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      November 15, 2018

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Installment Loans

  1. SoFi
  2. Lending Tree
  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 Net Credit

Best Installment Loans

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

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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 isnít 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

2018

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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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.

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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 Ė 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...

Published:  Thu, 13 Sep 2018 08:03:00 GMT



Carbondale reduces the number of installment loan companies within city limits

CARBONDALE - There are 11 installment loan companies in Carbondale currently, according to the city, and recent action by the City Council will slowly reduce the presence of such businesses. The Carbo...

Published:  Thu, 16 Aug 2018 15:43:00 GMT



U.S. Bank unveils payday lending-type loans for cash-strapped consumers

U.S. Bank unveiled its Simple Loan after the OCC issued guidance in May for short-term installment loans. It encouraged banks to make such loans provided that they're reasonably priced and affordable, ...

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