Applying for a loan at a bank is a lengthy process that requires a lot of documents and compliance with strict requirements. One of these requirements is good credit history. That is, if earlier there were delays on at least one loan, there are unpaid loans, or there were fines, then it is more likely that a new loan will not be given to the borrower.

However, everyone can get an installment loan with a bad credit history from online lenders. They issue loans with minimal requirements and on more favorable terms. The interest on the loan is higher, but there often is no need to show documents on employment and wages documents, look for guarantors, or provide collateral. It directly depends on the lender you choose.

Best Bad-Credit Installment Loans

An installment loan for bad credit is a broad umbrella term that covers the vast majority of both personal and commercial loans to borrowers with poor credit. It provides the borrower with a fixed amount of money to be repaid in regularly scheduled payments. Each debt installment payment includes the repayment of part of the principal amount of the loan, as well as interest payments on the debt.

The main factors that determine the amount of each regular loan payment include the amount of the loan, the interest rate, and the repayment term. The amount of the regular payment, as a rule, remains unchanged during the entire term of the loan, which allows the borrower to plan own expenses in advance and allocate funds for repaying the debt. The main advantage of an installment loan is flexible terms and good interest rates. Disadvantages include the risk of non-compliance with the obligations and loss of collateral.

Personal installment loans can be taken by adults (unemployed, students, pensioners, borrowers with delays, etc.) who correctly fill out the application and submit the necessary documents, which vary from lender to lender. Most often, an installment loan is taken to profitably purchase a long-desired product or service (for example, a last-minute tour for a third of the price).

The other category is human misfortune. Money may be required when a work machine or laptop suddenly breaks down, medical bills need to be paid, etc. In general, an installment loan turns out to be very necessary for a number of life situations. Find out below which online lenders are the best today and deserve your trust the most.

Upgrade — Best for Borrowers Who Need Fast Financing

Upgrade is a personal lending company founded by Renaud Laplanche, former CEO and founder of LendingClub, an online lending pioneer. Upgrade offers fixed-rate loans up to $50,000. The annual interest rate varies from 5.94% to 35.97%. The application process is completely online, the company provides fast approval and funding within 24-48 hours.

Online installment loans are designed for a wide range of consumers and support a wide range of credit scores and incomes. The lender requires a minimum score of 560. Therefore, it is often chosen by those with poor credit. The lender provides borrowers with access to credit monitoring and training tools and is one of the few online lenders offering a personal line of credit.

Thanks to the availability of the Upgrade mobile application, loans can be taken without any difficulties at any time. Along with low-interest rates, this is one of the company's main advantages.

Universal Credit — Best for Couples With and Without Children

Universal Credit is a lending institution committed to providing quality financial lending services to all who need them across the UK through its growing network of business units. The loan is available even to those who have a low credit score starting from 560 and above. As for the loan amount, £348 is available if you are single, £464 if you have a spouse, and £812 if you have children. The Universal Credit installment loan for bad credit rates ranges from 8.93% to 35.93%.

Once you apply for a loan, it will take at least 5 weeks to receive your first payment. You will have enough time to think about how much money you should borrow. A feature of Universal Credit financing is that it takes into account whether the borrower has savings. If so, their total amount must not exceed £16,000.

LendingPoint — Best for Those Who Want to Borrow Money for Long Term

LendingPoint provides loans to borrowers with low scores and little existing debt. The company's management says it can finance the loans the next business day after approval. But practice shows that in some cases it takes more time.

The minimum score is 600. Available amounts range from $2,000 to $36,500. The annual interest rate is 7.99%-35.99%. There is also a commission for issuing, which can reach 6%. Therefore, it is important to clarify this in advance. Loan terms range from 2 to 5 years. This is very pleasing to those who wish to take the best installment loans for bad credit for a sufficiently long period.

OneMain Financial — Best for Borrowers Looking for Both Unsecured and Secured Loans

OneMain Financial is a consumer finance company. It provides issuance, underwriting, and servicing of personal loans, primarily for non-core clients. The company offers personal installment loans ranging from $1,500 to $20,000. Funding time: one day. Repayment terms – 24-60 months. It is possible to obtain both unsecured and secured loans.

Annual interest rates range from 18% to 35.99%. OneMain Financial does not impose any requirements on the score of borrowers. This feature distinguishes it from other companies offering online lending services to clients.

Upstart — Best for Those Who Prefer Automation

Upstart is an artificial intelligence (AI) cloud-based lending platform that partners with consumers and banks. The platform is designed in such a way as to satisfy both parties. With the help of artificial intelligence, Upstart enables banks to get conscientious customers. Consumers, in turn, get a better chance of being approved for a loan at a lower rate.

Upstart offers loans for bad credit ranging from $1,000 to $50,000. The minimum score is Vantage or FICO 600. Funding time: 1-3 days. Annual interest rates are typically 3.09%-35.99%. They directly depend on the borrower's score, the size of income, educational history, and work experience. In addition, the company charges a late payment fee of 5% of the overdue amount, or $15. Whichever is greater is chosen.

The main advantage of Upstart is platform automation. Today, about 70% of all work processes are automated. The service has already issued more than 620 thousand bad credit installment loans, therefore, it is really trustworthy.

SeedFi Borrow & Grow Personal Loan — Best for Borrowers with a Bad Credit Rating or Without It at All

This is one more well-known company that people with poor credit can contact to get online installment loans. Borrowers can receive from $300 to $4,000. The repayment period is usually 10-48 months. The minimum rating is 520.

The annual interest rate varies from 7.42 to 29.99%. SeedFi Borrow & Grow Personal Loan states that an installment loan for bad credit is usually provided to the borrower the next day after the application is approved. But according to customer feedback, it often takes 2 business days.

The advantage of the company is that it provides online installment loans even to those who do not have a credit rating at all.

About Bad-Credit Installment Loans

As mentioned above, installment loans for poor credit are a great opportunity to get money and solve your financial problems in a minimum of time. They can be obtained in the presence of an identity document, a bank card, and access to the Internet. It is enough just to choose a reliable lender and fill out an application on its website.

Credit services are available to all categories of people who have a stable income. The main requirement of most lender companies is a score of at least 520-560. Annual interest rates are quite favorable and vary from 3% to 36%. The repayment period usually ranges from 10 to 60 months.

The purposes for which loans are taken are diverse. The most common are debt consolidation, home improvements and repairs, an emergency, and medical bills. Read in the next section about each in detail.

What to Use Installment Loans for?

Thus, you can use an installment loan to pay for:

• Debt consolidation. As it is known, debt consolidation is a process by which several small loans can be combined into one long-term debt. This allows the borrower to clearly see the amount of the total loan, the terms, and conditions of its repayment, as well as to receive a reduced interest rate;
• Home improvements and repairs. Many people are interested in home improvements and repairs but do not always have enough funds to turn their plans into reality. An installment loan is a great solution to the problem;
• An emergency. In the life of every person, emergency situations happen from time to time, for example, a car breakdown, or a laptop malfunction. All this requires additional costs. In such cases, personal loans for bad credit can be an excellent solution;
• Medical bills. Often the reason for taking out an installment loan is the need to pay expensive medical bills.

How to Get a Bad-Credit Installment Loan Online

If you want to get a bad-credit installment loan online, follow the simple steps below:

1. Review your report. If you have previously taken out a loan, you have a certain credit score. It rises every time you repay the loan on time and decreases when you don't pay it on time. In the decision to issue a loan, lenders are based on the credit rating of the borrower. Companies that issue loans to people with poor credit require a low credit score, for example, 560. But this requirement must be met. Therefore, when applying for a loan, make sure that your score meets it;
2. Check your budget. Calculate the amount of money you need and determine how long it will take to get it back. Assess needs and opportunities objectively. And remember, the smaller the amount of money, the more opportunities to get approval on the application;
3. Pre-qualify. Treat your choice of lender responsibly. Trust only reliable companies that offer their services on transparent terms;
4. Accept a loan offer and apply. Fill out an application on the lender's website, provide all the necessary documents (in most cases, only an identity document and a credit card number are required), and wait for the approval.

Bad-Credit Installment Loans vs. Payday Loans

Installment loans for poor credit are funds that you borrow and agree to repay within a specified period of time by making fixed monthly payments. A payday loan is a small, short-term loan that you agree to repay in full as soon as you receive your next paycheck. To find out the main differences and similarities between installment loans and payday loans, consider the list below:

• Loan amounts. Payday loans are issued in small amounts. As a rule, it is no more than $1000. Best installment loans for bad credit often reach $50,000 or more;
• Annual interest rates. The annual interest rates of installment loans are much lower than payday loans;
• Return periods. Installment loans are repaid over several months or even years. A payday loan is short-term and must be repaid as soon as you receive your paycheck.

Installment loans can meet a variety of needs and are not just for emergency expenses. Here are some compelling reasons to apply for a personal installment loan:

Can you fund long-term expenses with this lending option? Yes, you can. Everything depends on your current financial needs and your preferences. If you experience a sudden emergency and require a few hundred dollars, this option can be better than taking out a payday loan with higher fees. If you want to fund a long-term expense or project, you can also rely on this lending solution. The main advantage is that you will have fixed monthly payments that can be automatically withdrawn from your bank account which makes it secure and guaranteed even if you forget about them.

On the other hand, there are some drawbacks. Offering long term long term installment loans no credit check direct lenders want to make certain their funds will be repaid on time. Having no credit history at all makes you a high-risk borrower as creditors can’t verify your creditworthiness based on previous borrowings. Whether you are a recent graduate or a person trying to build your credit profile from scratch, you should pay attention to the rates and charges. Some service providers offer APRs of up to 400% which is insane compared to traditional lending institutions.

Where Can You Get the Best Installment Loans No Credit Check?

Any monetary shortfall can easily unsettle you leaving you unprepared to cope with such difficulties. This is especially true for people without a savings account. Thousands of consumers live from paycheck to paycheck and may sometimes need fast funds to cover unforeseen events. There are several options and place to turn to:

• Local Banks – this place is suitable only for borrowers with a decent credit history. One of the key benefits of this crediting institution is the ability to obtain loans with the lowest rates and best fees.
• Credit Unions – they often accept consumers with less-than-stellar credit ratings. You may request $500 or more for your immediate needs in Ohio, Texas, and even smaller cities as Tulsa, Oklahoma. Some credit unions will be eager to offer you starter loans and credit cards necessary to establish and build your credit history. The average interest is 18%.
• Payday Creditors – we highly recommend you to avoid such companies as they charge the highest rates for their services. You won’t be able to obtain a long-term solution here as they specialize in offering quick funds for a couple of weeks until the next paycheck. The funds should be repaid in a lump sum at the end of the repayment term. If you fail to pay the whole amount on time, you will face extremely high charges and penalties.
• Alternative Lenders – such services usually cooperate with a huge database of direct creditors in each state. The advantage here is the ability to get in touch with the most suitable creditors directly on the web from the comfort of your home. Review the rates and conditions of several lenders to turn to the best one. Pay attention to the fine print and make certain you understand the loan terms.

Solutions for Low-Credit Holders

What if you are scared of being rejected? You have probably tried various lending solutions so far. In case you’ve applied to traditional finance-related institutions, you might have already been rejected. If you’ve come here, you’ve already made the right decision. Don’t believe those who suggest you can’t get approved for loans online with monthly payment. Bad credit doesn’t necessarily mean rejection.

You can apply to alternative creditors and service providers. Our platform is also designed to help every consumer in need. So, even if you’ve had some repayment issues in the past that led to poor rating, you still have the right to obtain quick financial assistance. According to Experian, anything lower than 669 is considered to be a poor rating. And if you happened to have less than 579, your credit is called very poor. While your options can be limited at other institutions, we give you a chance to apply and get matched with creditors.

The Internet has permanently transformed the way we think about time and space. In today’s networked world, everybody is but a few keystrokes away from everyone else, and the word “local” has lost its significance.

PayDaySay is as close as your keyboard at home, work, or on the go. You don’t have to travel to a local office or make an appointment during office hours. Instead, you can fill out a loan request form 24/7 online, without worrying about security concerns arising from third-parties.

The process is clear and simple:

• Complete the loan request form: You can fill out the form via a secure web connection that protects and safeguards your information. It only takes a few minutes to enter your employment, financial, and personal data.
• Get connected with a direct lender: We will transfer you to the network partner that is the best fit for your requirements. You will receive at least one offer even if you have poor credit.
• Get your loan: The direct lender may collect additional information before giving you a quick decision on your application. If approved, you may receive your funding into your bank account within as little as one business day.

You and your lender will agree on all aspects of the loan, including loan amount, interest rate, monthly payments, and loan term. By paying your loan on time each month, you have the opportunity to rebuild credit. And because it’s online, it doesn’t matter where you live – you’re only an Internet connection away from prompt service.

Everyone Welcome, from Postal Employees to the Self-Employed

Our company welcomes applicants with all types of jobs, even if your credit is bad. We connect you to lenders who can offer you installment payments you can afford. By stretching out your payments over months or years, you can borrow the money you need for big-ticket purchases, sudden emergencies, and important life events. Your income helps determine the amount you can borrow despite a low credit score. Let us help you overcome your money problems with 24/7 access to online direct lenders that will work hard to fund your request.

Everybody can experience financial troubles from time to time. This is life, and everything can happen. If you have steady employment, you should try to improve your budgeting skills and save each month from establishing a savings account so that your future can be more protected. Today, you can obtain easy payday loans online with monthly payments from reputable creditors. Of course, you also need to become a responsible borrower so that you get more offers.

Remember that any debt is still debt so you will have to return it on time to avoid late fees and extra charges. Pay attention to the conditions of the loan agreement and review the interest rates. You have an opportunity to choose the contract with the most affordable rates and terms that are more suitable for you. Even if your credit history isn’t perfect, you still can apply. Make sure you review several creditors and their offers before you sign the agreement. Cash needs can be urgent, but you need to remain calm and know your rights.

We accept every borrower and want to make lending solutions more affordable for you. Obtaining online installment loans instant approval is easy and secure through our web platform. Submit your application now, and resolve monetary issues today!