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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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Live Watch vs 100 Lenders

Best Installment Loans

To help you find the Best Installment Loans, TopConsumerReviews.com provides you with an in-depth comparison of Live Watch and 100 Lenders.

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

4 stars
Upstart

UPSTART Visit Site

Loan:

From $1,000 to $50,000

Using a statistical approach to figure how how likely you will be to make repayments - not how likely you were in the past - Upstart takes into account your GPA, what you studied if you went to college, even your SAT scores to compare you with your peers and determine if you qualify for a loan.

That being said, Upstart does have certain eligibility requirements. These include:

  • U.S. Citizenship or permanent residency and living in the U.S.
  • Residency of any state except West Virginia
  • Valid email account
  • Verifiable name, Social Security Number, and date of birth
  • Personal banking account at a U.S. financial institution
  • A full-time job, a regular part-time job, or a full-time job offer starting within 6 months

Upstart also has several minimum credit requirements, such as fewer than 6 inquiries on the applicant's credit report in the last six months (not counting those related to mortgages, student or vehicle loans), no bankruptcies, and a reasonable ratio of debt-to-income.

One novel component to Upstart's lending philosophy is their willingness to make loans for those without a 4-year degree or a job - provided that the loan is for the purpose of attending a coding bootcamp. You'll have to select one of their eligible programs - Coder Camps, Dev League, Hackbright Academy, and RefactorU are just a few of the qualified providers - but if learning to code is what you need to get a job or advance in your career, Upstart might be able to help.

We love Upstart's transparency with respect to their rates and fees. Right from their main page, you can visit the Rates and Fees page, where they disclose the following information:

  • Interest rates range from 4.16% to 25.07%
  • APRs range from 4.82% to 29.99%
  • Origination fees range from 1% to 6%
  • The average 3-year loan has an APR of 17%, with 36 monthly payments of $31 for every $1,000 borrowed
  • The only other fees are for late payments, ACH return or check refunds, and paper copies of any documents that were previously eSigned

For a relatively new company - Upstart was created in 2012 by two former Google employees - they've already made a significant impact on the installment loans market, with more than 45,000 loans funded in their first four years. Their mission is to help improve "financial fitness for all", particularly by helping younger borrowers avoid predatory lending and get on track towards achieving budgeting, saving, and investment goals.

All indicators show that Upstart is succeeding. In addition to an "A+" rating with the BBB at the time of our review, borrowers praise Upstart's easy-to-use website, straightforward application process, and reasonable rates/terms. And, more recently, Upstart was nominated as a finalist in the LendIt Industry Awards for the Best Consumer Lending Platform.

The only slight drawback to getting an installment loan through Upstart is the inability to compare rates among competing lenders. All of Upstart's installment loans are funded through Cross River Bank, so what you see is what you get in terms of interest rates and fees.

However, the overall picture of Upstart is excellent: complete transparency, fair interest rates, and a real chance of getting a loan for Millennials who may not yet have an established credit history.

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4 stars
100 Lenders

100 LENDERS Visit Site

Loan:

From $100 to $35,000

As a connection service, 100 Lenders helps to bring borrowers and lenders together for loans ranging from $100 to $35,000. Applying for a loan with 100 Lenders is simple: provide your basic information (name, address, Social Security number, and frequency of your paychecks), and in a matter of minutes, you will get a list of loans offered by their lender network.

Because 100 Lenders does not fund loans themselves, you should be aware that interest rates, fees, and other terms depend completely on their partner lenders. That's one disadvantage of working with a partner service - not being able to determine in advance what the possible costs may be when taking out an installment loan. However, 100 Lenders has a very solid reputation, with hundreds of reviews from satisfied borrowers.

100 Lenders also participate in the Online Lenders Alliance, which requires all members to abide by accepted ethical standards while participating in the loan industry. So, while we would have liked to see even a possible range of APRs and fees from a sample of 100 Lenders' partners, we feel reasonably confident that the loans they facilitate aren't coming with extremely high fees or interest rates (otherwise, their customer satisfaction scores and reviews would tell a much different story).

There are a few factors that may make 100 Lenders a less-than-suitable choice for your installment loan, though. First, if you are a resident of Vermont, Washington, New York, Arkansas, Georgia, West Virginia or Oregon, you aren't eligible to apply for a loan through 100 Lenders' network. Also, even though 100 Lenders does accept applicants no matter their credit score, many of their lenders will only extend a higher interest rate payday loan to borrowers whose credit scores are below a particular level. In other words, if you've got bad credit and you're looking for a long-term installment loan, you might not get it through a 100 Lenders partner.

In general, 100 Lenders' track record of helping over 300,000 people with the loan application process in the last decade is solid, and their network of lending partners can meet many people's needs. Unfortunately, they aren't able to work in several large states, and don't seem to offer installment loans to customers with low credit scores.

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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!

What Is an Installment Loan? Definition and Examples

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



Best Installment Loans 2019: Compare Options

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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



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



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 08:17:00 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



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