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      March 25, 2019

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Best Installment Loans

To help you find the Best Installment Loans, TopConsumerReviews.com provides you with an in-depth Live Watch Review.

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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.

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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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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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PINTEC Joins Forces with Xiaomai Zhujiao to Enable Installment Financing for Education Institutions

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Published:  Thu, 21 Feb 2019 23:49:00 GMT



CFPB Proposes Amendments to Payday Rule and Its Compliance Date

The first NPRM proposes to rescind certain underwriting provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule and the second NPRM proposes to delay the Rule's ...

Published:  Wed, 27 Feb 2019 16:49:00 GMT



Indiana Senate mulls measure that would allow 192 percent interest rate on certain payday loans

But this year's legislation is getting some high-powered lobbying assistance from another group: subprime loan companies that specialize in installment loans with interest rates of nearly 100 percent. ...

Published:  Tue, 26 Feb 2019 06:57:00 GMT



PINTEC Partners With Xiaomai Zhujiao to Enable Installment Financing for Educational & Training Institutions

Based on big data and artificial intelligence technology, PINTEC and Xiaomai Zhujiao can accurately assess education institutions and their consumers, and enable offline institutions to provide ...

Published:  Thu, 21 Feb 2019 19:51:00 GMT



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