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Pros
- Ease of use.
- Simple application process.
- Large number of trustworthy lenders.
- No fees.
- Flexible loan terms.
- High security.
Cons
Not available in some state.
Small maximum amount to borrow.
No pre-qualification.
Pros
- Long-lasting presence online.
- Good standing.
- Customized offers based on applicants' individual needs.
- A convenient website with easy registration.
Cons
Not a direct lender.
LoansAngel hides the WHOis information.
The FAQ section could be more extensive.
Pros
- Free to use.
- Website's good quality and intuitive navigation.
- Updated SSL encryption.
- They don't check financial health.
- Flexible conditions for different borrowers.
Cons
Sometimes, customers have to wait for money for up to two days.
Text messaging spam.
Pros
- Accepts first-time credit applicants.
- Loans can be funded one business day after the borrower agrees with a loan offer.
- Credit card consolidation loans provide direct payment to creditors.
- Borrowers can select and adjust their payment date.
Cons
An origination fee may be charged.
Borrowers can only select between two repayment terms.
There is no debt management mobile app.
Pros
- One-stop solution for finding all lenders.
- Easy 10-minute process.
- Fast transfers.
- Easy to navigate for new users.
Cons
Not a direct lender.
In case of late payments, Funds Joy will report a lower credit score to the credit agency.
A borrower must earn at least $800 per month to be eligible for a loan.
Pros
- No additional fees.
- Rates are competitive among available internet loan lenders.
- Provides a 0.5 percentage point rate reduction for setting up autopay.
- Satisfaction-guarantee service.
Cons
There is no pre-qualification option on its website.
Some lenders may ask for several years of credit history.
ExtraLend isn't the direct lender, which makes the process lengthy.
Pros
Cons
Pros
Cons
Pros
Cons
Pros
- The Company provides commission-free American stock and EFT trading without inactivity and withdrawal fees.
- The process of creating an account is seamless, digital, and quick.
- The support center offers relevant and helpful answers.
Cons
The Company is only available to American residents.
There are limited products.
The research tools are not advanced.
Pros
Cons
Pros
Cons
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here's how we make money.
Compare Your Installment Loan Options
What Are Installment Loans?
The term installment loans are not used often, so many people get confused when they first hear about it. However, the fact is that in most cases, people take some type of installment loan. These are car loans, mortgages, personal loans, and student loans. The lenders of installments loans are banks, credit unions, and online lending agencies.
Installment loans come as a lump sum amount of money that you take at one time. However, the repayment is divided into installments that depend on the agreement you make with the lender.
Unlike credit card debt or other types of loans when applying for installment loans, you need to decide on the amount of money you need to borrow. The repayment plan usually includes monthly payments. These payments are called installments, hence the name installment loans. However, you can also make another schedule with the lender if that works for both sides. The advantage of these loans is that they have relatively long repayment terms. Of course, they can vary depending on the lender. But, on average, they are between two and seven years. In some cases and for large sums of money, it can go up to 30 years. These loans come with a fixed payment amount.
Installment Loans Alternatives
Installment loans are a good option when you need a large amount of money. For example, when you need to buy a car, pay college tuition, or consolidate earlier debts, you should consider applying for one of the installment loans. However, in case of unexpected expenses, you should consider alternatives. Say that you had to go to the E. R for a small intervention, and you need to cover a medical bill that doesn't exceed a couple of hundred bucks. In that situation, you don't need to apply for offline or online installment loans. Let’s see other things you can do instead:
- For smaller amounts of cash, you can always go to friends or relatives. Indeed, most of us find this option embarrassing and stressful. One thing is that we don’t want to be seen as someone who has money troubles. At the same time, we know that money can cause problems in the best of friendships. Nonetheless, it is worth considering because friends won’t ask you to pay interest. To make sure that the money doesn’t stay between you, make a repayment plan and put it all in writing.
- Find a side gig. The idea of giving up free time isn’t the most attractive. But, it is the best way to avoid any problems that might arrive when you take a loan. Think about things that you enjoy doing and see if you can make some extra money that way. For example, you can walk dogs, drive for a rideshare service, etc.
- Check for nonprofits that offer financial aid. We are not talking about charity here. Some nonprofit organizations offer small short-term loans with low-interest rates to help people in need.
- Ask for part of your paycheck in advance. Check if this is an option in your company. If yes, it is one of the best solutions for your problem.
- Payday loan. Now, you can also ask for a payday loan online. These are also small, short-term loans, and they are pretty simple to get. However, make sure that you can pay it back quickly because these loans come with high interest for late-payments and can make your situation worse.
Advantages of Installment Loans
In the event you need a large amount of money at once, installment loans are among the best options. Nowadays, you can also apply for installment loans online, which is one of the biggest benefits for those people who need cash quickly and want to avoid the hassle that comes with visiting physical lender offices. They are also popular because they come with long payment terms and fixed installments. But let's see some other benefits of installment loans:
- We are all busy these days, and we want to finish all administrative things as quickly and conveniently as possible. Installment loans are among the most convenient options because you don't have to go to the bank or lender's office anymore. Instead, the entire application process can be done online, and in many cases, we are talking about online installment loans with instant approval.
- Another benefit of installment loans is that you can apply for the exact amount that you need – no more, no less.
- These loans allow you to make big purchases. When you apply for installment loans, you get a large amount of money that you repay for many years or even decades if you buy a house. They are great for people who want to make big investments and solve important existential issues.
- Once you take an installment loan, you will sign a contract which will determine the installment amount. This amount stays the same during the entire term, and the lender doesn't have the right or the way to change it.
- These are long-term loans, thus the lenders will not pressure you to pay them off early.
Applying for Installment Loan Online
Direct lenders offer the possibility to apply for installment loans online. These days, most people apply for these types of loans for the sake of convenience. You need to find the one that suits you most and fill out an online application. In most cases, lenders will also ask you for additional documents, like a copy of your ID, proof of income, and address.
These are often no credit check installment loans. Therefore, they are a good option for people looking for bad credit installment loans. Direct lenders are often not interested in your financial past. What concerns them is your solvency at present and in the future. That is why they are asking for proof that your income and employment status are stable.
The application process is generally very quick. This is a big difference compared to traditional loans. The waiting period for approval of installment loans in a bank can sometimes stretch even to one month. With online loans, the whole process can be finished within minutes.
Direct lenders are generally not interested in knowing what you will do with the money. That means that you can use it for anything you won't like to pay off credit card debt, buy a car, pay tuition, on an expensive vacation, etc. It is totally up to you. It is another way that direct lenders differ from banks that usually give you money for something concrete, and you have to spend it on that.
Guidance for Obtaining an Installment Loan
As we mentioned earlier, applying for these loans is relatively simple. First, you need to use the internet to find the lender that meets your needs. Then on every lender's website, you will find an online form that you need to fill and submit. Most of them will require some additional documents as well.
Once you submit everything, you will be asked to verify your application. Given everything is fine with your papers, the verification process will take only a minute or two. After that, the lender takes time to review your documents. Once the review is complete, they inform you about the status of your application. In general, if everything checks out, the approval process is also pretty quick. Direct lenders might sometimes ask you for clarification or additional documents, and this can prolong the process. However, in any case, they make their decision quickly, and you have the cash with one or two working days.
Another option is to Google the information about the best installment loans near me. If you find a lender that suits you, visit their office and apply for the loan there. Once you are approved you will be asked to check and review all the papers before you receive the money.
Requirements for Installment Loans
When applying for installment loans, you need to fill out and submit the online form. Besides that, the lenders usually ask for additional documents to make sure you are eligible for the loan. Here are the most common documents they ask for.
- Proof of identity. That can be an ID card, passport, driving license, or any other document showing you are 18 or older.
- Proof of employment status and steady source of income.
- Valid address.
- Valid checking account
- Active phone number.
It is essential to say that some lenders might want to conduct a soft credit check. It is not the case often because they are more interested in your solvency now than whether or not you had financial problems in the past. However, it is possible that do this as a security measure.
Final Thoughts
Installment loans break the payments into even monthly parts which is why they are popular. However, if you are thinking about applying for this type of loan, be sure to understand the terms and conditions a lender offers. That way, you increase the chances of finding the best loan for your needs.
Frequently Asked Questions
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Can You Get an Installment Loan With Bad Credit?
We already talked about this, but let's go over it again. In general, direct lenders don't perform credit score checks, as they are not very concerned about your financial past. So, the answer is yes, there are bad credit installment loans out there. But, you need to know that such a thing as guaranteed loans doesn't exist. Nobody can guarantee that your request for a loan will be approved even if you provide proof of a good credit score. In the same way, there aren't any guaranteed installment loans for bad credit. -
How Much Can Installment Loans Cost
There isn’t a straightforward answer here as everything depends on the lender and the amount. The sum can vary between $ 1000 and $ 100, 000 and the repayment is in monthly installments that stretch for years. The interest fees depend on the lender and the agreement that you signed. -
How to Calculate the Installment Loan Correctly
The best and easiest way to calculate installment loans is to use an online loan calculator. You need to type in the loan amount, interest rate, and the number of months or years you need to pay the loan. Clicking on the calculate button gives you the exact amount you need to pay each month. -
How Many Installment Loans are Acceptable For One Person
There isn’t a limit to how many installment loans a person can have. However, keep in mind that these are usually large amounts of money. Even if the repayment stretches throughout many years, you can still end up drowning in debt if you take more than one loan at a time.
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