10 Best Online Installment Loans for Bad Credit

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More often than not, people with bad credit always get the short end of the stick when they're trying to borrow an installment loan. They may either end up getting rejected by traditional lenders, or face higher interest rates. If you fall into this category, you may be wondering if there are other borrowing options.

Luckily, there are! Installment loans for bad credit are designed specifically for this. They are provided by companies that specialize in lending to people with poor credit histories. They can be a helpful and stress-free loan option for you if you need some cash fast.

But finding a reliable bad credit installment lender is not always easy. Sometimes you may need to spend a lot of time and effort searching for one you can trust. So here we've compiled a list of the 10 best installment loans for bad credit. We'll let you know why they are on the list and how they can help you.

10 Best Online Installment Loans for Bad Credit

US Bad Credit Loans

installment loans via US Bad Credit Loans

US Bad Credit Loans is one of the best lending services trusted by many bad credit borrowers. By submitting your information through our simple application form, you will be able to connect to our large panel of secure installment loan lenders. Many of these lenders only run a soft credit check on applicants' profiles, which exerts no negative impact on your credit score.

Also, we don't just offer bad credit installment loan services. Our partner lenders also provide a wide range of other loan products, such as title loans, payday loans and personal loans. And the chances of getting approved for these loans are high. Though you may not be able to get guaranteed approval, but as long as you meet the basic criteria like being at least 18 years old and having the ability to repay the loan, you can qualify for one.

Explore Installment Loans for Bad Credit With Favorable Terms at US Bad Credit Loans >>

WeLoans

installment loans via WeLoans

WeLoans is a place borrowers will turn to for fast cash when they are in times of financial crunch. It's a major player in the business of helping people access trusted loans from US-based lenders.

The partner lenders of WeLoans have some of the best installment loan offers in the industry. Even for those having bad credit, these lenders can provide affordable rates and reasonable terms. They focus less on your financial history, but instead, they care more about your future ability to pay the loan back. If you have a stable source of income, your chance of getting approved for these loans is high.

Another feature of WeLoans is that it can help you get same-day payday loans easily. Their eligibility requirements are not difficult to meet, and applying with a co-signer can up your success rates as well.

Request an Installment Loan Between $50 and $5000 via WeLoans >>

US Installment Loans

installment loans via US Installment Loans

US Installment Loans has established itself among elite loan resources for helping borrowers take out installment loans quickly. Apply for a loan through this platform and you will be wowed at how much their partner lenders are offering. Even if you have bad credit, you could get up to $5000 for installment loans and up to $35,000 for personal loans.

The process of applying with US Installment Loans is also made easy peasy. Through them, there is no need to go from one lender to another and submit endless paperwork. Instead, it requires you to merely complete a simple loan request form online, which should be done in a matter of minutes. And you'll be able to receive instant decisions from various willing lenders.

US Installment Loans' bank-level encryption technology also gives it a decided advantage over other competitors. You will never worry about information leakage when using their services.

Trust US Installment Loans to Get Instant-Approval Installment Loans Now >>

PersonalLoans

installment loans via PersonalLoans

PersonalLoans is another great lending service that caters to borrowers with lousy credit. Similar to the three services mentioned above, PersonalLoans is a credit broker that connects you with potential third-party lenders. These lenders offer $35000 personal loans with interest rates that are in line with the industry standard.

You can use their loans for any personal purpose, including covering daily expenses, consolidating debts, or making large purchases. Applying for a loan on PersonalLoans is quick and your fund can be disbursed quickly.

In a Financial Fix? Take Out a Loan Easily Through PersonalLoans >>

BadCreditLoans

installment loans via BadCreditLoans

BadCreditLoans is also one of the best places where you can connect with responsible lenders offering installment loans at affordable rates. Many of these lenders also provide loans to those who do not have a not-so-perfect history. Your loan application process may get completed in 15 minutes or so. Moreover, you may get the approval and funds in your account on the same day as applying for the loan.

Count on BadCreditLoans to Connect With a Suitable Lender Now >>

Upgrade

installment loans via Upgrade

Upgrade appeal to borrowers with a broad range of credit ratings and income levels. The lender distinguishes itself with services such as rate discounts for having debt consolidation loan payments transmitted directly to creditors. It also offers features like secured and combined loans, quick funding, and various repayment arrangements.

On Upgrade, a 2.9% to 8% origination fee is charged on all personal loans and deducted from the loan proceeds. And autopay and paying down a portion of existing debt immediately are required if you want the lowest rates.

Borrow Up to $50000 With Personal Installment Loans Using Upgrade >>

Upstart

installment loans via Upstart

The underwriting model of Upstart sets it apart from other online lenders. The business employs artificial intelligence and unconventional data such as college education, work experience, and location to check borrowers' eligibility. According to the company, their underwriting approach makes it easier for younger applicants and those with poor credit histories to get a loan.

Get a Loan Albeit With Poor Credit Ratings Through Upstart >>

LightStream

installment loans via Light Stream

LightStream offers personal loans for bad credit borrowers. They have been known for their relatively low-interest rates. And if you choose to use their AutoPay feature, you will get a discount of 0.5% on the rates.

The available range of terms of LightStream loans is also wide, starting from two to seven years. This gives you more flexibility when you're arranging your repayment plan -- you can choose a repayment term that is less stressful while still obtaining an affordable interest rate.

Universal Credit

installment loans via Universal Credit

Universal Credit offers personal loans to individuals with the FICO score of 689 or lower. This lender is a subsidiary of Upgrade. The primary distinction between Universal Credit and Upgrade is that it's more likely for borrowers with poorer credit scores and higher debt to qualify for a Universal Credit loan.

Customers who have been approved for Universal Credit can also enjoy the features of Upgrade's services, including credit-building tools, a mobile app, and a discount for paying creditors directly on debt consolidation loans.

LendingPoint

installment loans via LendingPoint

LendingPoint is dedicated to helping people with their financial needs by providing them with the best service possible. They offer fast and easy personal loans for bad credit with competitive rates and terms so that you can get back on your feet quickly.

LendingPoint has a mobile app that allows users to apply for and manage their bad credit installment loans easily with their cellphones. With this app, you will also know your current credit status and be offered tips that can improve your credit score.

Credit Unions

Credit unions also provide access to bad credit installment loans. They are nonprofit cooperatives that are owned and controlled by their members. They provide a variety of financial services, including different loan options.

Unlike banks or online lenders, loans from credit unions are typically available for their members. And they usually have fewer branches, so you may find it harder to locate their services near where you live.

What Are Guaranteed Installment Loans?

Installment loans are a type of loan where you receive the loan in a lump sum, and you have to pay it back in monthly installments over an agreed-upon period of time and at an approved interest rate. Very often, you won't need good credit to get an installment loan, and it can be used for many purposes.

And by definition, guaranteed installment loans are the installment loans that the lenders guarantee you can get, no matter how your financial status is.

Do Guaranteed Installment Loans Exist?

No, guaranteed installment loans do not exist. There is no lender that can guarantee they will definitely grant an installment loan to you. They will all have to review your application to ensure you have the capacity to repay the loan, so they won't lend money they can't get back. But online lenders tend to have lenient requirements, and it will be easier for you to get an installment loan than traditional lenders like banks.

What Should I Consider When Getting An Installment Loan for Bad Credit Online?

The following are the things you should take into consideration before getting an installment loan for bad credit online:

Annual Percentage Rates

Annual Percentage Rates, or APR, is one of the most important thing you should clearly know when taking out a loan. It makes up the major part of your loan charge. Carefully inspect and compare the APRs and make sure your lender is honest about it, so you're not borrowing a loan you are unable to afford.

Monthly Installments

Do a calculation of your monthly payments based on your loan amount, rate and term. Make sure the current plan is right for you. You should note that lower monthly payments may benefit your budget, but a longer-term loan will cost you more in interest over time.

Other Loan Fees

Be careful about the additional fees the lender charges you. A trusted lender will never ask you to pay any hidden or upfront fees. And don't sign the agreement until you've checked with your lender about everything you need to pay for their loan.

Alternative Options

Do you still have other options than borrowing loans? Can your friends or family help you out? Is there any assistance you can find from the government or NGOs? Always think through these before you turn to online lenders.

How Do Installment Loans Affect My Credit?

You can enhance your credit and demonstrate financial responsibility with an installment loan, as long as you can make on-time payments. But if you default on a payment or fail to pay back the loan, then it will be detrimental to your credit score. So you should always borrow the money you're sure you can repay.

To avoid missing payments, setting up autopay is one approach if your lender provides this feature. And many lenders give a slight APR discount to their customers if they use autopay. Although it is only a fraction, it can still be helpful!

Alternatives to Bad-Credit Installment Loans

In addition to installment loans, you can also explore other bad credit options. All these choices listed below are available at US Bad Credit Loans. Our lending partners provide these loans at a favorable price and high approval rate. We will connect you with lenders and you can compare and choose the one that suits you the best. 

Payday Loans

Payday loans are short-term loans that the borrower pays back in full with their next paycheck. They are often used to cover an emergency or unexpected financial need. Payday loans are typically due on the borrower's next payday, which is typically every two weeks.

Title Loans

Title loans are similar to payday loans in that they are both short-term and high-interest debts. However, the difference between the two is that title loans require your car title to be used as collateral while payday loans do not. Most title loan lenders working with US Bad Credit Loans will allow you to keep driving your car before your pay off the loan. 

Personal Loans

Personal loans are a type of unsecured loan that is given out to consumers at a relatively lower interest rate. They typically come with a large loan amount and can be used for a variety of purposes including the purchase of a big-ticket item or paying off expenses that will take time to repay

Conclusion

For many borrowers, installment loans are a decent borrowing option. US Bad Credit Loans along with other loan services on our list can be great help sources for you.

Compare these services carefully before making any decision reasonable. And you will be able to satisfy your financial needs without suffering any harm.

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