Friday, April 23rd
2021 Installment Loan Provider Reviews
SoFi
- Loan: From $5,000 to $100,000
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.
One Main Financial
- Loan: Personal and Auto Loans from $1,500 - $30,000
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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Where Can You Find the Best 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.
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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!
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