Installment Loan Reviews

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LENDING CLUB

When it comes to social lending, Lending Club sets the standard for loans that go outside of the more common lender-based companies. Their track record for arranging installment loans between $1,000 and $40,000 with affordable terms is first-rate, earning Lending Club our top spot among installment loan lenders.

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SOFI

As a relatively newparticipant in the social finance market, the appropriately-named SoFi is making an impact. They're one of the only lenders offering unemployment protection - if you lose your job, you may be eligible to put your repayments on hold. You'll find their application process to be very easy using their well-designed website, while you won't be surprised by any hidden fees. SoFi should absolutely be on your list as the source of your installment loan.

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LENDING TREE

LendingTree is a fantastic resource for borrowers of every credit history. Although they work as something of a connection service between customers and lenders, rather than funding loans, their network of available borrowing partners is excellent - many of which are glad to work with clients whose credit isn't perfect. We also like that LendingTree's service allows borrowers to negotiate directly with lenders if they choose, in order to get more favorable loan terms.

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LIVE WATCH

Where most loans are based on the borrower's credit history, Upstart makes it easy for Millennials -who may have little to no credit history - to prove their trustworthiness in other ways. Upstart takes a mathematical approach to making that determination: your SAT scores, major field of study, and your GPA are used to determine your future earning potential. Low interest rates combined with 3- and 5-year terms make Upstart worth your time when looking for an installment loan.

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100 LENDERS

As the second-highest ranked borrower-to-lender referral service in our review, 100 Lenders gets high marks for a simple online application process. Customers praise their reliable service that connects them with a large network of partner lenders offering installment loans.

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NET CREDIT

If you live in one of the 13 states served by NetCredit, you can benefit from their easy-to-complete application process. As a subsidiary of a well-known financial lending company, NetCredit specializes in customers with positive and less-than-perfect credit histories and is one of the few lenders that looks beyond that history to approve or decline a loan application.

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ONE MAIN FINANCIAL

If your priority is reliability and a top rating with the Better Business Bureau, OneMain Financial is a strong contender for your installment loan. However, that dependability comes at a price, as OneMain's rates are consistently higher than other lending partners in our review, and you'll have to actually speak with a representative before getting any details about a possible loan offer.

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PERSONAL LOANS

With flexible payment options on installment loans up to $35,000, Personal Loans acts as a referral service between borrower and lender. Although everything about Personal loans looks legit, prospective customers should be aware that there is very little information available about their history and reliability as a company.

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MAX LEND

With one of the smallest total loan amounts in our review, MaxLend started out with a lower rating. An "F" rating with the Better Business Bureau, given for numerous complaints relating to extremely high interest rates, deceptive lending practices, and constant pressure on current customers to take out another loan are the reasons why MaxLend is the lowest-rated source of installment loans in our review.

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Installment Loans

Medical bills, unexpected car repairs, layoffs and more - does any of this ring a bell There are lots of reasons why many people find themselves strapped for cash. What can you do if your income just isn't enough to make ends meet and you need money

If you have a financially-comfortable friend or relative, you could put yourself through the embarrassment of asking them for a loan - which would be better than paying the extremely high interest rates associated with most credit cards or payday loans. Another option is to consider an installment loan.

Repaid over time with a predetermined number of set payments, these loans can help bridge the gap between what you have and what you need while allowing you to comfortably accommodate the repayment schedule. Many installment loans today are funded using a system known as a social lending network, matching borrowers with lenders through a peer-to-peer structure. Compared with other loans available, these installment loans usually have lower interest rates, mostly because of the lower overhead costs associated with this type of borrowing.

While you may feel a little apprehensive when trying to choose a lender for your installment loan, there are several factors you can use to make sure your loan is on solid footing. When looking at any potential lender, here are three things to check out:

  • Loan application process. What do you need to provide in terms of documentation to complete the application Can all or most of the process be done online
  • Loan rates, terms, and amounts. Will the lender provide an installment loan that covers the amount you need Do the available repayment terms - such as the interest rate, and length of the loan - seem reasonable
  • Reputation. Does the lender have a good track record for providing quality customer service Is the lending company accredited with the Better Business Bureau

TopConsumerReviews.com has reviewed and ranked the best Installment Loans available today. We hope this information helps you find the loan you need with the best possible rate and terms!



Installment Loans In The News

Should you add a loan to your shopping cart

Many companies offer installment loans, which have fixed rates and payoff periods. Others offer leases, lines of credit or zero percent financing for a limited time period. Each type comes with certain legal rights for consumers, Reynolds says.

Published:  Sun, 22 Oct 2017 01:52:00 GMT



Fintech Parcela Ja & Banco BNI Europa Partner on Installment Loans

Portugal's fastest growing digital only bank Banco BNI Europa and Parcela Ja, a Portuguese Fintech firm, have partnered to launch an innovative solution for the Portuguese market to enable any retailer to offer its customers installment loans for any ...

Published:  Fri, 20 Oct 2017 04:36:00 GMT



When Payday Loans Die, Something Else Is Going to Replace Them

"The market has already shifted greatly toward longer loans, and there's a lot of danger ahead because that market is essentially unregulated," says Bourke. "In some states, like Ohio, lenders can easily shift to high-cost, harmful installment loan

Published:  Sat, 21 Oct 2017 11:44:00 GMT



Susan Tompor: Payday loans rule could lead to cheaper alternatives

The Consumer Financial Protection Bureau's final payday loan rule - which was announced Oct. 5 and could go into place in 2019 - could open the door to lower-cost installment loans from banks and credit unions, according to Nick Bourke, director of ...

Published:  Mon, 16 Oct 2017 06:33:00 GMT



Payday loans rule could change in 2019

The Consumer Financial Protection Bureau's final payday loan rule - which was announced Oct. 5 and could go into place in 2019 - could open the door to lower-cost installment loans from banks and credit unions, according to Nick Bourke, director of ...

Published:  Sun, 15 Oct 2017 09:00:00 GMT



Key Takeaways From the CFPB's Final Rule On Payday, Vehicle Title, and Certain High-Cost Installment Loans

On October 5, the Consumer Financial Protection Bureau (CFPB or Bureau) released its long-anticipated final rule on small dollar lending, which covers payday, vehicle title, and certain high-cost installment loans. 1 The final rule establishes 12 C.F.R ...

Published:  Wed, 11 Oct 2017 06:12:52 GMT



Why The ICBA Is Fighting Industrial Loan Charters For FinTechs

Square's other business concerns, such as installment loans and Square Cash, will remain outside of the bank. That is, if that bank ever comes into being - something the Independent Community Bankers of America (ICBA) is quite determined to prevent.

Published:  Tue, 17 Oct 2017 01:07:00 GMT



CFPB Issues Final Rules on Payday and Vehicle Title Loans-Little Impact for Auto Lenders

The Consumer Financial Protection Bureau (CFPB) issued its final rule on payday, vehicle title, and certain high-cost installment loans. The new rule is effective in 2019 and imposes stringent underwriting requirements and payment restrictions on certain ...

Published:  Thu, 12 Oct 2017 17:00:00 GMT



KBRA Assigns Preliminary Ratings to Avant Loans Funding Trust 2017-B

Founded in 2012, Avant is located in Chicago, Illinois and operates an online lending platform. Personal installment loans are offered to non-prime consumers through the Avant Platform. Typical customers have an average annual income of $61,000 and average ...

Published:  Thu, 19 Oct 2017 09:36:00 GMT




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