|Loan Site||Loan Amount||Term||Lender Details|
|$1,000 - $2,500||6-36 Months||This company claims to provide an alternative solution to typical payday loans. Maxlend offers direct funding in most states with same day cash.|
|$2,000 - $35,000||24-60 Months||Direct lender with rates that start at 6%. Get cash within one day. They provide funding in nearly every state.|
|$$150 - $3,500||6-18 Months||A state licensed lender with more than 400,000 customers. You may qualify for their online installment loan even if you have a bad credit score.|
|$1,500 - $25,000||4 - 48 Months||Same day payments are available & you can expect phone support during the application process. Also have many retail locations.|
|$2,000 - $35,000||24 - 60 Months||In business since 2012 with over 3 billion dollars originated through the Avant platform. Loans may fund by the next business day.|
|$2,500 - $5,000||4-8 months||Large direct lender that's been funding cash advances since 1994. They also provide bad credit installment loans in 12 states.|
|$2,500 - $10,000||6-48 months||On time payments are reported to the credit bureaus. They offer loans in approx. 14 states and you can get qualified in about one hour.|
|$1,000 - $40,000||1-60 months||Online service that connects installment loan applicants with investors. Claim to be the largest marketplace with $20 billion funded to date.|
|$1,000 - $50,000||36-60 months||Check your prospective rate in less than 2 minutes and get next day funds if you qualify. 40,000 personal loans funded to date.|
|$1,500 - $25,000||4-60 months||Offering installment loans in nearly every state for well over 3 decades. They claim to have a 90% consumer satisfaction rate.|
|$1,000 - $30,000||8-48 months||This company does not provide online installment loans, instead they offer a solution where you can get a high dollar title loan with your car title.|
|$2,500 - $3,400||1-18 months||Funding direct installment loans and other financial services in 30 states. They have over 2 million customers and a 95% client satisfaction rate.|
|$2,500 - $5,000||4-8 months||Over 1000 retail locations throughout the country. They offer an online installment loan with next day funding & you can repay in full early.|
Installment loans don't need to be expensive. If you know how to shop around you can find a decent rate.Read More
Some financial institutions will let you get multiple quotes before you move forward with an application.Read More
You can choose between all sorts of different funding options. But at the end of the day it pays to know your interest rate.Read More
Installment loans are paid off over time and your financing company will typically give you a set amount of months to pay off the loan. A payday loan is often viewed as a short term loan where the consumer pays back the loan all at once. A Payday advance is typically paid back in a matter of weeks while installment loans are paid back over a period of monthly payments. Loans amounts vary with each company, but cash advance companies will typically offer far less money than what you see with a personal loan lender. One thing to consider, when you borrow money from a payday lender, the interest rates are higher than what you see with most personal loan companies.
Each installment loan lender will have different requirements of when they apply online. Some companies need you have an active checking account with direct deposit. Nearly all lenders need you to be employed and making at least $1,000. Keep in mind, the more money you’re looking to borrow the higher the amount will be that you need to make. Also, nearly every lender will need you to be at least 18 years old with no recent bankruptcies. While credit checks are important, you can often qualify for funding with a few small issues on your credit report. Those are the main requirements. Be sure to check with your lender on their requirements as terms and rates will vary by state.
Each lender has a different process in place for qualifying applicants. However, most direct lenders will try to contact you over the phone to verify specific information. They may also need to contact your employer to verify employment. Another requirement may be that you need to verify your bank information or direct deposit information. Once all the pertinent information is verified they will underwrite the installment loan and hopefully approve you within that same business day. Assuming you’re approved, it will typically take 24 hours for you to get the cash you need.
Yes, most companies that offer direct lender installment loans are regulated by the state where they provide payday loans. That’s why you some companies only operate in specific states. All states have different regulations that cover personal finance companies and these regulations can be extremely harsh. For example, be sure your company has a California Financing Law License if you live in California. You should always check with your company to make sure they’re licensed as a short term direct installment lender in the state you reside in. That way you have the protection of your state if things don’t go as planned. Be sure that installment loans are your last option. This type of funding is expensive and designed for short term financial needs only.
Having bad credit won’t necessarily preclude you from getting an installment loan. Unlike traditional bank loans, you won’t be automatically denied if you have recent marks on your credit report. Installment loans come with high interest rates and fees. With that most lenders know that people who apply at these rates aren’t going to have too many options. You can generally expect a higher interest rate and lower amounts if you have bad credit. Your financing options will trend downwards the worse your credit score gets. Someone with good credit will obviously go with a bank lender or credit union when unexpected expenses hit. But those who are credit challeneged need to seek alternative options. Direct lenders are essentially looking to see if you have an active checking or bank account. The want to know if you have past advances that are delinquent or otherwise unpaid.