There is a very good reason why installment loans are the most popular type of loan that people often borrow online. After all, you can typically access tens of thousands of dollars and reimburse them in smaller increments. This makes it easy for you to cover a wide variety of expenses such as home repairs, medical bills, debt consolidation, etc.
However, the problem with looking for installment loans from online loan services like US Installment Loans is that they also require you to have a good credit score in order to qualify, which can make finding a lender difficult. Luckily, we opted to put together a short list of our top 5 lending sites that can connect you with a trustworthy loan provider within minutes.
- US Installment Loans – High approval rates for installment loans with bad credit
- CocoLoan – Top choice for competitive rates and repayment terms
- WeLoans – Provides access to a wide variety of online loan products
- HonestLoans – 100% trustworthy and reliable loan network
- UnityLoan – Offers extremely fast loan processing times
1. US Installment Loans
US Installment Loans is a highly reputable online credit broker with a lending network that specializes in providing online installment loans. Borrowers can typically access loans as high as $35,000 with repayment terms that can extend by as much as 72 months.
In addition, their partner lenders are also considerate of borrowers with bad credit, as they usually take into consideration a wide variety of factors aside from your credit score. These include your income level, employment status, debt-to-income ratio, etc.
According to Owen Wilcox, the co-founder of USInstallmentLoans, “Most of our partner lenders are open to welcoming borrowers that have been seemingly locked out of traditional lending avenues. As long as you can afford to make your repayments on time, there is still a high chance that you can secure funding, even with a bad credit score.”
The service is also accessible 24/7, which means that you can apply for funding at any time. And since all loans that are approved are processed and deposited by the next business day, this makes it an ideal option for those in need of a quick cash injection.
Benefits
- Open to bad credit borrowers
- High loan amounts
- Quick loan processing
Drawbacks
- High interest rates
2. CocoLoan
If you are seeking out an installment loan with favorable lending rates and terms, then CocoLoan is a good place to turn to. The lending platform has a long-standing reputation for being able to connect borrowers with loan providers that cater to their needs and requirements, which also explains why they have a 97% approval rate.
When it comes to eligibility, all borrowers need to make sure that they are over the age of 18, are permanent US residents, have a steady income stream, and have an active bank account. Borrowers are also not limited on how they can use the money they receive, which means that they can use it for any purpose such as home renovations, debt consolidation, etc.
In addition, the site doesn’t charge borrowers anything to use their platform, so there are no hidden fees or costs to worry about. The interface is also designed to be easy to navigate, and you only need to provide a minimal amount of documentation to submit a loan request.
Plus, CocoLoan utilizes bank-level encryption to protect all personal and financial information that you share via their site.
Benefits
- Highly competitive lending rates and terms
- High loan approval rates
- Bank-level data security
Drawbacks
- Late payment fees can be extremely high
3. WeLoans
WeLoans’ main advantage is its extensive loan network, which allows borrowers to connect with over 100 lenders, thereby providing access to a wide variety of loan products. Some of these include payday loans, installment loans, title loans, and more.
Borrowers can typically access funding as high as $35,000, with the loan request process being extremely easy to navigate as it only takes a few minutes to fill out the online pre-approval form.
In most cases, you can expect to get a decision on your application within the same day. And since their credit check process is usually very relaxed, this means that their partner lenders are also open to reviewing loan applications from those with bad credit.
WeLoans also does well to verify all the lenders that they partner with, so you can rest assured that any loan offers you receive will be fair and reasonable. You can also expect the funds you are approved for to be deposited into your account as soon as the next business day.
Benefits
- Open to bad credit borrowers
- Extensive lending network
- Multiple loan products
Drawbacks
- Loan approval is not always guaranteed
4. HonestLoans
HonestLoans is one of the most trustworthy credit lending services in the industry, as they are well-known to have extremely strict vetting policies when it comes to partnering with lenders. This means that any loan provider with a history of unfair lending practices or a negative reputation with past clients is automatically ineligible.
It is also for this reason that they have a limited lending network that only allows first-time borrowers to access funding up to $5,000. However, the good news is that borrowers who build a positive history of repayment with their lenders can increase this limit over time.
Most of the loans available on HonestLoans are unsecured, so you won’t need to put up any collateral. In addition, their lenders typically conduct soft credit checks when reviewing your loan request, so your credit score won’t be impacted in the process.
The website also utilizes advanced SSL encryption software to protect your data, so you can rest assured that it will not be accessed by any unauthorized third parties. Plus, the lending service is conveniently accessible, as it remains available for use at any time of the day, even on weekends.
Benefits
- High-end data security
- Legitimate & trustworthy lenders
- Soft credit checks only
Drawback
- Low loan limits
- Limited lending network
5. UnityLoan
UnityLoan is a great choice for borrowers that find themselves in the middle of a financial emergency because the service utilizes automated systems to review all loan applications submitted via its platform. This makes it ideal for those in urgent need of a fast loan to deal with a sudden car repair, medical bill, etc.
As such, you can typically expect to receive a decision on your loan request almost instantly, which means that you don’t need to waste time wondering if you qualify or not. In terms of loan amounts, borrowers can apply for funding up to $5,000, with all requests processed within 24 hours.
UnityLoan is also accommodating to borrowers with bad credit, with approval often determined by factors such as the applicant’s income level. That said, this also means that there is no guarantee you will qualify for the full loan amount that you requested.
Aside from that, the platform is fairly simple and straightforward to navigate, so even a first-time borrower that has no experience with online loans should be able to successfully apply for funding without any extra help.
Benefits
- Speedy loan approval
- User-friendly website
Drawbacks
- Low loan limits
- High interest rates
