Getting online installment loans for bad credit is a great way to get financing when you need it the most. This type of loan allows you to pay back the money you borrowed over several months. It can help you to cover unexpected expenses or other financial needs without putting too much pressure on your wallet afterward.
Here’s a quick overview of the top 4 installment loans for bad credit.
- WeLoans: Overall Best Online Bad Credit Installment Loan Website
- US Installment Loans: Dedicated Online Installment Loan Broker
- iPaydayLoans: Connects You With Installment Loan Providers Near You
- US Bad Credit Loans: Bad or No Credit Friendly Installment Loan Website
While getting a loan from traditional banks is still an option, many individuals have difficulty qualifying for them due to relatively unpleasant credit backgrounds. If this sounds like you, applying for bad credit installment loans online could be a good solution instead.
Let’s review the top 10 websites to get online bad credit loans.
10 Best Sites For Online Installment Loans With Bad Credit
Do you want to get an installment loan but don’t know where to look? Here are the top 10 websites for getting the best online loans for bad credit.
WeLoans
WeLoans is our top choice to get bad credit installment loans online. WeLoans is an online loans broker that connects borrowers to lenders in their partner network, and the company has partnered with hundreds of lenders across the country.
Plus, they don’t charge fees for finding lenders and comparing interest rates using their platform. Their lending partners offer no hard credit check installment loans as most of the lenders they work with don’t perform credit hard pull.
They use alternative information and documents applicants provided to assess the risk of each loan request, which then landed on a final decision on whether to release the fund or not.
Features
- No hard credit check needed
- Fast processing time
- Multiple lender options
- Fixed interest rates
- Predictable monthly payments
Pros
- Access to a wide range of lenders: WeLoans has a network of lenders. So if you’re looking to get an online loan service in general, chances are you’ll find a lender for it on WeLoans.
- No service fees: There are no fees for using the WeLoans platform to connect with their network of lenders.
- Instant decision: Their lending partners will give you an instant answer regarding whether they’ll grant your loan request.
Cons
- No Customer support: There’s no visible way either online chat or phone line to contact WeLoans, at least it is not shown on the website. Everything related to your loans is between you and the lenders.
Check Out Bad Credit Installment Loans Deals at WeLoans!
US Installment Loans
If you’re looking for installment loans for bad credit brokers, look no further than US Installment Loans. US Installment Loans has a network of lenders in every state, allowing borrowers access to installment loans of up to $5,000.
Getting connected to a lender is simple. All you have to do is fill in your information on their website. US Installment Loans will then send this information to their partners, who will review it and decide whether they will release the funds to you.
Once approved, you will have the option to accept the offer, or wait for other deals from US Installment Loans’ network of lenders. After you made your final decision, the lender you choose to work with will transfer the money to your account as soon as possible.
Features
- No Fees
- 24/7 Service
- Available customer support service
Pros
- Easy process: The process of using the site is easy. All you have to do is complete a short information form and use the attachment submission portal to upload related documents.
- You receive funds within one business day: You can get your cash deposited into your bank account as soon as one business day if you are approved.
- Reputable lenders network: US Installment Loans works with reputable lenders. If you’ve had issues finding a lender, you may want to try their services.
Cons
- Lenders on US Installment Loans may run a hard credit check sometimes.
Try US Installment Loans to Get Bad Credit Loans Now!
iPaydayLoans
iPaydayLoans is a premier company that connects borrowers with lenders offering installment loans for bad credit, despite having payday loans in their brand name. They work closely with lending partners to ensure that you find lenders who can provide you with a loan, even with bad credit.
If you’re looking for a simple way to find installments loan lenders near you without visiting a brick-and-mortar location, then iPaydayLoans is the perfect solution. You can fill out an information form on their website and receive a response from a lender as soon as possible.
Features
- Simple information submission process
- Instant response
- Access to multiple lenders all at once
Pros
- Convenient repayment terms: Repayments on most loans are convenient, depending on the lender on iPayDayLoans’ network that agrees to work with you.
- Easy online process: Submitting your information on the website is very straightforward.
- Fast approval decision: Most lenders are willing to give you a decision as soon as they finish evaluating your information, which usually you will receive a result within the same day.
Cons
- Not available in all states: Many different lenders might offer no hard credit check installment loans on iPayDayLoans’ network. However, their services are limited to certain states.
Check Out the Latest Bad Credit Installment Loan Deals at iPaydayLoans!
US Bad Credit Loans
US Bad Credit Loans is another reliable online loan broker that connects consumers with low credit scores with lenders. They work with a long list of reputable lenders that are experienced in dealing with unpleasant credit backgrounds to ensure borrowers have plenty of options when looking for online loans with bad credit. Their online installment loan platform allows customers to access lenders without visiting physical locations.
Features
- Fully online service
- Easy process
- Multiple lending partners
- Long-term installment loans
Pros
- Access to large amounts: You can get up to $5,000 for an installment loan from any of the broker’s lending partners who agree to fund your loan.
- Quick processing times: Most of their lending partners provide feedback as fast as 15 minutes with loan disbursement as soon as the next business day.
- No upfront costs: There are no hidden fees or additional charges for using US Bad Credit Loans to connect with lenders.
- Data safety on the website: US Bad Credit Loans uses industry-standard SSL encryption technology to protect personal information.
Cons
- Limited availability: US Bad Credit Loans doesn’t provide its broker services in all the states due to financial regulations.
Consider US Bad Credit Loans to Get Your Bad Credit Installment Loans!
Check Into Cash
Check Into Cash is a notable online lender founded in 1993 in Cleveland, Tennessee. With 650 stores in over 20 states and a fully functional online platform, Check Into Cash makes it convenient for borrowers to apply for bad credit guaranteed approval loans.
With ChechIntoCash, borrowers can access loans of up to $5,000, depending on their state. Furthermore, they offer a quick application process with funding as fast as the next business day.
Features
- Instant approval
- Online application process
Pros
- Quick funding: Most applicants can receive funds as fast as the next business day when using Check Into Cash.
- Great customer support: This online lender provides multiple channels for customers to contact, including email, phone, and in-office.
- Fast application process: Check Into Cash provides a quick and easy application process that takes little time to complete.
Cons
- High fee: Check Into Cash charges high fees for online installment loans, depending on your state.
- Not available nationwide: Check Into Cash only provides services in about 26 states.
- Low lend limit: Some applicants can’t access higher loans due to their state’s regulations.
Get Your Online Bad Credit Installment Loans From Check Into Cash Now!
CocoLoan
Looking for where to find installment loans and bad credit online? Then CocoLoan might have a lending partner to help you get approved for a loan with ease.
CocoLoan is an online platform connecting borrowers with its long list of lending partners. So when you submit your information on CocoLoan, you won’t be dealing with a single lender. Instead, you’ll be connected with multiple lenders at once to increase the chance of getting approved. This allows you to compare different lenders’ offers and choose the best one for your needs.
Features
- Instant approval
- Multiple lenders
- No fees
- Online application
Pros
- Multiple lenders: The website features multiple lenders. So even if one lender doesn’t approve your request, you’ll still get an offer from other lending partners.
- Instant approval: If you meet the minimum requirements set by the lender, you could get an instant approval decision.
- No fees: CocoLoan will not charge fees when using their site to connect with lenders.
Cons
- Not a direct lender: You won’t be dealing with CocoLoan directly. Instead, you’ll be working with a lender who is part of their network.
Visit CocoLoan and Get Your Bad Credit Installment Loans Now!
BadCreditLoans
Need some quick cash to sort an emergency but don’t know where to look? BadCreditLoans can definitely assist you as they give people quick access to bad credit lenders to fulfill urgent financial needs. BadCreditLoans aim to make borrowing money easy by connecting customers with several lending partners at once.
The company works with lenders that specialize in providing installment loans for those with poor credit, as they consider the ability to repay the loans is more important than a simple credit score number. So if you need to borrow money quickly but have bad credit, then this may be the right place for you.
Features
- Quick approval decision
- Easy online process
- Available customer support
- Multiple lending partners
Pros
- Higher loan amount: Lenders on BadCreditLoans network can offer installment loan amounts up to $10,000 if they approve your request.
- Fast disbursement time: Most lenders on the BadCreditLoans network will send out funds as fast as the next business day for approved applicants.
- Better rates: On average, lenders on the BadCreditLoan network charge lower interest rates than other lenders.
Cons
- State restrictions: Some states don’t allow certain types of lenders to operate within their borders. This means that some people living in these areas may be unable to use the service.
Get Your Bad Credit Installment Loans Through BadCreditLoans Today!
MaxLend
MaxLend is an online direct lender that offers loan services including short-term installment loans online for bad credit to help people deal with emergencies. This financial institution is owned by the Arikara, Hidatsa, and Mandan nations, known as The Tribe—a sovereign nation within the United States. This online tribal lender provides up to $3,000 loan amounts if you meet their minimum requirement.
Features
- Short-term installment loans.
- Fast approval process.
- The repayment duration is up to nine months.
Pros
- It’s fast: You can typically receive funds within 24 hours after submitting your application.
- Accepts bad credit: MaxLend will approve applicants with poor credit if they pass the repayment ability assessment.
- Ideal for emergencies: MaxLend allows users to borrow money quickly and easily to pay for unexpected bills or other needs.
Cons
- Extremely high APRs: The rates at MaxLend are incredibly high, starting at 400% APR.
- Only available in select states: MaxLend doesn’t operate in every state, making it difficult for many residents to access their services.
- Doesn’t adhere to federal laws: As a tribal lender, MaxLend may not comply with suit or service of the process due to differences in laws operation.
MaxLend Can Help You to Get a Bad Credit Installment Loan With Ease!
Ace Cash Express
Ace Cash Express offers instant funding installment loans for people even with bad credit. Their quick and easy-to-follow approval process helps borrowers get cash when they need it most. With over 50 years of providing guaranteed installment loan services for people with bad credit, Ace Cash Express has become a trusted name in the industry.
Features
- Instant approval decision
- 72 hours cancellation window
- Zero application fees
- Multiple application options
Pros
- Small loans up to $2,000: Ace Cash Express allows applicants to borrow between $50 and $2,000. The overall amount you get depends on your location and your financial status.
- Guaranteed approval decisions: Ace Cash Express will approve your request if you meet the minimum requirements.
- Simple application process: Ace Cash Express provides step-by-step instructions to help applicants complete the application form.
- 72-hour cancellation window: Borrowers get 72 hours to return the loaned amount should they decide they don’t need it anymore.
Cons
- Not available in all states: Ace Cash Express does not offer its services in every state. Loan types and amounts also vary per state.
- High APRs: The lender’s APR is relatively high, ranging well into the three digits.
Check Out Ace Cash Express to Find Out More About Their Loan Services
OppLoans
OppLoans is an online loan broker providing short-term financing solutions. They allow borrowers to access funds quickly when they need them, without the need for a perfect credit background.
The loan provider doesn’t run hard credit checks via the big three bureaus (Equifax, Experian, and TransUnion). Instead, it uses other database records to check the customer’s credit history. This means that even those who have had bad credit scores can qualify for a loan as long as the applicants can repay it.
OppLoan also says that it submits payments to the big three, which might help increase the customers’ credit scores if consistent repayment occurs on their bills.
Features
- No hard credit check required
- Fully online application
- Varied Rates
Pros
- Fast funding: OppLoans can fund approved applications as fast as the next business day.
- Easy process: Getting loans is easy with OppLoans. You only need to fill out one form and upload supporting documents.
- No prepayment fees: There are no prepayment penalties or charges for paying off a loan early.
Cons
- Higher interest rates: The average rate of interest for OppLoans is higher than some other lenders.
- Limited availability: OppLoans only operates in select US states.
Take a Look at OppLoan to Get Online Installment Loans for Bad Credit.
FAQs
What Exactly Is “Bad Credit?”
Bad credit in general is a situation where your FICO credit score is below 580. This usually happens when a person has missed payments or late payments on bills multiple times. It also drops if they maxed out their credit cards or have negative items on their report, such as a foreclosure or bankruptcies.
Can I Get Online Installment Loans Without Credit Checks?
In short, you can not get loans without a credit check. Many alternative lenders offer online installment loans with no hard credit check to borrowers. Instead, these financial service providers run a soft check by checking your income and employment history to assess your financial status. Most lenders within our lists won’t run a hard check that will affect your credit history, allowing you to get installment loans without generating any impact on your current credit score.
Are There Any Collaterals Required for Online Installment Loans for Bad Credit?
Just like many guaranteed approval bad credit loans, online installment loans for bad credit are unsecured, meaning they don’t need collateral. You’ll just need to meet their minimum requirements and you can pay in small amounts over time, usually between 3 months to 2 years. However, they come with high APRs to compensate for the lack of security.
What Should I Keep In Mind When Getting Online Installment Loans for Bad Credit?
There are five major aspects to consider when getting online installment loans for bad credit. These include your credit score, loan terms, interest rates offered, reasons for the loan, and current financial situation. You can take the loan if satisfied with the loan term and rate, and have evaluated your current financial situation.
What if I’m Not Able to Repay My Online Installment Loan for Bad Credit?
If you’re unable to make your payment on time, lenders may apply increases in interest rates. You’ll also owe more money as fees and penalties apply, and this will cause your credit score to suffer. Most of all, you might become delinquent and reflect on your credit report, which is when you’re no longer current with payments on the loan. In some cases, lenders will forward your information to collection agencies directly after you missed one payment, especially if you borrowed large amounts of loans.