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      November 21, 2018

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Installment Loans

  1. SoFi
  2. Lending Tree
  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 Personal Loans

Best Installment Loans

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

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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

2018

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 stars
Personal Loans

PERSONAL LOANS Visit Site

Loan:

From $1,000 to $35,000

Another entry in the borrower-to-lender matching service market is Personal Loans. In case you're not yet familiar with this method for obtaining an installment loan, here's what you need to know. When you visit the Personal Loans website, you'll be asked to enter the amount you hope to borrow - from $1,000 to $35,000 - along with your personal information, such as your name, income, driver's license number and banking information.

After Personal Loans verifies the details you provided, they will pass your loan request along to a network of lending partners. If a lender is interested in funding your loan, you'll be shown the terms and given the opportunity to accept or refuse the offer. Should you accept the offer, you could have the funds deposited within one business day, though some loans may take up to five days to fund.

As a lending connection service, Personal Loans doesn't charge you any fees for the application process. On the other hand, because they don't fund any loans directly, Personal Loans also doesn't provide any information as to the fees, terms, and interest rates you can expect from their partner lenders. We were able to find a few reviews written by satisfied borrowers, leading us to believe that Personal Loans is doing a good job of matching customers with lenders that offer loans with reasonable terms. But, we would have liked to see a rating with the Better Business Bureau as well, as most of the lenders in our review maintain ratings of an "A" or better.

You should also be aware that Personal Loans has additional criteria that you'll need to meet in order to be eligible for a loan from one of their lenders. Those include:

  • Reside in a state other than Maine or North Dakota
  • Be at least 18 years of age
  • Have a Social Security number
  • Be employed full-time or self-employed, on disability, or receiving Social Security benefits
  • Be a legal U.S. citizen or permanent resident

Additionally, you're more likely to be approved for an installment loan if your credit score is at least 580 and your payment history is average or better.

While we like the range of loans provided through Personal Loans' network of lenders, we definitely would like to see a more established track record of happy customers, particularly with a rating at the BBB. On the other hand, the speed with which their partners fund approved loans could be a real perk for people who need an installment loan in a hurry.

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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!

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