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The Best Installment Loans

Where Can You Find the Best Installment Loans?

Installment loans are like that dependable friend who's there to help you out when unexpected expenses pop up or when you're dreaming of that long-awaited vacation. They offer a structured way to borrow money, giving you the flexibility to address financial needs without disrupting your budget too much.

Picture this: you get a lump sum upfront and then pay it back in manageable chunks over time - it's like breaking down a big task into smaller, more manageable steps.You may have heard the term "personal loans" thrown around. Think of installment loans as a specific type of personal loan, where you pay back what you borrow in fixed installments over time. It's like having a personalized repayment plan tailored just for you.

Friday, April 19th

2024 Installment Loan Reviews

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

Upstart

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

When you need an installment loan, Upstart has your back. Their network of lenders goes beyond your credit score, looking at things like your education and employment history to give you a fair shot. Qualifying is easy - just meet some basic requirements like having a steady income. Upstart's application process is quick, taking only a few minutes and won't hurt your credit score. You might even get loan offers right away and receive your money as soon as the next business day. Watch out for lender fees, but feel good knowing you can pay back your loan early if you want. With 40,000+ five-star reviews from satisfied clients, Upstart is the best choice for installment loans.

SuperMoney Review 4.5 Star Rating

SuperMoney

4.5 Star Rating

When it comes to finding financial support, SuperMoney serves as your trusted partner, connecting you with lenders offering installment loans. Their user-friendly platform streamlines the process of comparing loan offers from multiple sources, providing comprehensive lender details and consumer reviews to aid in your decision-making. Through SuperMoney, you can access installment loans up to $100,000 with competitive APRs, contingent upon your credit history and income. With a strong commitment to safeguarding your privacy and an impressive customer rating, SuperMoney is an ideal place to comparison-shop your next loan.

Happy Money Review 4 Star Rating

Happy Money

4 Star Rating

Happy Money stands out as a reliable option for those seeking to tackle high-interest credit card debt. Since 2009, they've partnered with a variety of financial institutions, facilitating over $6 billion in loans for more than 300,000 clients. Their installment loans, ranging from $5,000 to $40,000, offer competitive interest rates, along with origination fees of 1.5% to 5.5%. While their primary focus is on consolidating credit card debt, they may also assist with financing for other purposes on a case-by-case basis. To qualify, applicants need a credit score of 640 or higher, no current delinquencies, and 3 years of established credit, with additional considerations for debt-to-income ratio and credit utilization. Once approved, funds can be deposited within 3-6 business days, or sent directly to credit card companies within 30 days. With a track record of high customer satisfaction, Happy Money emerges as an excellent choice for those seeking installment loans for debt consolidation purposes.

SoFi Review 4 Star Rating

SoFi

4 Star Rating

SoFi presents a compelling solution with its range of flexible borrowing options, including installment loans from $5,000 to $100,000 with competitive APRs. Offering convenient repayment terms ranging from 2 to 7 years, SoFi stands out for its timely funding. With accolades such as an "A+" rating from the Better Business Bureau and thousands of five-star client ratings, SoFi's reputation as a trustworthy lender is well-established, despite the occasional complaint. While not necessarily offering the lowest rates, SoFi's commitment to customer satisfaction and innovative features make it a worthwhile option for those seeking installment loans for various expenses.

LendingTree Review 3.5 Star Rating

LendingTree

3.5 Star Rating

When you're in need of financial assistance, LendingTree steps in to connect you with installment loans from a variety of lenders. Whether you're looking to borrow up to $50,000 or simply exploring your options, LendingTree provides valuable insights into each lender within their network. It's a fantastic resource for conducting research, even if you ultimately decide not to proceed with a LendingTree partner for your installment loan. However, it's worth noting that some users have reported an influx of marketing-related communications from other companies after entering their info on the LendingTree site. Annoying spam risks aside, LendingTree remains a reliable hub for accessing installment loans from multiple vetted lenders, earning a solid rating in our evaluation.

Splash Financial Review 3.5 Star Rating

Splash Financial

3.5 Star Rating

Splash Financial, established in 2013 to alleviate student debt burdens, has expanded its services to include installment loans while maintaining its focus on exceptional customer service. Through innovative technology, it connects borrowers with a diverse range of lenders. Despite its success, Splash Financial faces criticism for its lack of transparency regarding lending partners and higher-than-average starting interest rates and fees. While its primary emphasis remains on student loans, it still gets compliments for its customer support and ability to secure loans where other options have failed to deliver. Overall, while Splash Financial offers a trustworthy option for installment loans, we recommend looking at the higher-ranked referral platforms on our list first, especially if you like knowing upfront who you might be working with as your lending partner.

Prosper Review 3 Star Rating

Prosper

3 Star Rating

When you're in need of an installment loan, Prosper offers a unique solution. Acting as a bridge between individuals who want to lend money (as an investment) and those who need it, Prosper facilitates connections akin to neighbors lending a helping hand. With borrowing options extending up to $50,000, you'll need to pay attention to Prosper's origination fees, which are deducted from your loan amount. Also, funding through Prosper might entail a longer wait as investors evaluate your application. Despite some complaints, Prosper maintains a generally favorable reputation, backed by numerous satisfied customers who leave positive reviews. In summary, while Prosper may not be the quickest or most cost-effective option, it stands as a reliable choice for securing a personal loan.

Bad Credit Loans Review 2 Star Rating

Bad Credit Loans

2 Star Rating

With Bad Credit Loans, you can borrow from a variety of lenders ranging from banks to credit unions, with loan amounts between $500 and $10,000 and repayment terms from 90 days to 6 years. However, the platform doesn't disclose its lenders upfront and requires sensitive information like your SSN and bank details before offering a loan. While they have a decent BBB rating, reviews are mixed and outdated, and there's limited transparency about the lenders. We recommend looking at the installment loan options higher on our list before you give your info to Bad Credit Loans.

Ace Cash Express Review 1.5 Star Rating

Ace Cash Express

1.5 Star Rating

Considering an installment loan from Ace Cash Express? While they offer quick cash for those in need of quick funds, especially if you reside in Delaware, Florida, Missouri, or Texas, it's important to be aware of their limitations. With interest rates reaching as high as 495.76% APR and 5-month repayment terms, Ace Cash Express may not be the best choice for borrowers seeking affordable financing. Although they have a positive BBB rating and have helped individuals in urgent financial situations, installment loans at Ace Cash Express are probably a bad idea.

Personal Loans Review 1.5 Star Rating

Personal Loans

1.5 Star Rating

Personal Loans connects you with lenders offering installment loans from $250 to $35,000. Although their parent company boasts an "A" rating from the Better Business Bureau, the process of getting a loan here doesn't exactly scream "transparent" or "trustworthy" . Personal Loans' lack of clarity regarding the handling of your personal information and who their lending partners are raises red flags. The process here can feel frustrating, with unclear options to opt out of marketing communications and requests for sensitive banking details way early on in the application. You've got better options for installment loans on our list, and we recommend skipping Personal Loans completely.

Compare the Best Reviews

Continued from above...

Now, let's talk about why installment loans are often a better bet than some other borrowing options, like payday loans or title loans . With payday loans, you're usually expected to pay back everything plus fees by your next payday - talk about pressure! And title loans? Well, they require you to put your car on the line, quite literally, risking repossession if you miss payments.

In contrast, installment loans come with a structured repayment plan and often offer more reasonable interest rates, making them a friendlier option for your wallet.

So, now you know why an installment loan could be the perfect fit for getting the money you need. Ready to apply online? No need to brave the lines at the bank - just fill out a simple application online, and you're good to go. Plus, online lenders often give you the green light faster than traditional banks, so you can get your hands on the cash you need pronto.

There are quite a few options for getting an installment loan. Which one should you pick? When you're comparing your lending choices, keep a few things in mind:

  • Referral service or direct lender. If you're new to installment loans, you might not be aware that there are two ways of getting you funded: borrowing directly through a bank or other financial institution, or using a referral platform to get multiple offers at once (sometimes from smaller credit unions or banks who can get you a better rate). There are pros and cons to both, so just understand what you're getting before you enter your personal info on the website.
  • Interest rates and fees. When it comes to interest rates, usually the lower, the better. After all, who wants to pay more than they have to? Make sure you understand not only the rate you're paying, but also whether or not that interest rate includes fees for origination and such. Fees are often taken out of your installment loan proceeds, leaving you with a little less than what you thought you were getting as a lump sum.
  • Funding speed. How quickly do you need your installment loan proceeds to hit your bank account? Pick a lender whose average timeframe for loan funding lines up with your needs.
  • Reputation. You want to borrow from someone who's got your back, not someone looking to make a quick buck. Check out the company's reputation with other customers and with the Better Business Bureau before you sign on the dotted line (digitally, of course).

To help you connect with the best resources for installment loans, the experts at Top Consumer Reviews have researched and ranked some of today's most popular options. So, next time you're in a financial pinch or dreaming of that once-in-a-lifetime trip, you'll know which ones to consider (and which ones to avoid!).

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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