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      February 16, 2020

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Installment Loans

  1. SoFi
  2. LendingTree
  3. Upstart
  4. Avant
  5. 100 Lenders
  6. Net Credit
  7. One Main Financial
  8. Personal Loans
  9. LifeLoans
  10. Max Lend

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Best Installment Loans Better Business Bureau Reliability Seal

Best Installment Loans

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


2020

Installment Loan Reviews

5 stars
LendingClub

LENDINGCLUBTopConsumerReviews.com Best-In-Class Blue Ribbon Award

When it comes to social lending, LendingClub sets the standard for loans that go outside of the more common lender-based companies. Their track record for arranging installment loans between $1,000 and $40,000 with affordable terms is first-rate, earning LendingClub our top spot among installment loan lenders.

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4.5 stars
SoFi

SOFI

As a relatively new participant in the social finance market, the appropriately-named SoFi is making an impact. They're one of the only lenders offering unemployment protection - if you lose your job, you may be eligible to put your repayments on hold. You'll find their application process to be very easy using their well-designed website, while you won't be surprised by any hidden fees. SoFi should absolutely be on your list as the source of your installment loan.

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4.5 stars
LendingTree

LENDINGTREE

LendingTree is a fantastic resource for borrowers of every credit history. Although they work as something of a connection service between customers and lenders, rather than funding loans, their network of available borrowing partners is excellent - many of which are glad to work with clients whose credit isn't perfect. We also like that LendingTree's service allows borrowers to negotiate directly with lenders if they choose, in order to get more favorable loan terms.

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4 stars
Live Watch

UPSTART

Where most loans are based on the borrower's credit history, Upstart makes it easy for Millennials -who may have little to no credit history - to prove their trustworthiness in other ways. Upstart takes a mathematical approach to making that determination: your SAT scores, major field of study, and your GPA are used to determine your future earning potential. Low interest rates combined with 3- and 5-year terms make Upstart worth your time when looking for an installment loan.

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4 stars
Avant

AVANT

Avant is a relative newcomer to online lending. Their lack of loan prepayment fees and customer service availability 7 days a week, however, shows they're serious about delivering what people want. Their loans can range from $2,000 to $35,000, and funding can be can be provided very quickly. If you're looking for a fast, hassle-free loan, Avant may be a great option.

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4 stars
100 Lenders

100 LENDERS

As the second-highest ranked borrower-to-lender referral service in our review, 100 Lenders gets high marks for a simple online application process. Customers praise their reliable service that connects them with a large network of partner lenders offering installment loans.

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3.5 stars
Net Credit

NET CREDIT

If you live in one of the 13 states served by NetCredit, you can benefit from their easy-to-complete application process. As a subsidiary of a well-known financial lending company, NetCredit specializes in customers with positive and less-than-perfect credit histories and is one of the few lenders that looks beyond that history to approve or decline a loan application.

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3 stars
One Main Financial

ONE MAIN FINANCIAL

If your priority is reliability and a top rating with the Better Business Bureau, OneMain Financial is a strong contender for your installment loan. However, that dependability comes at a price, as OneMain's rates are consistently higher than other lending partners in our review, and you'll have to actually speak with a representative before getting any details about a possible loan offer.

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3 stars
Personal Loans

PERSONAL LOANS

With flexible payment options on installment loans up to $35,000, Personal Loans acts as a referral service between borrower and lender. Although everything about Personal loans looks legit, prospective customers should be aware that there is very little information available about their history and reliability as a company.

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2 stars
Life Loans

LIFE LOANS

LifeLoans is another borrower-to-lender matching service, with no loans funded by the business itself. While we appreciate their membership in the Online Lenders Alliance as a token of trustworthiness, we were unable to find any reviews from customers who have used LifeLoans for an installment loan.

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1 star
Max Lend

MAX LEND

With one of the smallest total loan amounts in our review, MaxLend started out with a lower rating. An "F" rating with the Better Business Bureau, given for numerous complaints relating to extremely high interest rates, deceptive lending practices, and constant pressure on current customers to take out another loan are the reasons why MaxLend is the lowest-rated source 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 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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There's more to a loan than paying your monthly installment. Look for these hidden terms and fees a lender might include in a loan agreement. Lenders analyze factors like income, debt-to-income ratio, ...

Published:  Fri, 14 Feb 2020 10:16:00 GMT



Personal loans: Everything you need to know

Personal loans can be helpful for meeting a variety of financial needs when using a credit card or paying cash isn't an option. A personal loan is a type of installment loan, which means as you make ...

Published:  Wed, 12 Feb 2020 12:26:00 GMT



WARNING: Georgians taking out high interest loans that could cost them their car

After months of making payments, Walls had paid nothing toward the actual loan. "It's very stressful and with them adding to it, I'm about to have a nervous breakdown," Walls said. In Georgia, laws ...

Published:  Thu, 06 Feb 2020 16:39:00 GMT



KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2020-1 Trust

assigns ratings to four classes of notes issued by SoFi Consumer Loan Program 2020-1 Trust ("SCLP 2020-1"). This is a $372 million consumer loan ABS transaction. This transaction represents SoFi ...

Published:  Wed, 05 Feb 2020 11:15:00 GMT



How to get approved for a personal loan

According to recent Experian data, personal loans are growing faster than any other type of installment loan, which is why it's important for consumers considering this financial product to know the ...

Published:  Thu, 06 Feb 2020 09:40:00 GMT



Facts About Online Installment Loans that You Need to Know Before Applying

One industry gaining popularity these days is online installment loans. A large population of middle-class Americans is getting hooked to this type of loan. Learn more about online installment loans ...

Published:  Sun, 02 Feb 2020 21:43:00 GMT



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