Having a bad credit score can often feel like you are constantly being followed by a black cloud over your head that rains down every time you try to apply for a loan.
However, if you are in need of a significant sum of money to consolidate debt, pay expensive medical bills, or make urgent home improvements, for example, then taking out a personal installment loan for bad credit can be the perfect solution to your financial woes.
As such, we decided to put together an in-depth guide to the top 10 online lenders for people with poor credit to help you increase your chances of securing the funding that you need.
- US Installment Loans – Best option for securing competitive installment loan rates
- WeLoans – Offers a wide variety of installment loan options to choose from
- CocoLoan – Has an extensive lending network for comparing online loans
- US Bad Credit Loans – Provides the highest approval rates for those with bad credit
10 Best Installment Loans for Bad Credit
1. US Installment Loans
US Installment Loans is one of the best companies for those borrowers looking to secure competitive interest rates, even with a bad credit history. The company mostly specializes in connecting consumers with an extensive network of personal installment loan lenders, most of whom can facilitate loans up to a maximum of $5,000.
This in turn allows you to borrow large amounts of cash to deal with major expenses like medical bills or consolidating high-interest debt. The platform also provides a user-friendly experience, with a fast loan application process that typically takes just a few minutes to complete.
Plus, the service is completely free to use with no hidden costs to worry about, and given that they utilize high-end encryption protocols on their site, you can rest assured that your personal and financial information remains secure at all times.
On top of that, there is a reliable 24/7 customer service team that remains ready to assist any first-time borrowers and provide a smooth and hassle-free borrowing experience. And should you end up being approved for installment loans online, you can expect the funds to be deposited in your account within 24 hours, thereby allowing you to deal with any financial crisis without delay.
WeLoans is a reputable online lending service that is known to help those who are grappling with a bad credit score obtain loans online. It is a free service that matches borrowers with an extensive panel of lenders within its network, all of whom will approve loans without taking into account their credit scores.
When it comes to the loan products on offer, they have a wide range of options to choose from, such as title loans, mortgage loans, and personal loans. Borrowers can also apply for instant loans that range from as little as $50 to as much as $5,000, up to a maximum of $35,000 for personal loans.
This makes them a great choice for those looking for quick funding to cover a wide range of expenses, like car repairs, rent, medical fees, etc. And while WeLoans does not have any control over its lenders, it does provide a fair amount of transparency into the rates, terms, and conditions that one can expect before agreeing to a loan offer.
The company will also never disclose your private information to any third-parties outside of its network, thereby making it one of the most trustworthy lending services in the market.
CocoLoan is a lending platform that is committed to providing borrowers with access to one of the most extensive lending networks in the country. With over 100 different leading lenders, consumers are able to access multiple loan products to deal with a wide variety of financial situations easily, quickly, and securely, even if they happen to have a less-than-stellar credit history.
From this lending service, you can take out personal installment loans, title loans, payday loans for bad credit, and even cash advances that range from $50 to $5,000, with the ability to borrow over that amount heavily dependent on the level of your credit score. The online platform is also made to be easy to navigate, as you can compare multiple loan offers and have all approved funds deposited into your checking account within one business day.
4. US Bad Credit Loans
As its name implies, US Bad Credit Loans is an online credit broker that specializes in providing consumers with access to funding that typically comes with a high approval rate, even if they happen to have a bad credit history.
They are also in the best position to connect any borrower that uses their platform to a reliable network of US-based lenders that can facilitate a wide variety of loan products such as payday loans for bad credit, installment loans, and personal loans that range from as low as $50 and can be extended as high as $35,000.
The application process is also fairly simple, as you only need to submit your personal information on a secure form that is distributed to US Bad Credit Loans’ lending network for review. At this point, you will then be presented with a number of offers to choose from, which allows you to conveniently compare the most favorable bad credit loan rates and terms in the market.
iPaydayLoans is a secure lending platform that aggregates all online lenders for people with poor credit near you, thereby allowing anyone with a bad credit history to access instant loans that are available for up to $5,000. On top of that, the main thing that borrowers will need to successfully qualify is a stable income stream that proves they will be able to make their loan repayments on time.
In terms of the application process, the platform is designed to be extremely user-friendly, and once the application is submitted for review and approved, borrowers are able to easily compare multiple loan offers, all of which come with detailed and transparent lending terms and conditions. The company also facilitates fast deposits, with all approved funds transferred to your account in as little as 24 hours.
6. US Title Loans
USTitleLoans is a reputable lending service that is well-known for providing borrowers with access to competitive title loans, but with an extensive lending network, they are also able to facilitate other loan products such as bad credit installment loans that can extend above $5,000.
Aside from that, the entire online service is free, and to get started, all you need is to fill out a quick online form, and within a matter of hours, you can expect a quick decision on your application.
And given that their panel of lenders is open to working with borrowers of all credit types, this means that the chances of approval are high. Also, since the website is designed with 256-bit encryption software, any personal information you submit will not be shared with or accessible by any unauthorized third parties.
7. Fast Title Loans
Fast Title Loans is an online credit broker that quickly connects borrowers to a network of direct lenders that are open to providing anyone with bad credit access to online installment loans that can be used to help cover mid to high-range expenses such as home repairs, car service, and so on.
Plus, you can also make use of these loans to repair your credit score. The lending service is also completely free of charge and comes with an extremely quick application process that only takes a few minutes to complete online.
They also offer some of the most competitive loan rates in the market, with their lending network’s eligibility requirements also being extremely lenient, as you only need to be 18 years of age or older and have a steady income stream in order to successfully qualify for online installment loans that range between $100 and $35,000.
BadCreditLoans has been in the lending industry since 1998, which has allowed the company to build one of the largest lending networks in the country. And as their name states, BadCreditLoans primarily focuses on providing borrowers with loans for bad credit through their online platform, which also happens to be free to use.
The minimum amount that you can borrow starts at $100 and can extend up to $10,000 with an APR that ranges between 5.99% and 35.99% and a repayment period that spans 3–36 months. However, the biggest advantage of using BadCreditLoans is that, should you fail to get matched with a suitable lender from their network, you will be redirected to other third-party loan providers that will be able to provide you with approval.
MaxLend is an online tribal lending company that is available in 39 states and provides borrowers with access to short-term installment loans for bad credit that range between $100 and $3,000, with first-time borrowers, limited up to a maximum of $1,500.
They also don’t require borrowers to put up any collateral and are open to accepting all credit types, as all you need to be eligible for a loan is to have a steady income source and be earning an unspecified minimum amount each month.
If your application is approved, you can sign your forms online and wait for a company representative to contact you by phone to confirm your details.
The company also has pre-payment penalties should you decide to repay your loan early. Plus, the added benefit of using MaxLend is that it also offers customers a rewards system to earn better rates on their loans and save themselves more money when borrowing.
10. Check Into Cash
With over 25 years in business, Check Into Cash is one of the oldest lending companies on this list that offers borrowers short-term financing in 22 states across the country with no application fee required.
Borrowers can access two types of loans: payday loans for bad credit that range between $50 and $1,000 and are meant to be repaid when you receive your next paycheck or bad credit installment loans that range from $100 to $3,000 and can be repaid over an extended period of a few weeks or months.
The company also offers an extremely fast application process, as borrowers usually know the results within 60 seconds of submitting an online application. And should you be approved for a loan, you can expect to see the money in your account by the next business day, as long as you apply for funding before 7 p.m. EST.
How to Choose an Installment Loan for Bad Credit?
You first need to evaluate the minimum qualifications of each lender to find one that imposes lenient eligibility requirements; otherwise, you increase the likelihood of not being approved for an online loan.
You also need to compare the interest rates to find a loan provider that can offer you repayment terms that fit comfortably within your monthly budget.
Aside from that, you should also compare lenders based on other factors like prepayment penalties or late payment fees, as such costs can often end up adding to the overall cost of borrowing. And finally, always take the time to read through past customer testimonials and reviews before making a commitment to an online loan provider.
In most cases, you can check websites like Trustpilot to identify any potential red flags in advance, like extremely high APRs, lengthy approval processes, or poor customer support.
Alternatives to Bad Credit Installment Loans
The first option worth exploring is taking out a personal installment loan from a credit union. Most credit unions tend to look beyond a poor credit rating and make loan approval decisions based on your character and your intent to repay. They also tend to come with low-interest rates that apply to all members, regardless of their credit score.
However, the only downside is that to qualify for funding, you first need to be an eligible member, which may require you to fit certain criteria. Alternatively, you can borrow the money from friends and family, but the risk of this option is that it can negatively affect your relationship should you fail to repay, hence the importance of always creating a clear written contract in order to avoid the risk of misunderstandings.
You can also use cash advance apps to borrow up to a few hundred dollars, which should keep you covered until your next payday. However, while cash advance apps don’t typically charge interest, they do require you to pay a fast-funding or subscription fee, as well as an optional tip.
With these ten recommended platforms, you can rest assured that you will be able to successfully apply for online installment loans from trustworthy lenders, even if you have a less-than-stellar credit rating. However, it is important that you always compare as many different lenders as you can to find the one that best suits your financial capacity.
Otherwise, you could potentially end up accepting a loan offer that makes it difficult for you to keep up with your repayments, which not only increases the risk of falling into serious debt but can also further damage your credit score, thereby making it even more difficult for you to secure loans at affordable rates in the near future.