Top 5 Online Credit Services For Installment Loans Even With Bad Credit
Securing a conventional loan from a bank or credit union can often be extremely difficult, especially if you happen to have a history of bad credit. However, the irony of it all is that most of the people who have bad credit tend to be the ones in the most need of financing.
Luckily, you can access guaranteed installment loans online since most online lenders, like USInstallmentLoans, don’t evaluate your loan application based solely on your credit score. Most of them are open to considering other factors to determine your eligibility, such as your income level and debt-to-income ratio.
However, the downside is that you may find yourself overwhelmed by the number of credit brokers and lenders on the internet to choose from. So, we decided to run a quick review of our top recommended picks, which are:
1. US Installment Loans – High approval rates for installment loans even with bad credit
2. WeLoans – Competitive loan rates and terms for installment loans
3. CocoLoan – The largest lending network for online loans
4. UnityLoan – Fastest loan processing times
5. HonestLoans – A highly secure and trustworthy lending network
However, even with this list, there are still many factors to consider when choosing an online lending service. So, we’re going to narrow it down even more by digging deeper into our top three sites below.
Let’s get started!
1. US Installment Loans
US Installment Loans is a leading online credit broker that instantly partners borrowers with potential lenders at no charge whatsoever. And since their lending network is mostly comprised of installment loan providers, the chances of finding a suitable lender are high compared to most other credit services out there.
They also offer very lax eligibility requirements, which means that you can get approved for an installment loan even if your credit score is poor. This is because their lenders will often consider aspects such as your income and length of employment when reviewing your application.
According to USInstallmentLoans co-founder Owen Wilcox, “All our partner lenders are open to accepting bad credit applications, so anyone that finds themselves locked out of traditional lending avenues can feel free to use our platform to explore their financial options.”
In this respect, borrowers are typically able to access loans of up to a maximum of $35,000, with all approved funds deposited as soon as the next business day. In addition, some of their lenders report on-time payments to the relevant credit bureaus. This means that you can improve your credit rating by taking out an installment loan with them.
Best Features
- Bad credit accepted
- High loan amounts
- Speedy loan processing
Worst Features
- Not available in all states.
- High late payment fees
2. WeLoans
WeLoans is a highly reputable lending service that offers borrowers access to one of the largest loan networks for installment loans online. With over 100 lenders to potentially work with, this makes it easy to find competitive loan rates and terms, compared to most other lending services.
The service is also free-to-use, and their lending network is open to reviewing loan requests from bad-credit borrowers as long as they can prove they can afford to repay the loan on time. In terms of funding, the installment loan limit via WeLoans’ network stands at $35,000, with all funds processed in less than 24 hours after approval.
Aside from that, WeLoans also prioritizes the privacy of its users, as it utilizes bank-level data encryption software to protect any information that you share via its site. Borrowers can also apply for funding at any time of the day, even if it is after business hours.
The company also makes an effort to vet all the loan providers within their network. As such, you can rest assured that you will only be matched with licensed lenders that offer fair and reasonable rates and terms.
Best Features
- Extensive loan network
- Vetted lenders
- Competitive loan rates and terms
Worst Features
- High-interest rates
- Loan approval is not guaranteed
3. CocoLoan
CocoLoan’s best quality is the fact that it offers borrowers an extremely extensive loan network that makes it easy to access a wide variety of loan products. From payday loans to installment loans to bad credit loans to title loans, their lending network can provide you with any type of funding that is suited to your personal needs and requirements.
CocoLoan also has a maximum loan limit of $35,000 and is open to loan applications from borrowers with poor credit histories. In fact, their partner lenders make a point to only carry out soft credit checks on all loan requests to verify your information. This means you can feel free to apply for a loan without the fear of it being marked on your credit report.
In addition, their online platform is extremely user-friendly and makes it easy to submit an online application in just a matter of minutes. Borrowers can also expect any approved loans to be deposited by the following business day.
Plus, it also offers users access to an extremely reliable customer support team that remains available and willing to respond to any queries or complaints that you may have.
Best Features
- Multiple loan options
- Reliable customer support team
- User-friendly platform
Worst Features
- High-interest rates
What To Consider When Choosing an Online Installment Loan
Since there are numerous online lenders to choose from, it is important that you know what to look for when searching for a lender. Some of the main things to consider include;
#1. Qualifications
Most traditional lenders will have a minimum credit score that restricts borrowers from being able to secure approval if they have a poor credit history. In this respect, you should keep an eye out for lenders that are open to considering other factors like your income level when reviewing your application.
#2. Loan Rates
The lower your credit score is, the higher the interest rates that most online lenders will charge. You should keep an eye out for lenders that can provide you with a competitive loan offer that has the lowest APR and the most reasonable repayment terms. This means taking the time to compare loan offers from multiple lenders to see if you qualify.
#3. Extra fees and costs
When it comes to borrowing online loans, it is important to consider the extra costs and fees that may come with them. For instance, some lenders may charge an origination fee, while others may charge a prepayment fee for paying back your loan early. These fees can sometimes be on the higher end, so make sure that you choose a lender with low to no fees.
Final Thoughts
The credit services listed here are some of the best in the industry for anyone looking to secure an installment loan online, even with bad credit. They are also highly trustworthy and can be relied upon to facilitate fair and transparent loan agreements.
However, you should always bear in mind that the higher your credit score, the more favorable the loan offers you receive will be. And if you are applying with a poor credit score, then it is vital to review all the terms before signing on the dotted line.
After all, failure to repay an installment loan can often result in negative consequences such as high late payment fees or, worse, a negative mark on your credit report.
