We made a research where compared best online installment loans lenders. We collected the essential loan information from the top installment loan companies in the respective lending market, review it carefully and compile it into organized charts for your easy evaluation and understanding of various online installemnt direct lenders and their respective lending terms.
|Online Lender||Loan Features|
You can apply for BadCreditCashASAP’s installment loans online from direct lenders, no matter your credit score. The whole process is digital; no paperwork is required. If approved, you can get the money the same day, with friendly interest rates.
Amount - $1,000 - $5,000
The service offers installment loans to customers with good or bad credit. Their loans are unsecured, so they do not ask for any collateral. The APR ranges between 99% and 199%. Most borrowers use OppLoans Products to improve their credit score.
Amount – Up to $4,000
MoneyKey is a direct lender and offers installment loans that you can pay back in equal sums over one and a half years. Besides installment loans, they also offer credit lines, payday loans, and other financial products. You can apply online or via a phone call.
Amount – Up to $2,600
The web-based service offers installment loans within 24-hours after approval. LoanNow can reduce loan rates for customer loyalty if the applicant respected all loan terms. You can get installment loans with an APR between 29% and 229%.
Amount – up to $5,000
The service has been in business for over eight years and has gained a good reputation for its friendly fees. At Spotloan, you can apply for a rather low loan amount compared to other personal loan limits. The application process takes place online.
Amount – up to $800
What are installment loans?
An installment loan is an instant cash advance you take quickly and repay over a longer period. Borrowers of installment loans return the money in equal payments. Usually, people can take installment loans for 2 to 24 months and repay them once or twice a month. You can use installment loans for any purpose. Still, most borrowers use it to renovate homes, repair cars, pay-off medical or utility bills, etc.
Why choose online installment loans?
First of all, the process is much quicker than traditional lending. Secondly, installment loans offer high approval for bad credit. Lastly, online installment loans are available 24/7. Banks and credit unions work on business days only. However, you can apply to online installment loans day or night, weekends, and holidays, without leaving your home.
How do installment loans work?
Online installment loans have a quick process. You submit an online application with your data and the amount you need to borrow. As soon as you send in the form, the matching service connects you to tens of direct lenders. Shortly after, you get the approval decision from one of them. You read the contract and sign it digitally. You receive the money the same day if applied before noon. You would get the cash the next business day if the lender approved your application in the afternoon of a workday, during the weekend, or a holiday.
Next, you use the funds as you wish and repay it according to the contract’s due date. Be careful to always have enough money in your bank account on the due date to avoid getting late-payment fees.
Who can get an installment loan?
It is quite easy to qualify for installment loans, even with bad credit. If you want to be a borrower, you have to match the following criteria:
- Be 18 years of age or older;
- Be a permanent resident or a citizen of the US;
- Have proof of income. It can be from a job or other source of regular payment.
- Have an active checking account.
Some requirements may vary depending on the state laws and the lender. Still, all of them are typically easy to match.
What to consider before getting an installment loan online?
Take a few moments to think about some aspects of your financial situation before taking an installment loan. Analyze how much money you need. If you do not go over the budget, you have higher chances of approval and lower loan interests. At the same time, through your state’s laws on installment loans to check if any restrictions apply in your case.
After applying, take some time to read the contract carefully. Analyze all terms and conditions. Pay attention to due dates, interests, fees, and costs. If you have any questions, address them to your lender immediately. If you have thought about all of it and the conditions also suit your needs, nothing can stop you!