purposes. Established in 2015, the company provides a range of options for borrowers, encompassing different loan amounts, terms, and interest rates. This flexibility allows you to tailor a loan to your financial needs and goals.
Loan Specifications
Loan Amounts:
$2,000 to $45,000
APR:
9.116% to 29.99%
Minimum Credit Score:
580
Pros and Cons
Pros:
- A wide range of loan amounts
- Fast funding
- Option to prequalify with a soft credit check
- Rate discount for autopay
Cons:
- Charges origination fee
- No co-sign or joint loan option
- No direct payment to creditors with debt consolidation loans
- Only two repayment term options
Upstart
Lender Details
Upstart, launched in 2015, has made its mark in the financial sector by offering online personal and auto installment loans. Its use of advanced artificial intelligence (AI) and machine learning technologies to evaluate loan applications sets Upstart apart. This innovative approach goes beyond the traditional reliance on credit scores, enabling a more comprehensive assessment of a borrower’s creditworthiness.
Loan Specifications
Loan Amounts:
$1,000 to $50,000
APR:
5.20% to 35.99%
Minimum Credit Score:
300
Pros and Cons
Pros:
- Ability to choose a custom payment date
- Accessible to borrowers with fair credit
- Offers prequalification with a soft credit check
Cons:
- Charges an origination fee of up to 8% of the loan amount
- Loans are available only for three-, five-, and seven-year terms
- No secured or co-signer option
OneMain Financial
Lender Details
OneMain Financial, with a rich history dating back to 1920, serves subprime consumers by offering both secured and unsecured installment loans and a credit card option. This lender operates through a dual approach, combining the convenience of online services with the personal touch of over 1,400 physical branches.
Loan Specifications
Loan Amounts:
$1,500 to $20,000
APR:
18.00% to 35.99%
Minimum Credit Score:
600
Pros and Cons
Pros:
- Direct payment to creditors on debt consolidation loans
- Fast funding
- Joint and secured loans
- Option to choose and change your payment date
Cons:
- Charges origination fee
- Limited loan amounts
- No rate discounts
- Rates are high compared to other lenders
Lending Point
Lender Details
LendingPoint, established in 2014, is a financial services company specializing in personal loans. Their primary offerings include installment loans tailored for consumers, mainly targeting those with fair to good credit scores. In addition to personal loans, LendingPoint offers financing solutions for merchants and service providers, expanding their reach in the financial market.
Loan Specifications
Loan Amounts:
$2,000 to $36,500
APR:
7.99% to 35.99% (with autopay)
Minimum Credit Score:
600
Pros and Cons
Pros:
- Quick funding
- Low credit requirements
- No prepayment penalty
Cons:
- Origination fee up to 10%
- Co-signers and joint loans are not permitted
- Not available in Nevada and West Virginia
Best Egg
Lender Details
Best Egg, operating since 2013, offers a diverse range of financial products, including secured and unsecured installment loans. Their portfolio extends beyond traditional loans to include credit cards, vehicle equity loans, specialized loans for baby and adoption expenses, and online financial tools. This range of services caters to various personal financial needs and scenarios.
Loan Specifications
Loan Amounts:
$2,000 to $50,000
APR:
8.99% to 35.99%
Minimum Credit Score:
640
Pros and Cons
Pros:
- A wide range of loan amounts
- Direct payment to creditors with debt consolidation loans
- No late fees
- Option to prequalify with a soft credit check
- Unsecured and secured loan options
Cons:
- No mobile app to manage loan
- There is no option to choose an initial payment date
- No rate discounts
- Origination fee
SoFi
Lender Details
Founded in 2011, SoFi offers a diverse range of financial products, including personal loans, student loans, mortgages, insurance, investment accounts, credit cards, and checking and savings accounts. They stand out for quick service, offering rate quotes in just 60 seconds without affecting your credit score.
SoFi also provides the convenience of same-day funding, making it ideal for urgent financial needs.
Loan Specifications
Loan Amounts:
$5,000 to $100,000
APR:
8.99% to 25.81%
Minimum Credit Score:
680
Pros and Cons
Pros:
- Funding in as little as one to two days
- High loan amounts and lengthy terms
- Prequalification with soft credit check
Cons:
- Co-signers are not permitted
- Does not offer direct payment to third-party creditors for debt consolidation
- Some applicants report strenuous qualification standards
Avant
Lender Details
Avant, based in Chicago, Illinois, has made a notable impact in the financial technology industry since its inception in 2012. As a significant player in the fintech sector, Avant primarily offers lines of credit and personal installment loans.
The company positions itself as a mid-prime lender, utilizing proprietary technology to evaluate the creditworthiness of individuals. This tech-driven approach allows Avant to tailor its financial products to meet the specific needs of its customers.
Loan Specifications
Loan Amounts:
$2,000 to $35,000
APR:
9.95% to 35.99%
Minimum Credit Score:
580
Pros and Cons
Pros:
- Secured and unsecured loan options are available
- Low credit score requirement (580)
- Loan terms of up to 60 months are available
Cons:
- Charges an upfront administrative fee
- High starting APR for prime borrowers
- Co-signers and co-applicants are not allowed
Tips for Comparing Installment Loans
To effectively compare the best online installment loans, conducting detailed research is essential to identify the option that best aligns with your needs. Start by understanding your unique financial situation, including your ability to make repayments, the interest rates you can comfortably handle, and the loan term that suits your financial plan.
The market bristles with various products, each offering distinct features and terms. It’s crucial to find a match for your specific requirements. Key factors include available loan amounts, APR (Annual Percentage Rate) ranges, and eligibility criteria, particularly if you have a poor credit history.
Here is a list of things to do before choosing an installment loan product:
- Review Qualification Requirements: Before selecting an installment loan, it’s crucial to understand the lender’s qualification criteria. These include checking credit requirements, income thresholds, and any necessary documentation, ensuring you meet the lender’s standards.
- Compare APRs from Different Lenders: Always compare the Annual Percentage Rate (APR) offered by various lenders, as this represents the actual cost of the loan, including interest and fees. A lower APR usually means a less expensive loan over a period of time.
- Look for Fast Funding: Consider the speed of funding – how quickly you can access the loaned funds after approval. Speed is essential if you need the money urgently for emergencies or immediate expenses.
- Explore Other Loan Features: Investigate additional features like flexible payment options, the possibility of loan refinancing, and any prepayment penalties. These features can significantly impact the overall convenience and cost of the loan.
Why Trust Wise Loan as Your Installment Loan Lender?
Wise Loan emerges as an ideal choice for borrowers seeking a blend of swiftness, clarity, and beneficial rewards. Its same-day funding feature is especially advantageous when you urgently need financial resources. The application process is streamlined and user-friendly, accommodating various credit backgrounds.
Transparency is a hallmark of Wise Loan’s service. The company clearly communicates all loan terms and total costs, empowering you to make well-informed financial decisions. This policy is particularly valuable for those with bad credit scores who are looking to rebuild their credit. By reporting your timely payments to credit bureaus, Wise Loan enhances your credit profile.
Wise Loan offers incentives for consistent, on-time payments to encourage fiscal responsibility, supporting your journey to better credit health. The company also provides a three-day cancellation policy, offering a buffer to reassess your loan choice. This policy underscores their commitment to customer satisfaction and ethical lending.
Moreover, Wise Loan’s online security measures, including an encrypted website and a transparent privacy policy, further establish its trustworthiness and reliability. With these features, Wise Loan stands out as a lender worth considering, thanks to its quick funding, accessible application process, commitment to transparency, and focus on helping borrowers improve their credit and financial standing.
Frequently Asked Questions
How Do Installment Loans Affect My Credit?
Installment loans can impact your credit in several ways. Timely repayments can positively affect your credit score, as they demonstrate financial responsibility. Conversely, late or missed payments can negatively impact your score. The initial credit check for loan approval might cause a slight, temporary dip. The loan also diversifies your credit mix, potentially benefiting your credit profile if managed well.
What Is the Easiest Installment Loan to Get?
It’s essential to know how installment loans work. The most accessible installment loan to obtain is typically a payday or personal loan from lenders who cater to applicants with bad credit. These loans often have relaxed qualification criteria, requiring lower credit scores and minimal credit history. However, they usually come with higher interest rates and fees, so carefully considering the terms before proceeding is crucial.
What Happens If I Repay My Installment Loan Early?
Repaying an installment loan ahead of time can reduce the total interest you pay and improve your credit score by demonstrating financial responsibility. However, some loans may have prepayment penalties. It’s important to review your loan agreement for any such fees before making early payments to ensure that the benefits of early repayment outweigh any potential costs.
How Fast Can I Get an Installment Loan?
The speed of obtaining an installment loan varies, but some personal loan lenders offer rapid processing, enabling you to receive funds as quickly as the same or the next business day. This expedited service often depends on the lender’s assessment process and your prompt provision of required documentation. Always check with the specific lender for their estimated funding times.
Wise Loan is committed to assisting borrowers with varying credit backgrounds, ensuring inclusive financial support. If you apply now, you could receive your loan funding within 24 hours. For those seeking lousy credit installment loans with quick access, Wise Loan stands ready to provide the assistance you need, so apply for a loan today.
The recommendations contained in this article are designed for informational purposes only. Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.
