The Best Installment Loan Providers

Monday, July 26th

2021 Installment Loan Provider Reviews

SoFi

As a relatively new participant 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.

Upstart

Upstart is a professional and organized social lending platform focused on helping people achieve their financial goals. Their loan process is quick and efficient and considers many factors including your education, job history, and credit score. With a solid reputation for success, customers can find answers to many of their financial questions because the site clearly describes how their loans work. They also provide education for those seeking guidance for future financial endeavors.

LendingTree

While LendingTree does not fund loans itself, it does connect borrowers with a wide range of potential lenders and allows customers to negotiate directly with those lenders if they wish. Many of those lenders work with those people who have less-than-perfect credit, making LendingTree a great one-stop shop for researching the best loan for every kind of borrower.

LendingClub

LendingClub used to crowdfund all of their installment loans through investors. But, after undergoing some changes, their lending is now structured more like a regular bank. They offer fixed-rate installment loans with repayment terms of at least 36 months, and recent customer feedback is almost universally positive. You should have a good experience if you choose to get an installment loan here, but we're holding back a higher recommendation until the BBB provides an updated rating for LendingClub.

Avant

Avant is a relative newcomer to online lending. Their lack of loan prepayment fees and customer service availability 7 days a week, however, shows they're serious about delivering what people want. Their loans can range from $2,000 to $35,000, and funding can be can be provided very quickly. If you're looking for a fast, hassle-free loan, Avant may be a great option.

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.

Prosper

Prosper provides a simple lending process and a website that's easy to navigate. Loan rates can range a little higher at Prosper but, if you are in the market for a $2,000 to $40,000 loan Prosper is worth your consideration.

Even

Even is one of several services that let you prequalify for personal loans from multiple lenders with one easy application online. This service has 10 lending partners in their network, making it possible to get up to $100,000. However, Even seems to require you to provide much more personal information to even see what you might be eligible to receive, without giving you a similar degree of details about their company or how they operate. You'll probably get better service with a higher-ranked provider of personal loans.

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.

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.

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.

Life Loans

LifeLoans is another borrower-to-lender matching service, with no loans funded by the business itself. While we appreciate their membership in the Online Lenders Alliance as a token of trustworthiness, we were unable to find any reviews from customers who have used LifeLoans for an installment loan.

Loan Pioneer

Loan Pioneer is another loan referral service that connects you with lenders for your installment loan. You'll be asked for extremely personal information, including your driver's license number and bank account details, only to be sent to a third-party website to fill out yet another application. With no rating from the BBB and not much going for it, Loan Pioneer lands towards the bottom of our rankings among providers of installment loans.

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.