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      January 20, 2019

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Lending Tree vs iLoan

Best Installment Loans

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

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

4.5 stars
Lending Tree

LENDING TREE Visit Site

Loan:

From $1,000 to $35,000

If you've ever considered getting an installment loan, chances are good that you've heard of LendingTree. Their "A+" rating as an accredited business with the Better Business Bureau is well-deserved, given their nearly 20-year history of helping borrowers connect with a wide network of interested lenders.

As you begin the application process with LendingTree, one requirement not often found with their competitors is the need to provide your credit score. Entering your personal information on the LendingTree website will not affect your credit score or credit report, however.

After entering your information, LendingTree will give you a list of lenders who are willing to fund your loan, ranging from $1,000 to $35,000. LendingTree itself doesn't fund loans; rather, they work as a connection service that matches you with their lending partners. Fortunately, none of your personal information is given directly to any of those lenders until you've had a chance to look through the terms, rates, and fees of each company that is willing to give you the funds and to choose one that best fits your needs.

And, if you like to negotiate, feel free to reach out directly to any of the matched lenders you receive from LendingTree - you'll find each lender's direct contact information on your results page, so that you can request a lower rate or other differences in terms. LendingTree doesn't publish any rates or fees, specifically because they depend so heavily on the terms offered by each individual lending partner.

Especially because they work with a wide network of lending partners, including those who will work with borrowers that have lower credit scores, we think most people will have a positive experience with the LendingTree process. As one of the most recognized sources for obtaining installment loans, we give LendingTree a very high rating.

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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.

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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 – 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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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...

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Build Credit With These Small Installment Loans

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