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When you’re looking for a loan, you’ll come across many kinds of it and a plethora of options. However, if you have a bad credit – then, your options may become smaller.

One option that you can consider while having a not so desirable credit score or in need of financing – an installment loan may be an option for you.

What is an Installment Loan?

An installment loan is exactly what it sounds like: You repay your debt in installments. You are to repay what you borrowed in a fixed amount every month. Depending on your credibility, you might get an installment loan with a fixed interest rate, but if not, the percentage will be up to your lender.

How Does an Installment Loan Work?

Unlike any other loans, your monthly payments won’t increase, and you’ll also be paying the principal amount and the interest at the same time. You can treat an installment loan as sort of a personal loan as you are free to use the money for any purpose.

An Installment loan can be both a secured or an unsecured loan. A secure loan uses a collateral that will serve as the lender’s security in any case that you miss your payments or you default. It’s a bit risky but if you want to increase your chances of getting approved, a collateral can be an option.

Tips to Get the Best Installment Loan

When you search the internet for installment loans, you’ll likely see lenders pitching them as a safer alternate for payday loans. They’re mostly trying to drag competition down but do the same themselves. That’s one of the red flags that you need to watch out for. Here are a few more tips to help you look out for unscrupulous lenders.

  • Look for personal loans. An installment loan is known otherwise known as a personal loan. By simply reframing your search keywords, you’ll know see some reputable lenders.

  • Lenders who push loan renewals are a big no. When you keep renewing your loan, you’re only giving the sharks more money. The more money you give, the more you depend on loans, which can put you on a debt spiral. Keep in mind that a good lender will not drag you down, but instead work with you to repay your debt.

  • Avoid fees and guarantees. – If a lender advertises themselves as a “guaranteed loan approval” without looking at your credit score – that is a huge red flag. If they also ask you for a fee up-front while the application process hasn’t even started yet – another red flag.

  • Avoid working with high-pressure lenders – If a lender keeps bugging you to borrow more money, pressuring you to sign the documents, or just being pushy overall, then it’s best for you to walk away.

  • You should be the one approaching the lender, not them approaching you – Basically, unscrupulous lenders will look for borrowers who are vulnerable and in need and send them a barrage of emails, calls, and any other form of advertisements. A legitimate lender wouldn’t do that kind of stuff.

While knowing all that, we came up with a list of lenders that might help you.

Online Installment Lenders

  • Lending Club – Lending club is a peer-to-peer lender who utilizes the funds of inventors to fund your loans in your time of need. Lending Club will offer you a variety options even if you have a poor credit score or an excellent one.

Lending Club’s APR ranges from 6.95 to 35.89%, the best being only available to those who have an excellent credit.

  • PersonalLoans.com – PersonalLoans will refer you to the best lender that they are partnered with, offering a wide array of loans, including but not limited to, bank loans, personal loans, peer-to-peer loans, and more.

PersonalLoans.com being a referral site, must make sure that who they refer to is eligible and credible. You must have a minimum monthly income of $2,000 and you must verify it.

  • Avant – Avant is a good option of you have a bad credit score – Offering loans to those who have a score of 580 and above. Avant offers loans with APRs ranging from 9.9% to 35.99%.

Installment Lenders Who Have Offices

  • OneMain – With 1,800 branches spread across the country – If you’re looking for a lender that you can establish relationships with or just need a more intimate discussion about your loan and your options, then OneMain can be a pretty good option for you.

OneMain can lend you a minimum of $1,500 up to $30,000 with APRs of 16.05 to 36%.

  • Wells Fargo – Being one of the biggest banks in the nation, Wells Fargo can offer you competitive interest rates. And if you’re already a member, you can just set-up an auto payment for your loan so you don’t have to worry about due dates.

Although requiring you to have a good to excellent credit score. Wells Fargo can offer you a very low APR of 7.5% to 24.50%.

Ready For A Quick Loan?

Apply To Borrow from $100 to $25,000*

How Much Cash Do You Want?

 

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Borrowing
$25,000

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Interest
$700

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Total To Repay
$25,700