Getting an installment loan is very convenient as the funds are disbursed into your account within a day and in a single lump sum. This loan is perfect for paying out various things, such as consolidating debt, repairing your car, or making home renovations.
These loans carry a fixed interest rate, and you pay them off in equal installments on scheduled due dates over the repayment term. The term lengths usually range from three to six years, but some can last up to 12 years.
An installment loan will allow you to borrow between $5,000 and $50,000, and you can repay it monthly in installments.
You should always choose carefully when shopping for an installment loan as they can vary in terms, APRs, and fees. Your rate might get as high as 30% or above if you have a low credit score.
So, let’s discover more about the best providers of installment loans and how we have chosen them.
Top 5 Loan Companies For Installment Loans 2023
- MoneyMutual - Overall best guaranteed installment loans quick approval, Editor’s pick
- BadCreditLoans- Direct lenders offering online installment loans for bad credit
- RadCred - Get secured installment loans with no credit check
- CashUSA - Easy loan approval for installment loans with cash advance
- PersonalLoans - Top lending marketplace for best loan interest rates for bad credit
#1. MoneyMutual - Overall best guaranteed installment loans quick approval, Editor's pick
MoneyMutual is an excellent lending platform that has managed to help thousands of people all across the USA cover their emergency expenses. It is the best platform that provides safe and secure access to multiple lenders.
Many potential borrowers can turn to this platform to connect easily with a lender in minutes. The best thing about MoneyMutual is that their service is entirely free. This means that the platform is available to everyone, even those who want to browse through it and learn more about easy online loans.
Once you open MoneyMutual's platform, you will notice how many available lenders are available now. This will aid you in determining each lender's working hours and how high your chances of getting a loan offer are. The higher the number of lenders available now, the bigger your chances of receiving a loan offer from them.
If you have trouble finding the application form, click on the 'Get Started' section on the home page, and the form will show up on your screen. It is simple and easy to complete, and you'll be done within minutes by providing the required information.
Features
Safe platform
You can always put your trust into MoneyMutual as it is certified by TrustedSite, a member of the Online Lenders Alliance and CFEF, and 2048-bit RSA secures it. You can check these certifications as they are presented on MoneyMutual; 's home page under the application form.
Loans
The maximum loan amount you can receive at MoneyMutual with a bad credit score is $1,000. However, the standard upper limit for a loan is $5,000, though it is available for clients with excellent credit scores.
Being a bad credit holder will come with some limitations on MoneyMutual as some lenders are not willing to put high loan amounts at risk, but there are still many who can offer you a loan despite your credit background.
Fast funding and repayment term
Regardless of the loan amount you have requested, MoneyMutual's lenders guarantee that the funds will be deposited into your account within 24 hours. Sometimes, the funding may take faster or longer, depending on your bank and its functioning principles.
The maximum repayment term is 72 months and cannot exceed that time. This is because MoneyMutual's lenders offer lower loan amounts that borrowers can use for short-term solutions. Since they are short-term loans, they are usually repaid after, or to be more precise, 90 days to six years.
APR
This lending marketplace limits the APR. Those lenders who want to become lending partners of MoneyMutual should accept this limitation to join its community and offer borrowers loans with APRs ranging from 5,99% to 35,99%.
The limitation is set to prevent borrowers that have chosen MoneyMutual as a safe source for installment loans from paying huge APRs.
Third-party networks
As we already know, MoneyMutual is not a lender but a platform that acts as an intermediary between potential borrowers and lenders. This means that after you are redirected to a lender, you have no business with MoneyMutual. Thus, if any problems arise after you have sent out the application form, you’d have to discuss it directly with your lender.
The platform also has no impact on the terms, loans, rules, and fees of the loan process. All of those depend solely on the lender. There are also no limitations on penalty fees, meaning that lenders have a full right to set amounts for fees and penalties.
Your lender also sets the repayment terms here. These can depend on the loan amount you have requested and your creditworthiness. The repayment terms on these online platforms are often flexible, and lenders give you the ability to make a repayment schedule together with them.
At MoneyMutual, you can get a co-signer with a better credit score if you aim to get a better offer. You are not obliged to accept whatever offers you receive from MoneyMutual’s lenders unless it seems agreeable to you.
Pros
- Fully-encrypted website
- No prepayments needed
- Free service
- Loans for bad credit are available
- You can see the available lenders
- You have an option to unsubscribe
- You can receive funds within 24 hours
Cons
- Its services are unavailable in New York and Connecticut due to interest rate limits under state laws
- High-interest rates on bad credit loans
⇒ Visit the Official Website of MoneyMutual
#2. BadCreditLoans - Direct lenders offering online installment loans for bad credit
BadCreditLoans is the perfect place for people with bad credit. Here, you can receive a loan offer despite your creditworthiness. The company was founded to help borrowers with bad credit to find a financial solution for their emergency expenses.
If you have a poor credit background, choosing BadCreditLoans as the best place to get a loan might be the best idea. At BadCreditLoans, you can get the perfect chance to be qualified for a bad credit loan.
Most of the lenders in the BadCreditLoans network understand that it aims to financially support bad credit holders, so they try to make their APRs and terms as convenient as possible.
The main focus of this website is on bad credit loans. Thus, anyone who thinks they will or has been rejected by a bank can easily come to this website and find a solution to their financial need.
Another network of lenders is available through BadCreditLoans. This means that those borrowers who cannot get a loan offer from BadCreditLoans's network of lenders can be redirected to their third-party network and potentially find a convenient lender to offer them a loan.
Features
Application process
BadCreditLoans has an easy application process. All you have to do is go through three basic steps. Go to your computer, smartphone, or laptop and apply for a loan in a fast and convenient way.
Borrowing money online won't require you to physically visit a lending place, even when you need to sign the loan contract, because you can do it via e-signature.
Going through the application process will only take a few minutes of your time, and that's why many borrowers go to BadCreditLoans, as it is the best place for fast loans.
You can feel safe filing the application form on this website as it is fully encrypted with industry-standard data encryption technology. BadCreditLoans takes extra measures to protect the database on its website and ensure that it is safe from any leaks and cyber-attacks.
Loans
At this lending marketplace, the maximum loan amount you can request is $10,000. If you have a perfect credit score and a clean credit history, you can receive a loan anywhere from $1,000 to $10,000. However, the maximum loan offer you can receive with a bad credit score is from $500 to $1,000.
Being a borrower with bad credit has limitations, and you have quite the shaky chance of getting approved for a loan; however, it is not impossible.
Prequalification criteria
You can get a bad credit loan at BadCreditLoans if you meet the prequalification and your lender's qualification criteria.
The website cannot predict the possible requirements of your potential lender because it only offers its free service to connect you to a lender. After that, your business with BadCreditLoans is over.
Educational section
On the platform's website, you can find a section called 'Stay informed' full of valuable information that will help you learn more about staying safe online while borrowing money and avoiding being scammed.
None of the lenders on the website nor the website will pressure phone calls to you nor ask for prepayments.
Third-party networks
Like any other lending platform, BadCreditLoans is a free service rather than a lender. It offers its free mediating services to help you find a potential lender. It is not involved in anything else after you have been connected to a lender. BadCreditLoans also does not impact the lender’s terms, fees, and loan rates.
Not everyone can qualify for a bad credit loan at BadCreditLoans due to state law limitations that tend to intertwine with the lenders’ requirements. This doesn’t allow borrowers the ability to access high-fee loans online.
Sometimes, lenders and third parties on BadCreditLoans may also do certain credit checks on you with some credit agencies.
On this platform, it will take approximately 24 hours for the funds to reach your account after you have accepted your lender’s offer. Just know that once you sign a contract with an e-signature, you won’t be able to go back.
Pros
- A free educational section is available
- No strict rules for prequalification
- Good opportunities for bad credit borrowers
- Fast application form
- Quick funding after accepting a loan offer
- All steps are done online
- No obligation to accept an unreasonable fee loan
- Many lenders are available
Cons
- You do not have a loan approval guarantee
- Terms and rates may not align with what you would desire
⇒ Visit the Official Website of BadCreditLoans
#3. RadCred - Get secured installment loans with no credit check
RadCred is one of America's top trusted resources for fast cash. It is a free online lending marketplace that helps you get connected to a potential lender very fast.
To get started at RadCred, you must enter the desired loan amount and complete the simple and easy application form. The website promises a fast application experience that will leave every borrower satisfied.
Many clients have chosen RadCred as their financial support connection, and they were delighted with how fast and straightforward the application process went. There is no better place than RadCred to go for fast installment loans.
Being a borrower at RadCred won't come with any costs for you as it is a free service. It is free of charge for everyone, and anyone can use its services freely.
However, it is a profitable company, and it gets its profit by charging subscription memberships from its lenders and third-party lender networks.
Features
Safe platform
RadCred is certified by TrustedSite, a member of the OLA and CFEF, and has industry-standard data encryption technology (2048-bit secured) to keep your personal and financial information safe and secure. This is an excellent sign that you can put all your trust in RadCred as the best lending platform.
They take extra steps to ensure that all cyber-attacks and data leaks are prevented and that the information is not being sold or misused.
Loans
At RadCred, you can get a maximum loan amount of $5,000. Like all the other lending marketplaces, RadCred also allows borrowers to request lower loan amounts so that they can be able to repay them in a short period. The repayment period at RadCred is usually from 90 days up to six years.
Borrowers with poor credit scores can only request a maximum loan amount of $1,000. If you are a bad credit borrower, this loan amount may vary for various reasons, such as your income status, desired loan amount, and credit score. The loan amount also depends on the lender's will at times.
This website allows you to access various loan options based on your financial needs and creditworthiness. Thus, you can choose a specific loan option if you think that your reason for requesting a loan matches the particular loan option.
You can enter your reason for requesting a loan in the application form, and the lenders will work on a loan offer based on that.
APR limitation
All of RadCred's lender partners accepted the APR limitation that was set by the platform. This means the APR won't go below 5,99% and can't exceed an APR of 35,99%.
Quick application and safe website
RadCred’s application form is straightforward to complete. You’ll be able to insert all the needed information in just a few minutes.
Afterward, the lenders will be able to review it in a short period and come up with a suitable loan offer for you. Sometimes, you might be asked for additional information from your lender so that they can summarize their loan offer.
There is a 24-hour term when the lender needs to transfer the funds into your account. Sometimes, it may take longer and depends on your bank’s transaction processing.
At RadCred, lenders also give borrowers with poor credit scores the chance of being approved for a loan. This is because there are no credit checks performed and no credit score limitations.
Remember that, RadCred is a completely free website, but it is not a lender itself, nor does it provide credit-related services.
It simply connects you to a suitable lender via its free service, and afterward, it has no business concerning the loan offer. Also, it is common for lenders at RadCred to charge high fees, especially on easy online loans.
Pros
- User-friendly website
- Simple application form
- The application form gets reviewed fast
- No strict prequalification criteria
- No obligation to accept an offer
- Fast funding
- No prepayment needed
Cons
- You need to provide your minimum monthly income
⇒ Visit the Official Website of RadCred
#4. CashUSA - Easy loan approval for installment loans with cash advance
Many people cannot come up with a specific sum of money when in a tight financial situation. This is why CashUSA is here to offer the best installment loans for those in financial need.
CashUSA is an online lending marketplace that utilizes its extended network of lenders and third-party lender networks to help you find a solution to your financial emergencies.
It is an entirely free service that only requires you to complete an application form that later gets sent out to lenders.
After a detailed review of your application form, CashUSA's lenders present you with a suitable loan offer to assist you in your time of need.
CashUSA is USA's top online resource for fast cash. It offers its free customer support service and free application form to help borrowers in a financial emergency across the U.S.
Its application form has a few simple questions and basic requirements concerning the borrowers' monthly income, identity, bank account number, source of income, and more.
Features
Safe platform
Sharing this personal information online is risky, but at CashUSA, you won't need to worry as it is fully protected via industry-standard data encryption. Your personal and financial information is entirely safe and protected from cyber crimes and data leaks.
The website maximally protects its database to ensure all its clients have peace of mind when requesting a loan. Your information will only be shared with the parties part of CashUSA's network.
Application
Using CashUSA as your go-to place for getting a loan, you will quickly connect to a lender. The platform uses its mediating service to find you a potential lender in a short time, all for free.
All you have to do is take your ID document and bank account number because these are the two documents you must have to apply for an online loan.
The lenders will use your information from the application form to devise a suitable loan offer for you. This information includes your SSN, reason for requesting a loan, income status, and more. Lenders review this information and check it via viewing institutions to confirm the authenticity of your application form info.
Loans
The loans on CashUSA range from $500 up to $10,000. There are fees and rates, depending on the loan amount you request. These rates and fees increase the loan amount that you need to pay back to the lender.
However, like the other lending marketplaces, CashUSA also has APR limitations, meaning that the minimum is 5,99% and the maximum is 35,99%.
The loan amount you need to repay may also carry origination fees, interest rates, penalty fees, and other fees that your lender may charge.
Repayment
The repayment terms are set between you and your lender. A few factors will usually determine it, so you need to pay extra caution so as not to miss out on a repayment or accept a loan you won't be able to repay. The minimum repayment time on CashUSA is 90 days, and the maximum is six years.
Safe website and third-party networks
CashUSA is a free service that uses its website as an intermediary that helps you as a potential borrower get connected to a potential lender.
You must meet the minimum income requirement on this platform to qualify for a loan. This is usually requested in the application form, and if you don’t have a stable source of income or insufficient income, you won’t be able to qualify for a loan, as lenders will find it too risky to make you a loan offer.
Sometimes, having a low credit score might also lower your chances of finding a lender willing to risk giving a loan offer to you.
However, CashUSA has an extensive network of lenders and a third-party lender network to which it redirects you if it cannot find you a lender. This means that even if you have a bad credit score, you’ll still be able to find a lender at CashUSA.
Also, once you sign up for a loan request at CashUSA, you won’t be getting any spam calls to make upfront payments for fees, neither by CashUSA nor your lender.
Pros
- USA's top-rated lending platform
- Many satisfied clients
- Loans for different purposes
- The educational resource section is available
- The fast and simple application process
- Fast funding
- Reliable lenders
Cons
- Unavailable for some states in the USA
- High-interest rates for bad credit loans
⇒ Visit the Official Website of CashUSA
#5. PersonalLoans -Top lending marketplace for best loan interest rates for bad credit
PersonalLoans is excellent for getting online loans. It is the best platform to request a loan, get credit-related services, and educate yourself about online borrowing. Each loan you request can come in different options; thus, it will have different rules, terms, and purposes.
Among the different loan options at PersonalLoans, you can also find bad credit loans perfect for borrowers in a financial emergency. The loans on this website are short-term, meaning they must be repaid in a few months; however, the repayment schedules vary based on various factors.
PersonalLoans has a very convenient application form that you'll be able to complete within minutes. It is free of cost, and you can easily find it on the PersonalLoans website.
It has no strict rules or limitations concerning who can request a loan. Every interested person should meet the basic eligibility criteria and the minimum monthly income.
The eligibility criteria require you to be of age and a permanent resident of the USA, as well as some other requests. You also need to know that PersonalLoans services may not be available for some states within the USA.
Features
Loans
PersonalLoans has a network of lenders who can offer you a maximum loan of $35,000. However, it is not available to everyone who applies because you'd need a perfect credit score to get it. Borrowers with poor credit scores will be limited regarding the maximum loan amount they can receive.
Security
Due to sensitive information concerning your privacy and financial information, PersonalLoans has the most optimal data encryption technology through which they keep all of your private information safe and secure in their database.
No upfront costs
PersonalLoans is a free website, meaning there are no additional costs. You can browse through the website, learn, complete the application form, get customer support, and connect to a lender, all for free. Your lender later applies fee charges and rates.
Before you get a loan offer from any of PersonalLoans' lenders, you should be able to see the loan details listed in the offer and all the fees to see whether the loan offer is agreeable to you.
Thus, always read the terms and conditions of your lender carefully before you accept a loan offer and sign with an e-signature.
APR
The APR on PersonalLoans is fixed. The minimum APR is 5,99%, and the maximum is 35,99%. All the lender partners in the PersonalLoans network have accepted this limitation and work based on that principle.
Third-party networks and quick funds
PersonalLoans is not a lender but a free service connecting you to a lender. Their website is free to use, and you can complete the application form in just a few minutes. Sometimes, after you are redirected to a lender, the lender might require additional information other than the one you provided in the application form.
The APRs on loan offers depend on the loan amount you have borrowed, the repayment terms, and your creditworthiness. Thus, make sure to pay special attention to them.
Funds processing here takes anywhere from 24 hours to a few business days. Lenders are responsible and always make sure to transfer funds on time. The funds might reach your account in less than 24 hours.
Also, remember to always be on time with repaying the loan amount. If you are behind on a payment, it will carry a penalty, and you’ll pay more.
Pros
- Great for emergency loans
- Simple application
- Many lenders are available
- Fast funding
- Safe and secure website
- Flexible repayment terms
Cons
- Interest rates for bad credit loans may be high
⇒ Visit the Official Website of Personal Loans
How We Made This List For Best Financial Services Offering Guaranteed Installment Loans For Bad Credit?
We took the time to scrutinize many online lending marketplaces that offer installment loans and chose the top five that seemed to stand out.
We looked at each company's background, reputation, rates, fees, and terms to suggest the most reputable, trustworthy, and low-cost providers.
Thus, keep reading on to find out more about the best places to get an installment loan that will fit your needs.
Fast transactions
Getting a quick loan can solve your financial emergency in no time. Thus, looking for companies with responsible and reliable lenders who can make fast transactions once you have accepted their loan offer is crucial when searching for an online loan.
To make the search easier, we included the best online lending marketplaces with some of the most reliable lenders available.
You'll be presented with a loan offer as soon as you submit an application form on these websites. Once you accept the loan offer, if it is agreeable to you, the lenders will deposit the needed fund into your account in no time.
Company reputation
While making this list, we made sure to consider this important factor. When choosing a lending company to get a loan from, it needs to be a reputable one. Thus, we included those companies with a high market reputation.
We had a detailed look into their background to ensure that each of these companies is reputable to keep your private information safe and ensure a positive experience.
Secure websites
We paid extra attention to how secure these websites were. We know that nowadays, there are many scams on the Internet, and getting an online loan can be risky if you are in the wrong place.
Thus, to ensure you avoid cyber-attacks and data leaks that will put your information at risk, we included the safest companies in our list with the most optimal security via industry-standard data encryption technology.
Trustworthiness
Positive feedback from authentic customers is the thing that brings traffic to these websites. We made sure only to include those who have a considerable number of positive customer reviews online. Many of these clients were satisfied with their service for installment loans.
Flexible APRs and interest rates
Last, we ensured that each of these online lending marketplaces had flexible APRs and interest rates. Here, you can view various lenders offering you different interest rates and choose which suits you the most.
We also ensured that the companies had APR limitations, meaning that the lenders in their networks agreed with them, and they could not go under the minimum or above the maximum.
Buying Guide: Things to Consider When Looking for Installment Loans For Bad Credit
If you are considering turning to an online lending marketplace to find a solution to your financial emergency, you must keep in mind that choosing the right website won't be easy.
Knowing where and what to look for can be handy in this situation. Thus, to make things easier for you, we list a few things you should look for in a lending company.
Make sure to double-check repayment terms
This is probably one of the most important things to remember before signing any contract. You should always make sure to double-check everything that is written on the repayment term that your lender gives to you. This is so you don't miss out on any important information, as well as to not get yourself into a situation you don't desire.
Repayment will increase and lower your credit score, so you must take it seriously. Many lenders will report to major credit bureaus if they see that you have missed a repayment.
Look at the customer reviews
The best way to see whether a company is honest and transparent about its service is to check customer reviews. You can safely trust a company if you see that many of its clients praise the platform and are very satisfied with its service.
If you see that most comments and reviews are negative, consider moving on. Also, check third-party websites and forums for additional reviews from those on the official websites.
Research the company's history
Checking the company's history should be among the first things you do before you trust any company to get an installment loan from them. If you spot any illegal acts, moving on to the next option is always best.
You can also determine the company's reputation based on its customer feedback. Customer feedback is the main thing that makes a company worth trusting. If you see that many people admire how a lending platform works, you can proceed with it and trust it as a good place to get your installment loans.
Fast funding
If you are searching for an emergency installment loan, you should seek platforms that offer fast and same-day loans.
Getting a late cash loan won't do you any good in this situation, as it will worsen your emergency crisis.
When you are comparing lending platforms, make sure to check out which one offers the quickest loans. The platforms we have mentioned on this list are all good options as they offer loans that you can see in your account within 24 hours after accepting a loan offer.
FAQ's: Installment Loans For Bad Credit
Q1. What is an installment loan?
Installment is understood as how a borrower repays a loan amount. Installments are gradual payments that borrowers use to pay back an installment loan.
Borrowers usually receive the installment loan in one lump sum. Still, they repay it over time, as mentioned in the official loan agreement between the borrower and the lender.
Q2. What types of installment loans are there?
They are the most common loan type and come in various types, some of which include:
- Mortgages - These are used to buy a house. They help borrowers pay for their homes in one go with a mortgage loan repaid for years in small increments.
- Personal Loans - These loans can be used for various purposes, such as consolidating debt, paying rent, or paying medical bills.
- Auto Loans - This loan uses your car's value as security against a loan. You will receive a loan amount based on the value of your car.
- Student Loans - This loan is taken out by students who need to pay for their rent, books, college tuition, and other education-related expenses.
Q3. What are some advantages of installment loans?
You have many advantages in getting such loans. These loans are easy to pay off because the lender breaks them down into easy-to-pay installments rather than paying the loan amount in full.
They are very convenient because you are relieved due to the payment play between you and your lender, you get to make smaller payments, it is easier for your wallet to handle, and you won't wait to save up because you can buy the things you need sooner.
Q4. Are there any disadvantages of installment loans?
Here are some of the disadvantages that come along with getting an online installment loan:
- You will be making repayments for a long time
- These payments can be a burden as they can add to other monthly payments
- Saving money can be worth it in the long run instead of getting the funds you need now.
Conclusion: Top Installment Loans For Bad Credit In USA
Well, this is the very end of this article. So, we hope you have learned more about the best online lending marketplaces for getting installment loans by reading this article. They all have a wide network of loan lenders and third-party lenders competing in making you a loan offer.
Each lender you work with tries to understand your situation the best they can, and they try to help you by offering you a suitable loan offer with attractive terms.
Thus, if you need such loans, visit some of the platforms on this list. They are some of the most trusted and well-reputable lending companies on the internet, with the highest number of satisfied clients.
