It can be hard to have a strong financial standpoint if you are in dire need of funds and possess a bad credit score. This situation can sometimes get on your nerves as banks turn down your loan application because of a bad credit score or you may be too shy to ask friends and relatives for a loan, leaving you desperate.
A credit score is a numerical value that is assigned to a person after analyzing his finances to estimate his creditworthiness. In simple words, it is a number that informs lenders how well-suited a borrower would be for a loan.
As you may have guessed, a bad credit score means that a certain borrower may not be a good choice to lend money. However, some companies help people with online loans for bad credit scores. If you are looking for online installment loans, you are at the right place. Come and have a look at the most reputable installment loans for bad credits. The following content is about the 10 best installment loans for bad credit score holders.
- WeLoans: Get online installment loans for bad credit
- US Installment Loans: Installment loans for bad credit with no credit check
- US Bad Credit Loans: Obtain loans for bad credit without extra concerns
- CocoLoan: Making it easier to plan for your monthly expenses
WeLoans provides online loan service that connects borrowers with its network of lenders. WeLoans can easily make it to the list of good choices for bad credit installment loans if you are looking for an easy-to-navigate and borrower-friendly experience while connecting to the right lenders.
Besides installment loans, you can also find multiple loan products on the platform of WeLoans, which are listed as loans for bad credit, short-term loans, same day loans, title loans and so on.
How does it work?
WeLoans offers a convenient platform for borrowers to get connected with lenders, and once borrowers submit their information and loan request on the application page, the matching lenders in the network of WeLoans will deal with the demands and approve loans in the shortest time. Later, it’ll be up to borrowers to choose the best lender for the loan with some associated repayment plans.
However, before the preparation work on WeLoans, borrowers are supposed to have a US citizen identity, a valid ID, a bank account number, and a reliable source of income to be eligible for a loan.
Pros & Cons
- Easy and transparent online system
- Multiple loan choices for different demands
- Fast connections with trusted and professional lenders
- $5,000 maximum loan limit
- Not a direct lender
Head Over Directly to WeLoans’ Installment Loan Page>>
2- US Installment Loans
US Installment Loans is our second featured loan online service to help you find the best online installment loan even with bad credit. Owing to its name, US Installment Loans has a wide network of lenders who are actively giving out loans on an easy installment basis. If you are someone who is in need of installment loans, US Installment Loans is an excellent choice for you.
Just like WeLoans, US Installment Loans is also friendly to both the lenders and the borrowers and provides a variety of loan choices, such as payday loans, installment loans and personal loans. For your personal financial needs, you can choose the one that suits your situation well.
How does it work?
Once you have opened the US Installment Loans website through this link, go ahead and choose the amount you would like to borrow. With an approved loan application, you will start receiving lender offers. Then you can evaluate the terms and conditions of each lender to choose the best online installment loan based on your situation.
Pros & Cons
- Personal information is well protected
- Fast connections with reliable lenders
- 24/7 support
- Borrowers with bad credit are accepted
- Not a direct lender
- Not available for non-U.S. citizens
Get Installment Loans for Bad Credit With US Installment Loans>>
– US Bad Credit Loans
US Bad Credit Loans is a platform that can help you find a direct lender for loans ranging from 50 to 5,000 USD. It is one of the USA’s top same-day payday online approval companies.
It has a vast network of credible lenders to offer you loans even if you have bad credit. Borrowers can do all of the applications online. After you get the approval, you can receive the loan as soon as the next day.
US Bad Credit Loans partners with trustable lenders, assuring that your loan comes from legit sources. They have compliance with the state regulations to ensure the legality of the loan-giving process.
Pros & Cons
- Online applications are available.
- Uses bank-level security technologies.
- Quick funding.
- The loan amount limit is $5,000.
CocoLoan is committed to providing loan choices to deal with applicants’ difficult situations quickly, easily, and securely. From this company, you can find loans like payday loans, installment loans, and cash advance.
Even if you are an applicant with bad credit, you can always count on lenders from the network of CocoLoan since they are open to applicants with bad credit history. Borrowers can request an installment loan ranging up to $5,000 on the platform of CocoLoan.
Borrowers can fill up an online application to get quotes from lenders and choose the best option based on their preferences and terms. Usually, the applicant’s information is sent to the lender and he/she will get feedbacks within one day. With the approved application, the funds will be sentd to the applicants’ account within 24 hours.
Pros & Cons
- Simple to navigate.
- 24/7 support.
- Bad credit does not demerit your loan.
- Professional and responsible lenders.
- Easy signup and application submission.
- Not a direct lender who offers loans directly.
- Only borrow up to $5,000.
BadCreditLoans has one of the most successful networks of lenders for borrowers who’s in need. Even if you have a bad credit score, BadCreditLoans can help you get related to lenders who provide affordable loans for any of your purchase or refinance
With an easy signup process and a dedicated support team, BadCreditLoans easily makes it to this list of the guaranteed installment loans for bad credit with no credit check on sign-up.
Pros & Cons
- A network of professional lenders.
- Excellent privacy protection.
- Quick application processing by cooperated lenders.
- No need of good credit history.
- Getting installment loans here is not suitable for a long-term financial solution.
6- Check Into Cash
Founded by the ‘Father of PayDay Lending Industry’, Check Into Cash is one of the oldest and most widely known payday lending chains. Owing to its legacy, Check into Cash maintains a wide network of lenders providing several loans to different types of borrowers including online installment loans and bad credit loans.
They are also very efficient in connecting the righ lender to borrower because of their years of service in the lending sector. Before you apply for loans, their signup process requires you to have all the important documents including your ID, bank account, income source, and social security number.
Pros & Cons
- An enriching network of loan lenders
- Excellent customer reviews
- Fast funds from lenders
- Some states have specific requirements for the loan amount
- Installment loans are only up to $5,000
MaxLend is a loan agency based in Parshall, North Dakota, USA, and it provides fast and effective customer support. MaxLend is well-known for their prompt relays about repayment options to their customers on TrustPilot.
Pros & Cons
- No extra fees to use the website.
- Personal information stays private and confidential.
- Fast processing with the application.
- No need to worry about credit scores.
- Borrowers can pay back the loan over installments.
- Not all applicants are available for a loan here.
- Applicants must be at least 18 years old.
8- Payoff (Now rebranded as Happy Money)
Payoff, now rebranded as Happy Money, has a network of lenders who can provide loans to borrowers to pay off debts or big purchases with attractive terms.
Registering on Payoff is a little different though as you are required to sign up first and submit your information in the next step. Afterward, you can expect a lender to get in touch with you and discuss the loan details with you. Payoff has made borrowers genuinely happy with their low-interest installment loans for bad credits.
Pros & Cons
- Simple and transparent
- Fast approvals from direct lenders
- Bad credit is allowed
- Competitive interest terms
- Limited loan products
LendYou is an advertising referral service that maintains a wide network of lenders that provide affordable loans to borrowers. The application process is quick on LendYou with lenders being able to disburse funds to your bank account as soon as the same day following a successful verification.
Before the application, an applicant is supposed to be pre-qualified as a US adult citizen with an active bank account, and most importantly, he/she needs to have a stable monthly income to make monthly payments. The following are some pros and cons of using LendYou for loan demands.
Pros & Cons
- Trustworthy lenders
- Encrypted information storage
- Quick application processing
- 24/7 Support
- Not available for all states of residents
- A stable income of $1,000 a month is needed
LightStream is effective in connecting you with the right lender. The LightStream is available on both Google Play and App Store. Once you sign up and submit your information you can apply for multiple types of Loans including payday loans, installment loans, as well as car financing.
Pros & Cons
- Different types of loan choices are available
- 24/7 customer service
- Timely payments can improve your credit scores
- Friendly category-based lenders
- Simple and efficient application submission
- High interests and APRs
- Only fund loans on business day
What to consider when comparing installment loans for bad credit?
Now that you are familiar with some of the most trusted names in the Lending industry, it is time to know how you can compare and select the best installment loan for yourself. Let’s get started.
The first thing you will notice in any type of loan offered by the lenders is the return amount that will be much higher than the amount you are borrowing. Once you are in touch with a few lenders, it is best to compare their interest rates on your installment loans for a better idea about who you are going to select. Lower interest rates are always welcome.
The second most important thing in online installment loans is considering the lender. Keep in mind that he is the person who is offering you the loan and he’ll be the one who is going to regularly contact you for repayments and other things.
If a lender is flexible and listens to your problems when you are discussing terms with him, he is most likely to prove a good person to collaborate with in the future in case of any issues with your loan repayments.
Furthermore, you should always compare the repayment terms of your loans. Usually, the longer you take a loan, the more interest you will end up paying on the amount. Therefore, you should choose a repayment plan that is neither too long nor short. Another good practice is to make sure you have a few days as a grace period in case you miss the deadline for loan repayment.
Processing fees, bank charges, verification charges, or MISC. Charges are all names for the amount deducted from the loan amount or charged as part of the loan application under the cover of additional fees. Compare the fee structures and charges schedules of each lender before agreeing to the terms.
Credit Score Impact
Many companies directly integrate loans with your credit score. Repaying your loan on time and showing financial responsibility for them can have a good impact on your credit worthiness. Therefore, make sure you include credit score impacts in your checklist when comparing installment loans online for bad credits.
Differences between installment loans and payday loans
Payday loans and installment loans are the two most demanded loans in the lending market and each comes with its perks. Here’s a brief overview of both these loans and the major differences between them.
Payday loans, as the name suggests, are loans granted for a short period with a fixed or variable interest rate. Usually, these loans come in handy when you are in urgent need of cash and can return it quickly.
You can find payday loans up to $5,000 for varying periods depending on lender facilitation and availability. These loans have lower interest rates than installment loans and are usually more recommended by financial advisors as they have less impact on your credit score.
Installment loans, unlike payday loans, are targeted at individuals who require a comparatively larger amount for a longer period. Regular installments are decided at the time of disbursal and paid off accordingly. These loans accumulate high interest and have a much greater impact on your credit score.
Does an installment loan affect credit scores?
Usually, if you are paying your installments on time, you can rest assured that your credit score is not affected but may end up boosting it because of your financial responsibility. Although, the impacts of your installment loans will stick on your credit report for 10 years.
How to apply for a bad-credit installment loan online？
The first thing you need to do before applying for a loan is to make sure you have the following documents ready to attach to your application.
- A valid ID that shows you are more than 18 years old.
- A working bank account current/savings.
- Social Security Number (SSN).
- Monthly Income proofs.
The next step would be to go to any of the above-mentioned loan agencies and submit your application. Afterward, spend some time talking and comparing different lenders and then make a decision.
A few other options you may consider when applying for a bad credit installment loan online are local nonprofit organizations, lending circle or family Loan, credit unions, banks, etc.
WeLoans is the featured platform on this list because of two reasons, which is borrower-friendly and help you connect with possible lenders. Also, WeLoans has various loan choices for your multiple money demands. They can easily be your best option for a bad credit installment loan online because of the transparent and easy terms offered by their lenders. Make sure to pay your installments on time to prevent your credit score from falling.
It is suggested that borrowers can understand the fundamental things to help selecting the best online installment loan. Before starting any loan application, please confirm that you have overall knowledge of your basic financial situation and can afford loan payments according to the loan requirements.