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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.
As a relatively newparticipant 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.
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.
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.
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.
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.
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.
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.
As part of the OneMain brand family, iLoan has a 100-year history in the lending market. They do have hundreds of 5-star reviews, but a small service area of just 12 states and interest rates that are higher than most will probably have you looking elsewhere for your installment loan.
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.
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.
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.
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:
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!
Installment Loans In The News
Installment loans, like personal loans, car loans or mortgages, provide funds with a predictable repayment schedule. But for consumers with bad credit, some payday and online lenders are offering ...
Published: Sat, 16 Feb 2019 05:49:00 GMT
The San Francisco-based online lender Affirm - which specializes in installment loans for consumer purchases from mattresses and iPhones to trips to Europe - is targeting the end of March for the open...
Published: Thu, 14 Feb 2019 05:00:00 GMT
The longer the account is open, the more money the credit card company makes. Personal loans are different in that they are an installment loan. Borrowers are given a certain amount of money at the be...
Published: Sun, 17 Feb 2019 21:08:00 GMT
The Legislature gave 28-1 first-round approval Friday to a bill that would increase the maximum interest rate that may be charged for installment loans in Nebraska. Under terms of the measure (LB188), ...
Published: Fri, 01 Feb 2019 17:43:00 GMT
Square, a financial services company for small-business transactions, has recently rolled out a new feature allowing merchants to provide installment payments as an option for their customers. Consume...
Published: Tue, 11 Dec 2018 13:24:00 GMT
Martin Carbaugh, and co-sponsored by another, Rep. Bob Morris, would have allowed so-called "payday loan" operations to provide 3- to 12-month installment loans up to $1,500, at rates equivalent to as ...
Published: Mon, 07 Jan 2019 22:18:00 GMT
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