Unexpected expenses and emergencies can mean devastation for a carefully balanced American household budget. Installment loans are an excellent option for those who need cash urgently to cover expenses they would otherwise ill-afford. With so many providers of installment loans online, it can be hard to know which ones to turn to with your financial requirements. Learn more about the top providers of personal installment loans online and know what to expect if you choose to use them.
Best Installment Loans Online 2022 – Quick pick now:
1. Green Dollar Loans: Best overall for installment loans – Very high approval!
Big Buck Loans: Best for bad credit installment loans – All credit types welcome!
Green Dollar Loans is a well-reputed loan matching service that anyone can use to apply for personal installment loans. Green Dollar Loans applications are open to anyone over the age of 18 who has had an income of $1,000 or more for at least three months. Green Dollar Loans and the lenders they host are concerned about your income being stable and consistent each month.
The application process found on Green Dollar Loans is quick, simple, and easy to understand. You will need about 5 minutes to fill out the application form. You must include your name, date of birth, monthly income, residential address, and contact details. You can apply for a loan between $500 and $10,000 with a repayment period of 2 to 24 months.
The interest you’ll be charged does vary depending on certain factors, but you won’t be charged more than 35.99% interest.
Eligibility for installment loans online
● Be 18 years old+
● Have a monthly income of $1000 or more
● A valid form of ID
● Have legal residency or citizenship in the US
Pros of online installment loans
● Loans of to $10,000
● Flexible repayment period of 2 to 24 months
● Applications with poor credit scores are welcome
Cons of personal installment loans
● Not the cheapest form of finance available
If you’re looking for a loan matching service that accepts applicants with bad credit, your search is over. Anyone can apply for instant funding installments loans via Big Buck Loans. Well, almost everyone. You will
need a minimum income of $1,000 and be of legal age (18 years old+) to apply. That means individuals who are self employed, receiving government benefits, etc., are just as welcome to apply as individuals who have 9-5 jobs. Big Buck Loans offers loans of between $100 and $5,000, a 2 to 24 months payment period, and interest rates of between 5.99% and 35.99%.
To apply for online installment loans instant approval via Big Buck Loans, you’ll need about 5 to 10 minutes, a steady internet connection, and a mobile phone or computer capable of loading a website. The application form is simple, you will only need to enter your basic details to complete it. We know you may have been looking for online installment loans that require no credit check, but that’s not possible, as all lenders in the US are required by law to perform a credit check on every applicant.
Eligibility for installment loans near me
● Be a legal resident or citizen of the US
● Earn $1000 or more each month
● Be 18 years old+
● Have a US residential address
Pros of online installment loans instant approval
● Applications are open to everyone
● Quick approval period
● Loan payouts in 24 hours or less (within one business day)
Cons of installment loans
● Interest rates can reach as high as 35.99%
3. Money Lender Squad
Money Lender Squad is a reliable, well-reputed loan matching service that is best known for their quick payout period. For example, when you apply for installment loans online through Money Lender Squad, you can apply for a loan of up to $5,000 with a repayment period of 2 to 24 months.
The application process can be done entirely online from the comfort of your own home. You shouldn’t take more than 10 minutes to complete and submit your application. After submitting your application, you can expect an answer within 2 minutes. Then, if you have been approved, you will be prompted to finalize your application on the lender’s website by uploading your supporting documents and signing the loan contract. Once you have sent back the signed contract, you may be paid out within 60 minutes. However, most applications receive their money within 24 hours.
Eligibility for personal installment loans
● Have an active bank account that can accept direct deposit
● Have citizenship or legal residency in the US
● Be at least 18 years old
● Have a valid US ID
Pros of installment loans near me
● Quick payout periods
● Fast and simple online application
● Loans of up to $5,000
Cons of installment loans online
● Credit checks may apply.
What are installment loans and how do they work?
Installment loans online are a type of personal loan that can be used for anything you want. The loan installments are broken down into small amounts that can be paid off over 2 to 24 months. Anyone over 18 who earns $1,000+ each month can apply for personal installment loans.
When you apply for online installment loans instant approval via a loan matching service such as Green Dollar Loans, you will need to select how much you would like to borrow and for how long. Then, you will be asked
to fill out an online application form that will be used to connect you to lenders who can offer you the loan you are looking for. If one of those lenders offers you a loan you are happy with, you will need to complete the application process on the lender’s website by sending them your supporting documents, such as a copy of your ID, pay slips, bank statements, and proof of address. If the lender is happy, you will be sent a contract to sign, after which you will receive your loan payout within one business day.
How to apply for installment loans in 4 quick steps
Step 1: Choose your loan amount
Use the sliders on the loan matching service’s website to select the amount you would like to borrow and for how long. You can click next to fill out the application form when you have done so.
Step 2: Complete the application form
Next, you will need to complete the application form by adding your basic personal details. This should take you roughly 5 minutes to finish. Once it is complete, you can submit the form for review by multiple lenders.
Step 3: Wait for a decision
Once you submit your application, you will receive a decision within 2 minutes. You will be prompted to complete your application on the lender’s website if approved.
Step 4: Get your loan
Finally, you will need to finalize your loan on the lender’s website by uploading your supporting documents and signing the contract that the lender will send. Then, once everything is in order, you will be paid in 24 hours or less.
Installment loans features and factors to consider
● How much do you need to borrow?
You first need to consider how long you will need to borrow to pay for everything you need. You can borrow up to $5,000 when applying for installment loans.
● How long do you want your repayment period to be?
You can choose between 2 and 24 months to repay your loan. This will determine how big or small your installments will be and potentially how much interest you will be charged.
● How much interest will you be charged?
Lenders charge between 5.99% and 35.99% interest on installment loans, so make sure you get the best deal to pay as little as possible.
● The lender makes the final decision
The loan matching service can only pre-approve you for a loan. The lender will be the one who decides whether or not your application is successful.
● A credit check is mandatory
All lenders in the US are required by law to perform a credit check. This doesn’t mean you will be declined for a loan simply because your credit history is bad. Lenders will use other factors to determine your eligibility.
How did we choose the best installment loans providers?
We considered the following features:
● How much you can borrow per loan (between $100 and $5000)
● How long you will be given to repay the loan (up to 24 months)
● How fast you will be paid (within 24 hours)
● How much interest you will be charged (no more than 35.99%)
If you’re looking to increase your chances of being approved for installment loans online and want a simple application at your fingertips, using a loan matching service such as Green Dollar Loans or the other loan matching services can be considered.
How long does it take to apply for installment loans online?
Applying for installment loans online will take you no longer than 30 minutes.
What do I need to apply for personal installment loans?
You need to be 18 years old+ and have an income of $1,000+ each month for at least three months. You will also need digital copies of all your supporting documents.
Who can apply for instant funding installments loans?
Anyone 18 years or older and earning more than $1,000 per month can apply for online installment loans.
Disclaimer – The above content is non-editorial, and Economic Times hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content. The loan websites reviewed are loan-matching services, not direct lenders, therefore, do not have direct involvement in the acceptance of your loan request. Requesting a loan with the websites does not guarantee any acceptance of a loan. This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance. Loans available to U.S residents only.