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The Best Installment Loan Providers

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.

Friday, May 14th

2021 Installment Loan Provider Reviews

SoFi Review TopConsumerReviews.com Best-In-Class Blue Ribbon Award 5 Star Rating

SoFi

5 Star Rating TopConsumerReviews.com Best-In-Class Blue Ribbon Award

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 Review 4.5 Star Rating

Upstart

4.5 Star Rating

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 Review 4.5 Star Rating

LendingTree

4.5 Star Rating

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 Review 4 Star Rating

LendingClub

4 Star Rating

When it comes to social lending, LendingClub 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 LendingClub a high spot among installment loan lenders.

Avant Review 4 Star Rating

Avant

4 Star Rating

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 Review 4 Star Rating

100 Lenders

4 Star Rating

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 Review 3.5 Star Rating

Prosper

3.5 Star Rating

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 Review 3.5 Star Rating

Even

3.5 Star Rating

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 Review 3.5 Star Rating

Net Credit

3.5 Star Rating

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 Review 3 Star Rating

One Main Financial

3 Star Rating

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 Review 3 Star Rating

Personal Loans

3 Star Rating

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 Review 2 Star Rating

Life Loans

2 Star Rating

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.

Max Lend Review 1 Star Rating

Max Lend

1 Star Rating

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.

Compare the Best Reviews

Continued from above...

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!

The Best Installment Loan Providers Compare Installment Loan Providers Compare Installment Loan Provider Reviews What are the best Installment Loan Providers Best Installment Loan Provider Reviews

Installment Loan Provider 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.

Compare Installment Loan Providers

Select any 2 Installment Loan Providers to compare them head to head

best-installment-loans
  • SoFi
  • Upstart
  • LendingTree
  • LendingClub
  • Avant
  • 100 Lenders
  • Prosper
  • Even
  • Net Credit
  • One Main Financial
  • Personal Loans
  • Life Loans
  • Max Lend
SoFi vs Upstart SoFi vs LendingTree SoFi vs LendingClub SoFi vs Avant SoFi vs 100 Lenders SoFi vs Prosper SoFi vs Even SoFi vs Net Credit SoFi vs One Main Financial SoFi vs Personal Loans SoFi vs Life Loans SoFi vs Max Lend Upstart vs LendingTree Upstart vs LendingClub Upstart vs Avant Upstart vs 100 Lenders Upstart vs Prosper Upstart vs Even Upstart vs Net Credit Upstart vs One Main Financial Upstart vs Personal Loans Upstart vs Life Loans Upstart vs Max Lend LendingTree vs LendingClub LendingTree vs Avant LendingTree vs 100 Lenders LendingTree vs Prosper LendingTree vs Even LendingTree vs Net Credit LendingTree vs One Main Financial LendingTree vs Personal Loans LendingTree vs Life Loans LendingTree vs Max Lend LendingClub vs Avant LendingClub vs 100 Lenders LendingClub vs Prosper LendingClub vs Even LendingClub vs Net Credit LendingClub vs One Main Financial LendingClub vs Personal Loans LendingClub vs Life Loans LendingClub vs Max Lend Avant vs 100 Lenders Avant vs Prosper Avant vs Even Avant vs Net Credit Avant vs One Main Financial Avant vs Personal Loans Avant vs Life Loans Avant vs Max Lend 100 Lenders vs Prosper 100 Lenders vs Even 100 Lenders vs Net Credit 100 Lenders vs One Main Financial 100 Lenders vs Personal Loans 100 Lenders vs Life Loans 100 Lenders vs Max Lend Prosper vs Even Prosper vs Net Credit Prosper vs One Main Financial Prosper vs Personal Loans Prosper vs Life Loans Prosper vs Max Lend Even vs Net Credit Even vs One Main Financial Even vs Personal Loans Even vs Life Loans Even vs Max Lend Net Credit vs One Main Financial Net Credit vs Personal Loans Net Credit vs Life Loans Net Credit vs Max Lend One Main Financial vs Personal Loans One Main Financial vs Life Loans One Main Financial vs Max Lend Personal Loans vs Life Loans Personal Loans vs Max Lend Life Loans vs Max Lend
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