Whether you are looking to make some house improvements, plan a wedding, or even purchase a new car, installment loans are an effective form of financing that allows you to borrow large amounts and repay them in small increments.
However, the problem with these loans is that securing them with a bad credit score can be difficult, not to mention that most traditional lenders often take days to process loan applications.
Luckily, you can apply for online installment loans with instant approval through a number of online lending platforms, such as USInstallmentLoans. So, we decided to put together a hand-picked list of the best ones that are in the best position to help you.
But, before we go into the details of our top 5 companies, check out the brief introduction of our top 10 below:
- USInstallmentLoans – Best choice for installment loans with high approval
- WeLoans – Has the most extensive online loan network
- CocoLoan – Offers access to a wide variety of loans
- UnityLoan – Facilitates instant loan approvals
- HonestLoans – Comes with the most reliable & trustworthy loan providers
- Avío Credit – Easy & straightforward loan application process
- CreditNinja – Highly reputable lending service with online clients
- Speedy Cash – Has the fastest loan processing times
- NerdWallet – Provides in-depth insight into the best lenders in the market
- RISE – Very reliable choice for small loans with speedy processing
1. USInstallmentLoans
When it comes to securing installment loans, USInstallmentLoans is the leading credit service to rely on. However, it is important to note that the platform is not a direct lender, which means that it doesn’t actually finance borrowers. Instead, the company connects them to their network of partner lenders, most of whom are open to reviewing loan requests from people with a less-than-stellar credit history.
And since their lenders consider other factors besides your credit score, such as your income level and debt-to-income ratio, this explains why USInstallmentLoans boasts some of the highest approval rates with competitive lending rates and terms to boot.
Owen Wilcox, the co-founder of USInstallmentLoans, went on to add, “Our main aim is to ensure that borrowers are not denied access to funding purely because their credit rating is less than favorable.”
The service is also completely free to use and allows borrowers to access funding that can go as high as $35,000. In addition, their eligibility requirements are fairly simple to meet, and all approved funds are processed within 24 hours.
Pros
- Access to high loan amounts
- Boasts high loan approval rates
- Offers fast loan transfers
Cons
- High-interest rates for those with bad credit
2. WeLoans
WeLoans is a loan comparison service that makes it easy to obtain funding online due to their sizable network of over 100 lenders, most of whom are open to approving bad credit borrowers.
Plus, with so many loan providers available, the chances of being able to secure competitive rates and repayment terms that meet your specific needs and financial situation increase. The service is also free to use, and you don’t have to worry about any minimum credit score requirements either.
Aside from that, the platform has been designed to be easy to navigate, making it a great choice for first-time borrowers with little experience applying for online loans. In terms of loan amounts, WeLoans’ network provides access to funding as high as $35,000, with all funds processed by the next business day.
In addition, the company also utilizes bank-level encryption on its site to ensure that any information you share there remains secure and confidential.
Pros
- Extensive lending network
- High-end data encryption
- Competitive loan rates and terms
Cons
- Some lenders charge extra costs, eg. origination fees.
3. CocoLoan
CocoLoan is an online credit broker that connects borrowers to a wide network of reliable and licensed lenders, most of whom provide access to a variety of loan products. Some of these include payday loans, bad credit loans, installment loans, title loans, and more.
As such, any borrower with bad credit can use this platform to find a line of credit that best suits their budget and needs. Also, given that the company has been in the industry for a few years, it has built a strong reputation for being reliable and trustworthy.
In terms of loans, borrowers can take out loans as high as $35,000, and since the site is mobile-optimized, you can easily apply for funding on your phone or tablet at any time and anywhere.
Plus, they have a reliable customer support team that is available to provide assistance on any inquiries that you may have about their service, 24/7. However, you should keep in mind that their support team has no influence over their partner lenders.
As such, they cannot help you if you have an issue with your loan, as you will need to talk to the lender directly.
Pros
- Reliable customer support team
- Multiple loan options
- High loan amounts
Cons
- No guarantee of loan approval
- Limited customer service assistance
4. UnityLoan
If you need an installment loan to deal with an urgent expense or unexpected emergency, then UnityLoan is a great choice to consider. The lending service automates their entire loan application process, which means that you don’t have to wait long to receive a decision on your loan request.
Borrowers are free to apply for loans of up to $35,000, and if approved, you can expect your funds to be disbursed in a matter of hours.
UnityLoans also has very lax eligibility requirements, so even if you have a history of bad credit, you can apply for funding. Plus, most of the loans on offer are unsecured, so you don’t need to put up any collateral, either.
The only issue is that if your credit score is poor, there is no 100% guarantee that you will end up securing the exact amount that you applied for.
Pros
- Speedy loan decisions
- Open to borrowers with bad credit
Cons
- Not available in all states
- No guarantee of the requested loan amount
5. HonestLoans
HonestLoans is the top choice when it comes to reliable loan providers, as they have extremely strict vetting procedures for all the lenders they partner with.
In other words, you can rest assured that all of the 80+ lenders that they have in their network are fully licensed. Plus, they can be relied upon to provide fair and reasonable loan rates and terms, even with bad credit, up to a maximum of $5,000 for first-time borrowers.
In addition, it is extremely easy to submit a loan request via their site, as their eligibility requirements only require you to be over 18 years old, be a US citizen, and have a steady source of income.
Also, since their partner lenders only carry out soft credit checks, there is no risk of your credit score being negatively impacted in the process. On top of that, HonestLoans has strict data privacy policies to ensure that any personal information that you share will not be sold or exposed to any unauthorised third parties.
Pros
- High data security
- Trustworthy loan providers
- Straightforward eligibility requirements
Cons
- Limited loan network
- Loan limit cap for first-time borrowers
