Best Reviews TopConsumerReviews.com Best Installment Loans Best Reviews
Best Reviews
      July 19, 2019

Home  >  Installment Loans  >  iLoan vs Life Loans

Best

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

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

Cruise Vacations

Dental insurance

Keto Diets

Learn to Read Programs

Menopause Relief

Online Fitness

Personal Trainers

Pet Meds

Popular Diets

Wedding Planning Guides

 

Individual Reviews

LendingClub

SoFi

LendingTree

Live Watch

100 Lenders

Net Credit

One Main Financial

Personal Loans

iLoan

Life Loans

Max Lend

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

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.

To see ALL of our reviews for the Best Installment Loans, please Click Here

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

2019

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!

What Is an Installment Loan? Definition and Examples

An installment loan is a type of loan that allows individuals to borrow money and pay it back in installments over time. The amount borrowed is often a large sum. Installment loans are often used to ...

Published:  Tue, 09 Jul 2019 11:06:00 GMT



What Is the Difference Between a Personal Loan and a Personal Line of Credit?

A personal loan is a broad term that refers to installment debts that aren't backed by a specific asset or made for a specific purpose. For example, mortgages and auto loans aren't considered to be ...

Published:  Mon, 15 Jul 2019 16:45:00 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



California on verge of capping rates on installment loans

California lawmakers are poised to impose an interest rate cap on consumer installment loans after forging a compromise that has the support of advocacy groups and some lenders. The legislation passed ...

Published:  Wed, 26 Jun 2019 20:10:00 GMT



3 lending alternatives to the traditional personal loan

They're in the same boat, facing bills and shrinking savings. When borrowing from people you know isn't an option, online installment loans direct lenders are a great option. Online installment loans ...

Published:  Fri, 21 Jun 2019 12:02:00 GMT



Layaway Is Cool Again, And Visa Wants A Piece Of The $1.2 Trillion Market

Affirm, led by PayPal cofounder Max Levchin, processed more than $2 billion in installment loans last year. It's now accepted at every Walmart and has a $3 billion valuation, according to PitchBook. ...

Published:  Thu, 27 Jun 2019 07:19:00 GMT



VP Risk Lead - Pers Installment Loan Collections/Recoveries

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and ...

Published:  Thu, 04 Jul 2019 17:00:00 GMT



6 times it's smarter to use a personal loan instead of a credit card

"Generally speaking, installment loans (personal loans, mortgages, car, or student loans, etc.) are more favorable for your credit than revolving debt (lines of credit and credit cards)," says ...

Published:  Sat, 29 Jun 2019 21:19:00 GMT



Should I Pay Off My Credit Cards or Student Loans?

Different types of loans affect your credit score differently Another important thing to mention is the effect of different types of debt on your credit score. There are two main types of debt you can ...

Published:  Wed, 19 Jun 2019 03:31:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure