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      November 14, 2018

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Personal Loans vs iLoan

Best Installment Loans

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

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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.

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Best Reviews

2018

Installment Loan Reviews

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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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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