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The Best Installment Loans

Where Can You Find the Best Installment Loans?

If you're struggling financially, you're not alone. Unemployment rates and inflation are on the rise, and many people are having trouble paying their bills from month to month. From regular expenses like rent and car insurance, to unexpected (and unwelcome!) costs like ER visits and appliance repairs, it doesn't take much to wind up needing cash.

What are the options? Aside from asking friends or family to float you a loan - which is uncomfortable for everyone all around - there are several different ways to get the money you need. However, some of them come with extremely high interest rates or payment terms that are so short you'll have a hard time repaying what you borrow. Credit cards and payday loans fall into that category, and you may wind up worse off than when you started if you rely on them for money.

Tuesday, March 21st

2023 Installment Loan Reviews

Upstart Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating


5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

Upstart utilizes an extensive artificial intelligence platform to improve credit access for borrowers of all types. Looking beyond your credit score makes it more likely you'll be approved for your loan. Thousands of people have used Upstart to get installment loans very quickly. For their creative approach to lending, competitive interest rates, and highly satisfied customers, Upstart earns our highest rating.

LendingTree Review 4.5 Star Rating


4.5 Star Rating

LendingTree is a loan marketplace for every type of borrowing, from installment loans to credit cards and beyond. You can use this service to easily compare offers from up to five lenders at a time, helping you access good rates and terms for your installment loan. We love the detailed information provided on each lender, with thousands of client reviews to help determine which one is the best choice for an installment loan. LendingTree has a great reputation and is a trustworthy option if you want to use a referral service to research and secure an installment loan.

SoFi Review 4.5 Star Rating


4.5 Star Rating

SoFi has some big benefits compared with other options for installment loans. They offer the lowest average interest rates, and assistance (and forbearance) if you lose your job while repaying your loan. But an increase in the number of complaints from SoFi clients, which describe negative experiences specifically with the customer service department, gave us some cause for concern.

SuperMoney Review 4 Star Rating


4 Star Rating

SuperMoney offers comparison shopping for many financial products, including installment loans. They offer funding through just over a dozen partners, and you can see detailed information and reviews about each one before filling out your application. SuperMoney hasn't been around as long as some of the other referral platforms we evaluated and so there's not as much customer feedback yet. SuperMoney is a good way to gather information about installment loans you might be eligible for, and their streamlined process makes it easy to complete your application.

Upgrade Review 4 Star Rating


4 Star Rating

Upgrade is one of the newer options in the installment loans industry, but the company has already made a strong showing. With just two lenders in their partnership, Upgrade can typically offer a one business day turnaround once you've accepted a loan offer. The BBB gives this service the highest possible rating, and most consumers won't have trouble getting a good installment loan here.

Prosper Review 3.5 Star Rating


3.5 Star Rating

Prosper gives everyday investors (and institutions) the ability to fund installment loans for everyday individuals. This peer-to-peer lending platform offers next-day funding in many cases, but you need a credit score of at least 640 to be eligible to borrow money here. Overall, Prosper has a good reputation and is a reliable source of installment loans if you qualify - just remember, peer-to-peer lending is a different kind of experience.

Credible Review 3.5 Star Rating


3.5 Star Rating

If you'd like to compare rates across multiple lenders with a single application, Credible is a good resource for installment loans. While that kind of one-stop shopping saves you some time, you'll still need to research each lender and read your loan terms carefully. Overall, Credible has a strong reputation and gets high marks from customers.

LendingClub Review 3 Star Rating


3 Star Rating

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 loans with repayment terms of at least 36 months, and recent customer feedback is very positive. You should have a good experience if you choose to get an installment loan here, but we're holding back a higher recommendation while they continue proving out their new structure.

OppLoans Review 2.5 Star Rating


2.5 Star Rating

OppLoans is an option to consider if your credit history isn't so impressive. The lender offers funding in 30+ states with maximum APRs way higher than the other lenders in our review - but they're still much less than what you'll find with payday loans, which are often the only choice for consumers with low credit scores. OppLoans has a strong reputation among its clients and can fund installment loans within one business day. We recommend this lender as an alternative to payday loans, but borrowers with decent credit will find lower rates elsewhere on traditional installment loans.

Personal Loans Review 2 Star Rating

Personal Loans

2 Star Rating

With a name like Personal Loans, you'd think this referral service would be the best all-around choice for borrowing money. Not so much. You'll be asked to provide extremely detailed personal information, including your SSN and employer's contact information, only to be given a list of lenders you could choose to approach for a loan. Although Personal Loans' reputation has improved over the years, there are still much better options out there for getting the cash you need.

Leap Credit Review 0.5 Star Rating

Leap Credit

0.5 Star Rating

Leap Credit offers installment loans of up to approximately $3,500 but is only authorized to operate in 10 states. However, even if you live in one of those locations, you'll probably want to avoid this lender: with interest rates of as much as 800%, hundreds of complaints from consumers, and a customer service team that's practically nonexistent, Leap Credit is one of the last places we would turn to get help in a difficult financial situation.

Compare the Best Reviews

Continued from above...

Fortunately, installment loans provide a better way to access the funds to pay your bills, without sky-high interest rates or short repayment timeframes. An installment loan gives you a specific amount of money with a fixed number of payments over time, usually a year or more. Your interest rate may be fixed or variable, depending on the loan you select. These loans are similar to what you experience when buying a car or taking out a mortgage, and most lenders won't charge you any penalties if you pay them off earlier than required. Installment loans are predictable, affordable, and can help you get out of a tough financial situation in a responsible way.

As you begin your research, you'll find that there are many financial institutions willing to offer you an installment loan. It can be overwhelming trying to determine which one is right for you, but keeping these criteria in mind can help you narrow down the options and know that you've made a good choice:

  • Reputation. What do other clients say about their experience with the bank or lender? Has the Better Business Bureau given the company a strong positive rating? A service with thousands of positive reviews is more trustworthy than an installment loan provider with little customer feedback.
  • Loan availability and terms. How much can you borrow? What interest rate will you pay? What fees can you expect to pay, and is the lender transparent with disclosing them before and during the application process? How quickly can you expect your loan funds to be deposited to your bank account?
  • Application process. Can your loan application and approval be completed 100% online? Are there any eligibility requirements you need to meet, such as a minimum credit score or monthly income? What documentation will be required to submit the application?

TopConsumerReviews.com has evaluated and ranked the best sources of installment loans available today. We're confident that this information will help you choose a lender that can get you the money that you need.

The Best Installment Loans Compare Installment Loans Compare Installment Loan Reviews What are the best Installment Loans Best Installment Loan Reviews

Installment Loan FAQ

An installment loan is when you borrow a specific amount of money and make equal repayments over a predetermined time period, unlike payday loans and other forms of borrowing where you're expected to pay it back all at once. Installment loans are usually much more affordable than payday loans or even credit cards with respect to interest rates.
Many installment loans are funded by smaller financial institutions, like local or regional banks and credit unions. Some lenders use a peer-to-peer lending platform, where these institutions and even private individuals choose to fund your loan as an investment: you win by getting a loan you need and with terms you can afford, and they win by earning money through the interest you pay.
Your interest rate will depend on several factors, the biggest being your credit history. If yours is less than stellar, don't be surprised if you're offered an installment loan with a higher APR than the lowest rates listed on the lender's website. However, in almost every circumstance, you'll do better with an installment loan than a payday loan, where interest rates can be as high as 800% (yes, eight HUNDRED percent)!
During the initial part of the application process, when you're just looking for a quote, your credit score won't be affected by the "soft pull" the lender performs. When you have chosen the leander you want to use for your installment loan and finalize the official application, your credit score will probably go down slightly - but temporarily.
Most lenders allow you to complete your application and receive your funds online, without ever having to set foot in a brick-and-mortar location. The only exception is if you choose an installment loan that requires collateral, like the title of your car.
Installment loans are available in amounts ranging from $100 to $100,000. You'll be approved for a loan amount that takes into consideration your current income, debts and expenses, as well as your credit history.
Once your installment loan application is complete and you accept a lender's offer of funding, you will usually see the funds deposited to your account within a few business days. But, some lenders offer a one-business-day turnaround: choose one of these partners if you need the proceeds of your loan quickly.
Not any more so than any other kind of loan: if you choose a loan in an amount you can afford, with repayment terms you can meet, you should be just fine. If you're not sure you have the financial skills to figure out how much you can safely borrow and repay, look for a lender that offers counseling and education as part of their loan package (or even at no charge before you take out the loan). Finally, be sure to check out the reputation of any lender you're seriously considering for your installment loan: an "A-" rating or higher from the Better Business Bureau is a good indicator that you can trust the company.
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