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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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Net Credit vs Life Loans

Best Installment Loans

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

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.

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

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How Taking Out a Personal Loan Impacts Your Credit Score

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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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