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      July 23, 2019

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Installment Loans

  1. SoFi
  2. LendingTree
  3. Upstart
  4. 100 Lenders
  5. Net Credit
  6. One Main Financial
  7. Personal Loans
  8. iLoan
  9. LifeLoans
  10. Max Lend

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100 Lenders vs Net Credit

Best Installment Loans

To help you find the Best Installment Loans, TopConsumerReviews.com provides you with an in-depth comparison of 100 Lenders and Net Credit.

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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 isnít 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.

Continue reading below reviews

Best Reviews

2019

Installment Loan Reviews

4 stars
100 Lenders

100 LENDERS Visit Site

Loan:

From $100 to $35,000

As a connection service, 100 Lenders helps to bring borrowers and lenders together for loans ranging from $100 to $35,000. Applying for a loan with 100 Lenders is simple: provide your basic information (name, address, Social Security number, and frequency of your paychecks), and in a matter of minutes, you will get a list of loans offered by their lender network.

Because 100 Lenders does not fund loans themselves, you should be aware that interest rates, fees, and other terms depend completely on their partner lenders. That's one disadvantage of working with a partner service - not being able to determine in advance what the possible costs may be when taking out an installment loan. However, 100 Lenders has a very solid reputation, with hundreds of reviews from satisfied borrowers.

100 Lenders also participate in the Online Lenders Alliance, which requires all members to abide by accepted ethical standards while participating in the loan industry. So, while we would have liked to see even a possible range of APRs and fees from a sample of 100 Lenders' partners, we feel reasonably confident that the loans they facilitate aren't coming with extremely high fees or interest rates (otherwise, their customer satisfaction scores and reviews would tell a much different story).

There are a few factors that may make 100 Lenders a less-than-suitable choice for your installment loan, though. First, if you are a resident of Vermont, Washington, New York, Arkansas, Georgia, West Virginia or Oregon, you aren't eligible to apply for a loan through 100 Lenders' network. Also, even though 100 Lenders does accept applicants no matter their credit score, many of their lenders will only extend a higher interest rate payday loan to borrowers whose credit scores are below a particular level. In other words, if you've got bad credit and you're looking for a long-term installment loan, you might not get it through a 100 Lenders partner.

In general, 100 Lenders' track record of helping over 300,000 people with the loan application process in the last decade is solid, and their network of lending partners can meet many people's needs. Unfortunately, they aren't able to work in several large states, and don't seem to offer installment loans to customers with low credit scores.

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3.5 stars
Net Credit

NET CREDIT Visit Site

Loan:

From $1,000 to $10,000

As one of the newer sources of installment loans in our review, NetCredit has done an impressive job of making a name for themselves. Regardless of credit score, they offer unsecured installment loans from $1,000 to $10,000 and have an "A-" rating with the BBB. Based in Chicago since 2012, NetCredit is one of only a few lenders we looked into that actually funds the loans they offer; many others serve just as a connection service between borrowers and lending institutions.

We did find two drawbacks to what NetCredit has to offer. First, at this time, they only fund loans in 13 states; you'll need to check out their site to determine if your state of residence is included. Second, NetCredit doesn't publish information regarding typical interest rates on their installment loans. We definitely would like to see some facts and figures, to get an idea of what the average loan's terms are, or a minimum and maximum interest rate that prospective customers could expect.

However, given their solid reputation with the Better Business Bureau, we think it's safe to conclude that the loans they're funding don't come with any astronomically high interest rates. And, NetCredit doesn't charge any additional fees for the loan itself, saving their customers money no matter what.

If you apply for an installment loan with NetCredit, you can anticipate that the process will be quick and painless. You'll first indicate the total amount you'd like to borrow and what you intend to use it for, such as car repairs or an emergency medical bill. You'll then provide further details such as your contact information, work history, and so forth.

Once your application is complete, you should get an offer right away that will tell you the terms of the maximum loan amount that NetCredit can extend to you. If you accept the terms of the agreement, you should receive your funds as a direct deposit within one business day, assuming no further documentation is requested to finalize the loan.

We do hope to see NetCredit expand the number of states in which they offer loans, because their easy application process and immediate decision-making will probably appeal to a wide range of borrowers. If you live in a state that is served by NetCredit, we recommend that you see if they can meet your need for an installment loan.

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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 Ė 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!

What Is an Installment Loan? Definition and Examples

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How Taking Out a Personal Loan Impacts Your Credit Score

It's also worth noting that installment debt is generally better than revolving debt like credit cards. Owing 80% of your original balance on a personal loan is better than using 80% of your available ...

Published:  Mon, 22 Jul 2019 05:10:00 GMT



Small personal loans: when to get one and when to stay away

Personal loans are unsecured installment loans. That means you do not have to put your home directly on the line (as you would with a second mortgage) and you pay back your loan in equal monthly ...

Published:  Mon, 22 Jul 2019 04:47:00 GMT



Visa counters installment-loan fintechs with API for issuers

Visa's chief economist recently warned that fintechs are disintermediating banks' credit card businesses with instant access to installment loans. Now Visa is looking to disrupt the fintechs by giving ...

Published:  Thu, 27 Jun 2019 07:45:00 GMT



How Installment Loans Work

An "installment loan" is a broad, general term that refers to the overwhelming majority of both personal and commercial loans extended to borrowers. Installment loans include any loan that is repaid ...

Published:  Sun, 07 Jul 2019 17:00:00 GMT



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