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Top 8 Online Installment Loans

Online Installment LoansOnline Installment Loans

There are many kinds of credit and financial products out there. Considering that most of us need additional funds at some point in life, it is crucial to understand the different types of loans to know which one suits you best.

That said, an online installment loan is one of the most popular types of loans that people borrow whenever they need money urgently.

And, whatever your reason for borrowing, there are many reasons why you might prefer striking a deal with online lenders – they offer competitive rates and lend to even those with bad credit scores.

Well, online installment loans can simply be defined as loans that you repay with regular installments, and, like other types of loans, they have their unique pros and cons that you need to consider before applying for the loan.

This post will explain what online installment loans are and review some of the best online loan companies to help choose the best for your needs.


What Are Online Installment Loans?

At its core, an installment loan is a loan that provides you with a lump sum of money upfront, which you pay back with a fixed number of regular, equal payments – typically in monthly installments – over a set period of time.

With online installment loans, it means that the loan is processed and managed online by specialized lenders. The impressive part of online lenders is that they offer unrivaled flexibility, competitive rates and may approve borrowers with a wide variety of credit scores.

Loans Up To $10,000

Therefore, it should be no surprise that many borrowers find it easier to get online installment loans than borrowing from traditional banks.

Notably, while online installment loans can finance all sorts of expenses, they are commonly used to fund large purchases such as a car, a home, home remodeling projects, weddings, and debt consolidation.

Top 8 Online Installment Loans Companies:

An installment loan, or any loan for that matter, borrowed from the wrong online lender can become a significant financial burden in years to come. That’s why you need to borrow from a reputable lender.

Here are reliable and reputed online companies that offer online installment loans at favorable terms.


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1. LoanMart – USA and Canada

LoanMart is a title loan company.  This means that you are loaned money on your vehicle and the title of that vehicle secures the loan. They advertise that bad credit or no credit doesn’t matter. They do not judge you on your past. You still drive your car while you pay off the loan.

LoanMart Loans up to $25,000. They also say on their website that they can send the money electronically, through MoneyGram, or by check as early as the next business day or in some cases the same day. They also provide a phone number for even faster service.


2. LoansMutual

LoansMutual is one of the top-rated online companies offering a matching service between lenders and borrowers, helping them obtain emergency funds in the shortest time possible. Their services are assured as they have partnered with a network of reputable lenders that specialize in a vast array of loans.

Because LoansMutual works by connecting you to lenders, they allow you to see what lenders can offer you – you can check out different lenders without the obligation to accept their offer. This allows you to weigh the available options so you can get the best deal.

LoansMutual is entirely free; their website is easy to use, and while they have partnered with many online loan companies with different terms on loans and charging varying rates, you can find excellent deals here.

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3. First Family Lending

First Family Lending is an online loan company that connects borrowers with a lender offering loans that may work for them. Although they are not a lender, they can help you find a suitable lender, where you can borrow as low as $200 to as high as $50,000, of course, depending on several factors.

For First Family Lending to help you find a suitable lender, all you need is to submit your loan request online. They have a simple online form that will take you less than 5 minutes to complete, after which they connect you to a lender from their large pool of online and offline lenders. Interestingly, submitting your loan request online is free.

FirstFamilyLending uses SSL encryption to keep your personal data and financial information safe.

Notably, while approval for a loan can be fast, typically within minutes, your lender is more likely to send the money to your bank account the next business day. Visit their website here.


4. CashUSA

Like MoneyMutual, CashUSA is an online lending marketplace that connects borrowers with suitable lenders in the USA. Through its network of reputed lenders, CashUSA offers borrowers online instalment loans ranging from $500 to $10,000, depending on their credit score.

If you are strapped for cash, CashUSA can offer you quick, convenient loan requests and secure loan services. Usually, the process is quick and easy, and if approved, the money can be credited to your account as quickly as the next business day.

Despite not being a direct lender, CashUSA has helped a heap of borrowers find financial solutions they needed. To get started, all you need is to fill out the form on their official website. Importantly, like with any other transaction, make sure to provide exact information.

If you want to borrow money online instantly, try CashUSA. They are a trusted online lending marketplace that helps bad credit borrowers obtain loans. Visit them here.


5. Dollar Loan Club

Getting an online installment loan has never been easier. DollarLoanClub.com simplifies the process of requesting a loan by saving you from the work of filling out multiple websites and working with different lending partners.

They are an online lending service that connects you with suitable lenders. To get started, fill out the form on DollarLoanClub.com and let them do the job of matching you with a suitable lender from their lender’s database. Dollar Loan Club has partnered with over 100 lenders, making it easy to find a reputable lender.

When using this service, you can borrow between $100 and $5,000 – amounts vary depending on lender programs and your state of residence. If you meet the criteria and your request is approved, the lender will deposit the money directly into your bank account as soon as the next day. Visit their website here.

6. BadCreditLoans.com

As the name suggests, Bad Credit Loans.com is a trusted online lending service that connects borrowers to lenders and lending partners in their network to help people with bad credit get secure loans. They can find you a loan starting from $500 to $5,000 with terms that vary between three months to three years.

Besides making requesting, finding, and being approved for a loan more manageable, they educate you on other aspects related to installment loans. They are committed to helping people looking to secure loans and other financial solutions, including obtaining debt relief information and credit monitoring.

Bad Credit Loans.com services are available 24/7, allowing borrowers to apply and get approval for loans round the clock. They also employ top-notch data encryption to ensure your information and data are secure.

For a loan, complete the online form and let them connect you to lenders with the best terms. Once approved, review your loan and accept it. If BadCreditLoans.com does not find a loan offer for you, they will help you access other credit-related products and services like credit repair and debt relief. Visit their website here.


7. Personal Loans.com

PersonalLoans.com is a lender network dedicated to matching borrowers to personal loan lenders, where borrowers can request a loan from $1,000 up to $35,000. To ultimately satisfy their customer needs, they offer a fast and flexible form to help you connect to a lender and complete an application with that lender.

One exciting thing about PersonalLoans.com is they accept applications from all credit ratings. They also have an excellent reputation for introducing customers to multiple lenders who offer decent APR rates and reasonably flexible installment loan terms, everything depending on your credit score.

Important: Each lender has specific requirements and terms, so read through the details carefully and double-check the terms before accepting the offer.

In a nutshell, PersonalLoans.com simplifies the process of applying for a loan by using algorithms that match borrowers with lenders in its network, eliminating the need for you to fill out multiple applications. Visit them here.


8. CashAdvance.com

You need money, and you need it quickly; CashAdvance.com can help you. At its core, CashAdvance.com is an online loan marketplace that connects borrowers to a network of credible online lenders, where they can secure a loan to save an emergency or unexpected expense.

The lenders on this marketplace typically do not require a minimum credit score, making it a great service for people with bad credit scores. All in all, CashAdvance.com is a member of the Online Lenders Alliance (OLA). This organization represents the online lending industry and ensures members comply with best industry practices and codes of conduct.

Like most other online loan marketplaces, CashAdvance.com links you to a network of lenders. They have no control or knowledge of the loan details between you and your lender, so before accepting a loan offer, make sure to read the terms. You have no obligation to accept a loan when the lender terms are unsuitable. Their website is here.

9. Loan Depot

Loans Up To $10,000

What You Need To Know About Online Installment Loans Before Applying:

Installment loans provide an affordable way to finance your life’s big purchases while saving on interest. When deciding whether or not to get an installment loan, it is a good idea to contemplate how much you need, depending on why you need the money. Most online lenders offer a minimum of $500, with some offering lower limits slightly higher or lower than the common.

Considering that some lenders tailor the installment loan to your needs, you need to understand the different types of installment loans, including auto loans, mortgages, personal loans, and student loans. You will find different terms for each type of loan. The loan terms will also vary from one lender to another, but the differences might not be significant for the same credit score.

That said, the only way to get the best deal when getting an installment loan is by comparing offers from different lenders. Remember to consider everything from the loan amount, interest rate, term of length, repayment terms, and total fees.

Ultimately, the best loans offer for you will depend on what you need, preferences for certain lenders, and how much you can afford.

FAQs

What happens if I pay off an installment loan early?

Installment loans are meant to be repaid in regular, equal amounts (installments) within a fixed period of time. When you pay off the loan earlier, you may be charged some penalty, depending on your lender. However, this should not affect your credit score.

What do I need to apply for an Online Installment Loan?

To apply for an online installment loan, you will need to be required to provide a government-issued ID, proof of income, checking account, and verification of social security numbers. Requirements can vary from one state to another and between lenders.

Do online loans work, and are they safe?

Yes, online loans are as safe and secure as loans originated from banks, provided you are dealing with a reputable online lender. Loans offered by the lenders and online lending marketplaces listed above are very safe.

How are installment loans different from Payday Loans?

Installment loans are a broad category of loans that can be paid back over time in regular installments. On the other hand, Payday loans are technically a type of installment loan with a shorter payment term, usually the immediate next paycheck.

Conclusion

Online installment loans are an excellent option for people looking for instant cash to finance an emergency or unexpected expense. However, like any other financial product, they are beneficial when you have a plan. The above-listed online loan companies and lenders make it easy for you to secure an online installment loan. Depending on your needs, make sure you borrow from a lender that offers the most favorable terms.

Disclaimer: This article is meant for educational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.

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