Having a bad credit score does not always have to mean that all your chances of securing a line of credit are eliminated. There are numerous lenders from US Installment Loans that can help you obtain online installment loans with decent terms and rates even if you have a less-than-stellar credit score.
However, finding the right loan provider can often be difficult, given that there are so many of them out there. After all, some online lenders offer easy application processes and reasonable terms, while others have lengthy approval processes and exorbitant rates.
So, to help you find a lender that best fits your budget and requirements, we’ve reviewed our top 3 online loan companies and evaluated each one using a variety of factors such as loan amounts, loan processing speed, ease of use, etc.
1. US Installment Loans – Best overall for installment loans with favorable rates and terms
2. CocoLoan – Top choice for guaranteed installment loan approval
3. WeLoans – Great option for accessing multiple loan products
1. US Installment Loans
US Installment Loans is a leading credit broker that specializes in connecting borrowers with lenders that offer some of the most competitive installment loan rates and terms.
This is because the dozens of lenders within its network will usually prioritize other factors aside from just a borrower’s credit score. This usually involves taking factors such as income, length of employment, and debt-to-income ratio into consideration.
Naturally, this also means that borrowers with bad credit have the potential to access up to $35,000 in installment loans. The platform also doesn’t require any lengthy paperwork, as borrowers can complete the application process in a matter of minutes.
On top of that, all approved funds are typically processed on the same day of approval. According to USInstallmentLoans co-founder Owen Wilcox, “All our partner lenders understand the importance of speedy loan processing, which is what makes our service ideally suited to borrowers in need of fast cash.”
In addition, the platform also prioritizes data privacy and confidentiality by utilizing bank-level encryption software to ensure that any information you share via their site remains secure.
Best Features
- Free lending services
- High loan limits
- Advanced data security
Worst Features
- High interest rates
2. CocoLoan
CocoLoan is a reputable lending platform that is well known for catering to bad credit borrowers, as its lending network boasts a 97% approval rate. This is mostly due to the fact that it has very generous eligibility requirements compared to most other online credit services.
The service is free-to-use, so you can effectively borrow as much as $35,000. And in order to qualify, all you need to do is make sure that you are 18 years old, are a US citizen, and have a steady source of income.
The platform also has a very simple and straightforward citizen loan application process that only takes a few minutes to complete. Any approved loans will usually be deposited as soon as the next business day.
In the rare case that they fail to match you with an ideal lender, they will refer you to debt relief or credit repair resources instead. Aside from that, CocoLoan has a very dependable and responsive customer support team that is available to answer any queries or complaints 24/7.
This makes it a great option for first-time borrowers with no experience with online loans.
Best Features
- 97% approval rate
- Easy loan application process
- Simple eligibility requirements
Worst Features
- High late repayment fees
3. WeLoans
WeLoans is unique in that it has a pervasive loan network that allows borrowers to access a wide variety of loan products such as payday loans, installment loans, title loans, and more. This makes it easy for you to secure a loan that is ideally suited to your financial situation and fits your budget well enough.
In terms of loan amounts, the platform allows you to borrow from as low as $500 to $35,000. And since the service is entirely free, you don’t have to worry about dealing with any hidden fees or costs at any point in the application process.
Also, given that their lending network is open to considering all credit types, there is a high chance of being able to find a lender that can approve your loan request quite easily. However, how much you will ultimately qualify for typically depends on your level of income and credit score. The less you earn and/or the lower your credit score is, the lower the amount and the higher the loan’s interest rate will be.
Aside from that, all approved loans are processed in as little as 24 hours, and no collateral is usually needed to secure approval for an installment loan, either. WeLoans also vets all the lenders within its network to ensure that you are only matched with legitimate and licensed loan providers.
Plus, they have a strict privacy policy in place, which ensures that all your personal information will never be shared with or sold to any unauthorized third parties.
Best Features
- Fully vetted lending network
- Reliable data protection
- Multiple loan products
Worst Features
- Loan approval is not guaranteed
Frequently Asked Questions
#1. Can Installment Loans Be Used For Debt Consolidation?
One of the main reasons that many consumers end up borrowing installment loans is to use them to fund debt consolidation.
After all, if you find yourself stuck under a huge pile of high-interest debt, it is often best to take out an unsecured loan that provides you with a lower interest rate.
This ensures that you save money and can afford to make your monthly payments on time. Plus, it does well to condense multiple debts into a single payment, which makes the entire thing significantly easier to manage.
However, the problem with most online installment loans is that they typically come with high interest rates, which means that they may not always be the best choice for consolidating debt.
A good rule of thumb is to always make sure that you are getting lower rates and better terms than your existing loans. If not, then chances are that taking out that loan may cost you more money to repay.
#2. Can You Secure An Installment Loan Without a Credit Check?
You typically cannot get an unsecured loan without some form of a credit check. This is because most online lenders will need to check your credit history in order to determine your loan rates and repayment terms.
However, it is important to keep in mind that not all credit checks will end up impacting your credit score. Most online lenders will typically conduct a soft credit check to verify your information, and this activity will not usually show up on your report.
This means that you can submit a loan request online without fear of it negatively impacting your credit score.
Final Thoughts
Any one of these three lending services can aid you in your search for a loan, and all you need to get started is to fill out the pre-approval forms to see what you will be offered.
And since each one of these companies can be trusted to hold your information securely, you can also feel free to examine all three options to find the most affordable rates and terms that are best suited to your needs.
