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      November 14, 2018

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iLoan vs Life Loans

Best Installment Loans

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

Continue reading below reviews

Best Reviews

2018

Installment Loan Reviews

2.5 stars
iLoan

ILOAN Visit Site

Loan:

From $2,550 to $25,000

iLoan offers unsecured installment loans ranging from $2,550 to $25,000 for terms between 36-60 months. As you may already know, an unsecured loan means that you do not have to offer any collateral in order to be approved; iLoan does offer secured loans in the state of Wisconsin, assuming you have a vehicle you would like to use as collateral.

iLoan loans are funded and secured by OneMain, a company with a history spanning more than 100 years in the financial industry. This does mean that, if you already have a loan through OneMain (or if you are considering applying for an installment loan through their main site), you will have to wait until 15 days after your payoff date to apply for a new loan through iLoan.

iLoan's application process is simple: answer a few questions, including the purpose of your loan, proof of identity, proof of income, proof of residence, and banking information. iLoan also has an optional, free service called Instant Verification; this allows the company to securely access your bank account summary to verify your income, instead of having to provide copies of W2 forms or pay stubs, which may allow your loan application to be processed much faster. Most loan applications are processed within an hour, and funds are typically deposited within one business day.

So, how does iLoan stack up against the competition? On the one hand, they have a large number of independently-verified five-star reviews. These customers typically praise the fast application process and express gratitude for being funded for an installment loan. And, as mentioned previously, the company that funds iLoan has been in business for a very long time, adding credibility.

On the other hand, there were a number of customers who didn't feel as positively towards iLoan after making payments for months — or years. You should be aware that iLoan's interest rates are considerably higher than the competition. Although your APR will depend on your unique profile - credit history, income level, and so on - you should expect it to be somewhere between 11.24% - 36.00%.

Also, iLoan currently operates in just 12 states: Alabama, California, Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, Oregon, South Carolina, Utah, and Wisconsin. If you're in the 75% of the United States that aren't served by iLoan, you'll need to look elsewhere.

Because of iLoan's comparatively high interest rates and very small service area, we suggest that you consider the higher-ranked providers of installment loans in our review.

Visit Site

2 stars
Life Loans

LIFE LOANS Visit Site

Loan:

From $100 to $35,000

LifeLoans offers installment loans ranging from $100 to $35,000. As a service that matches borrowers with a lending network, they do not fund any loans themselves.

The LifeLoans site is disappointingly short on details. How many lenders are in their network? What are the average interest rates on installment loans? How likely is it that an individual will qualify for a loan? Those are all excellent questions that go unanswered by the site. We did see in the very small print at the bottom of the site that residents of Connecticut, New Hampshire, Washington, and Vermont are not eligible to apply for any type of loan through LifeLoans.

To use the LifeLoans site, you start by entering your desired loan amount, monthly income, credit score range, and your zip code. From there, we would have liked to see a list of potential partners and sample loan terms. Instead, we were taken to another page asking for more detailed information, including our Social Security Number. Many people will be reluctant to provide that kind of ID without assurances that LifeLoans is a reputable source of installment loans.

However, we were unable to find anything solid to establish that reputation. We did see that they are members of the Online Lenders Alliance, which establishes policies of integrity and honesty in lending. On the other hand, LifeLoans had no listing with the Better Business Bureau and seemingly no history at all with previous customers - positive or negative.

In the end, LifeLoans could do a more effective job of establishing themselves as a reputable borrower-to-lender service with more transparency and with reviews from customers who have been satisfied with the process of getting an installment loan through their service.

Visit Site

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!

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Goeasy: Impending Regulatory Changes Could Jeopardize Entire Business Model

My analysis of an Ontario Ministry of Government and Consumer Services consultation paper released in mid-2017 indicates that potential widespread regulatory changes to the consumer installment loan i...

Published:  Thu, 13 Sep 2018 08:03:00 GMT



Carbondale reduces the number of installment loan companies within city limits

CARBONDALE - There are 11 installment loan companies in Carbondale currently, according to the city, and recent action by the City Council will slowly reduce the presence of such businesses. The Carbo...

Published:  Thu, 16 Aug 2018 15:43:00 GMT



U.S. Bank unveils payday lending-type loans for cash-strapped consumers

U.S. Bank unveiled its Simple Loan after the OCC issued guidance in May for short-term installment loans. It encouraged banks to make such loans provided that they're reasonably priced and affordable, ...

Published:  Thu, 27 Sep 2018 04:36:00 GMT



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