Loans can be good or bad depending on where you’re coming from and what better form of loan would you prefer than an installment loan which can be secured online? Over here, I’m going to provide you with the best installment loans for bad credit online.
Securing a loan can be complicated sometimes, more so when you have a not so good credit. Lenders generally are a little bit more careful when lending out their monies to borrowers with bad credit. This is because such borrowers are considered risky since they may not be able to pay back their debts.
Even if they do grant you a loan with your bad credit, it is likely to come at a higher APR. But what if I tell you its possible to get a loan online at your comfort zone even with your bad credit at a relatively better APR or terms?
Well, it is possible and I’m going to provide you with some. But what are installment loans?
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What Is An Installment Loan?
Most of the loans we (borrowers) go for are installment loans unless of course you go in for a Payday loan or a title loan. An Installment Loan is a type of loan where an agreement is reached between a lender and a borrower for the later to pay back the loan in periodic intervals (weekly/ monthly/ yearly) for a specific duration.
With Installment Loans, you pay a specific amount, usually monthly over a duration between 12 months to 60 months or more making repayment a lot more easier as repayment amounts are lesser than other forms of loan.
The Annual Percentage Rate (APR) of your loan matters as a higher APR means your loan will cost more hence its best to compare the APR of a few lenders before deciding on which one to go in for. Additionally, spreading out your loan over a longer duration may look like a good idea since you’ll be making smaller monthly payments. However, you will end up paying more in interest.
Personal loans, car loans and home loans are the most commonest types of installment loans.
Best Installment Loan For Bad Credit Online
From our checks, these are some best installment loans for bad credit online you may want to consider if you’re in need of an online installment loan. This list does not follow any particular order;
- OneMain Financial
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Upstart is an online lending company that works with traditional banks and credit unions to provide consumer loans to its customers. It has been in existence since 2012 and has since gone on to provide loans to thousands of persons living in the U.S.
Upstart has its headquarters in San Mateo, California and has a total asset of over $1.82 billion which shows how capable they are in providing loans to the ordinary American.
Visit their website, Upstart Holdings, Inc for more details and how you can also apply online.
Onemain financial is one of the best providers of installment loan for ad credit online. They are experts at what they do as their over 100 years of existence has given them the necessary experience to better serve its customers.
It focuses on giving out personal loans and insurance products to millions of customers with a not so good credit who may not qualify for a loan at traditional financial institutions.
Visit their website OneMain Financial to find out how you can also apply for an installment oan online.
Oportun makes it possible for borrowers to borrow from as little as $300 to a maximum of $10,000 and the good news is, you can actually apply online at the comfort of your home or office. Because Oportun values its customers, they try to make everything stress free for them including a less complicated application process and a quick response time.
Oportun does not focus too much on the credit score of a borrower hence makes it possible for persons with bad credit to secure loans without much stress.
Visit their website Oportun for more details and how you can apply for a loan from them.
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Upgrade has been in existence for over a decade now providing top notch financial assistance to millions of customers in the U.S. They offer one of the best installment loans online that works in best interest of their client.
It offers loans from as little as $1,000 to a maximum of $50,000 which can either be used to improve your home, consolidate your loans or payoff credit cards, etc. All you have to do is to check your rate (which is usually low) online without having any impact on your credit score, then you choose how much you want to borrow and complete the application.
Once you’re approved, your money will be paid immediately on the same day into your bank account.
Visit Upgrade for further details.
LightStream, which is a subsidiary of Truist Bank is a top online loan provider in the United States founded in 2012. They offer installment loans at reduced rates which doesn’t change in the course of the loan term.
So if you’re desperately in need of an installment loan for your car, improve your home or vacation, etc, then just relax, go online and apply for a loan from LightStream and enjoy their flexible credit score requirements.
Visit LightStream for more information about them and learn how you can deal with them.
NB: There are other good installment loans for bad credit online you may want to consider such as Avant, Lending Point, Payoff, Universal Credit etc.