How To Get Installment Loans For Bad Credit Online 

A personal installment loan is a popular type of loan where people borrow money from a lender, then repay it with interest with a series of fixed payments called installments. An installment in simple teams is a loan payment.

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In some cases, some people may want to use an online installment loan instead of using payday loans or credit cards. Maybe they have too much debt on their credit cards or want to avoid the APRs of unsecured payday and title loans. 

Many lenders offer online installment loan services, and most people will likely discover that unsecured online installment loans have fewer expenses and fees than your typical payday loan. There are many options for installment loans on bad credit, which implies that having bad credit doesn’t stop you from getting the financing you need. 

installment loans for bad credit online

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How to Get Installment Loans for Bad Credit Online

The first thing needed before applying for a loan is to ensure that the applicant has the following documents ready to attach to their application.

  • A valid identification card that shows you are over 18 years old.
  • A working bank account savings/current.
  • SSN (Social Security Number).
  • Proof of monthly income.

The next step would be to go to any loan agencies listed below and submit the application. Afterward, spend some time comparing different lenders and then make a choice.

10 Best Guaranteed Installment Loans For Bad Credit Direct Lenders Only

If you have poor credit, it’s important to consider getting a guaranteed installment loan from a direct lender. These loans are designed specifically for people with bad credit, and they usually have lower interest rates and longer terms than other types of loans.

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1.WeLoans

This platform provides an online loan service that connects borrowers directly to lenders. WeLoans easily make it to the list of excellent choices for bad credit installment loans if you are looking for a borrower-friendly and easy-to-navigate experience while connecting to suitable lenders. 

Different loan products can also be found on the platform of WeLoans besides installment loans, which are listed as loans for same-day loans, title loans, bad credit, short-term loans, and so on. 

The WeLoans platform offers a convenient place for borrowers to connect with lenders. Once borrowers submit the information needed and loan requests on the application page, the matching lenders in the network will deal with the demands and approve loans in the shortest time. Afterward, it will be up to borrowers to choose the lender for the loan with some associated repayment plans.

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 However, before the application work on WeLoans, borrowers should have a United States citizen identity, a reliable source of income, a valid I.D., and a bank account number to be eligible for a loan.

 Pros:

  • A transparent and accessible online system
  • Different loan choices for different demands
  • Fast connections with professional and trusted lenders

Cons:

  • The maximum loan limit is $5,000

2. US Installment Loans

This platform is a loan online service that helps borrowers find the best online installment loan with bad credit. The U.S. Installment Loans has a broad network of lenders who actively give out installment loans on an easy installment basis. The U.S. Installment Loans platform is an excellent choice if you need installment loans.

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The U.S. Installment Loans platform is friendly to both the borrowers and the lenders and provides a variety of loan choices, such as installment loans, payday loans, and personal loans.

Pros:

  • The platform will protect personal information.
  • Fast connections with trusted and reliable lenders
  • 24/7 customer support
  • The platform accepts borrowers with bad credit 

Cons:

  • The platform is not a direct lender
  • Not available for citizens outside of the U.S.

3. U.S. Bad Credit Loans

This platform can help borrowers find a direct lender for loans ranging from 50 to 5,000 USD. The platform is one of the U.S.’s top same-day online approval companies. It has a wide network of credible lenders to offer borrowers loans even if they have bad credit. Borrowers can make all the applications online. After they get the approval, they can receive the loan as soon as the next day.

   The U.S. Bad Credit Loans platform partners with trustable lenders, assuring that loans come from legit sources. 

Pros:

  • Online applications are available on the platform.
  • The platform uses bank-level security technologies.
  • Quick/fast funding.

Cons:

  • The loan limit is $5,000.

4. CocoLoan

The platform is committed to providing loan choices to deal with applicants’ complex situations efficiently, quickly, and securely. You can find installment loans, payday loans, and cash advances from this platform. Even if the borrower is an applicant with bad credit, they can always count on lenders from the network of CocoLoan since they are open to people with bad credit history. 

Borrowers can fill up an application online to get quotes from lenders and choose the option most suitable based on their preferences and terms. The applicant’s information on the platform is sent to the lender, and they will get feedback within a day. 

 Pros:

  • Easy to navigate.
  • 24/7customer support.
  • Bad credit does not affect your loan.
  • Responsible and professional lenders.
  • Easy signup and submission of application.

 Cons:

  • Not a direct lender.
  • Only borrow up to $5,000 from applicants.

5. BadCreditLoans

The platform has one of the most successful networks of lenders for people in need. Even if a borrower has a bad credit score, the BadCreditLoans platform can help the lenders get related to lenders who provide affordable loans for any purchase or refinance

Pros:

  • A network of professional and reliable lenders.
  • Strong privacy protection.
  • Quick application processing by lenders.
  • No need to worry about bad credit history.

Cons:

  • The installment loans are not suitable for long-term financial solutions.

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6. Check Into Cash

The Check Into Cash platform is one of the oldest and most known payday lending chains established by the Father of the Payday Lending Industry. The platform maintains a vast network of lenders providing different loans to different types of borrowers, including bad credit loans and online installment loans.

The platform effectively connects the right lender to the borrower because of its years of service in the lending sector. Before applying for loans, the signup process requires borrowers to have all the essential documents, including their I.D., bank account, income source, and social security number.

  Pros:

  • Enriching the network of loan lenders
  • Great customer reviews
  • Fast and easy funds from lenders

  Cons:

  • Some states have specific requirements for the loan
  • Maximum Installment loans are only up to $5,000

 7.MaxLend

 The MaxLend network is a loan agency based in Parshall, North Dakota, USA, and it provides effective and fast customer support. The MaxLend platform is well-known for its quick relays about repayment options to their customers on TrustPilot.

   Pros:

  • The website doesn’t require an extra fee.
  • Personal information stays confidential and private.
  • Fast processing of the application.
  • Credit scores are not an issue.

Cons:

  • Not all applicants are available for the loan here.
  • Applicants must be over 18 years old.

8. Payoff/Happy Money

This platform has a network of lenders who can provide loans to borrowers to pay off debts with attractive terms. Registering on Payoff, now known as Happy Money, is a little different, as borrowers must sign up first and submit their information in the next step. Afterward, they can expect a lender to contact them and discuss the loan details.

The Payoff platform has happy borrowers with low-interest installment loans for bad credits.

Pros:

  • Transparent and simple
  • Fast approvals of applications from direct lenders
  • A bad credit score is allowed
  • Competitive interest terms

Cons:

  • Loan products are limited

9. LendYou

The platform is an advertising referral service that maintains a broad network of lenders that provide affordable loans to borrowers. The application process is easy and quick on the LendYou platform, with lenders being able to disburse funds to the borrowers’ bank accounts as soon as the same day following a successful verification.

Before applying, the applicant is supposed to be pre-qualified as a United States adult citizen with an active bank account. They need to have a stable monthly income to make monthly payments. 

Pros:

  • Trustworthy and effective lenders
  • Encrypted information storage
  • Quick application process
  • 24/7 Customer Support

Cons:

  • Not available for all states of residents
  • A stable income of $1,000 a month is required of borrowers

 10. LightStream

The platform is effective in connecting borrowers with the right lender. The LightStream platform is available on both App Store and Google Play. Once borrowers sign up and submit their information, they can apply for multiple types of loans, including installment, payday, and car financing.

Pros: 

  •  Several types of loan choices are available
  • 24/7 customer support
  • Timely payments can improve credit scores
  • Friendly lenders
  • The simple and efficient application process

Cons:

  • High interests and annual percentage rate
  • Only fund loans on a business working day

FAQS

Q. Can you get a Cash Loan With a 500 Credit Score?

A. It’s possible to get a loan if you have a 500 credit score, but there are exemptions to be aware of; not all lenders will loan money to borrowers with a credit score of 500 and below.

Q. What Companies will give you a Loan with Bad Credit?

A. Below is a composed list of platforms that will give you a loan with bad credit

  • LendingPoint
  • Universal Credit
  • Avant
  • Upstart
  • LendingClub

Q. Can I get a loan if my credit is 550?

A. You may be able to get a loan with a 550-credit score, but approval for a large loan or one with a low APR (annual percentage rate) won’t be possible. Depending on this situation, you may want to look for suitable alternative financing or work on improving your credit score applying.

Q. How can I Borrow Money Instantly Online?

 A. To get an instant loan, Consider borrowing money through a credit union or a peer-to-peer lender

Conclusion

It is suggested that you understand the fundamental things to help select the best online installment loan for you. Before filling out any loan application, please confirm that you have knowledge of your basic financial situation and can afford loan payments according to the loan requirements.

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