• With over 200,000 members to their name and over $13 billion in loans funded, SoFi is more than just a lending institution. This company also offers you the chance to save and invest your money so that you are better prepared for the financial hurdles you may face in the future. Whether you are a homeowner looking to pay down student debt or a young adult looking for places to invest, SoFi offers solutions to fit your lifestyle and budget. On top of that, the company’s management team is made up of savvy entrepreneurs with years of financial experience.

    • 100,000
    • OneMain Financial offers personal loans ranging from $1,500 to $25,000. These funds can be used for a variety of purposes, including the purchase of a car or the repair of your home. The company offers a quick pre-qualification check on their website that doesn’t affect your credit score and the option to accept funds in the form of a check, a prepaid card or direct deposit. OneMain Financial has been assisting those in need for over 100 years, and they have branches in 44 states, which means that 5 out of 6 Americans can find a physical location within 25 miles.

    • 25,000
    • LightStream is a division of SunTrust Bank and offers loans ranging from $5,000 to $100,000. Offering fixed-rate loans for anything you need or want, this lender promises to have the most competitive rates around – and if they don’t, they’ll beat the rate of any competitor you bring them. On top of that, the company’s Loan Experience Guarantee promises that you’ll be 100% satisfied with your lending experience or they’ll pay you $100. As LightStream is in the business of saving you money and ensuring your satisfaction, they also don’t penalize if you pay off your loan early.

    • 100,000
    • Lending Club is a leading peer-to-peer lending platform. Here, you can request loans up to $40,000, and your loan will be funded by individuals who are just like you. Since its inception in 2007, Lending Club has funded over $22 billion in loans and offers solutions for individuals and businesses alike. On average, borrowers who worked with Lending Club reduced their interest rates by about 30%. This company also offers options for those who are looking to invest, including 401(k) and IRA plans. Rated A+ with the Better Business Bureau, Lending Club offers fixed rates, no hidden fees and a host of financial tools.

    • 40,000
    • Pave wants to help you pave your way to financial success. With this lender, you can obtain loans ranging from $3,000 to $25,000. Their interest rates vary from 7.18% to 31.16% APR, depending on the loan and your credit worthiness, with loan terms of 24 to 36 months. The firm doesn’t charge any prepayment penalties, so you can pay off your loan early without the fear of extra charges. The purpose of this company is to help you advance yourself with installment loan financing.  So they cater to customers who use funds to do things like taking educational courses, improving their home or paying off existing debt.

    • 25,000
    • LendingPoint understands that your credit score tells an incomplete story, so they look beyond that to help you with your financial needs. As such, they focus more on your potential and where you are going in life rather than dwell on past money matters. They write personal loans up to $20,000 with terms up to 4 years. When you borrow from LendingPoint, you’ll always have access to help with their 24/7 customer support team. They even offer you the ability to prequalify online without a ding to your credit report. Just answer a few questions, and you’re on your way to obtaining a loan.

    • 20,000
    • OppLoans recognizes that while payday loans have their place, they may not be right for you. They offer a range of installment loans to help you with whatever you need–including car repairs, medical bills and debt consolidation. They also promise faster funding, lower rates compared to other kinds of loans and exceptional customer service. With OppLoans, you can take advantage of loans with APRs of 99 to 199%, which is a significant savings over payday loans that can charge as much as 1,200% APR and bank overdraft fees that can amount to 2000% APR or more.

    • 10,000
    • Ace Cash Express is a full-service lender that offers a variety of loans.  This includes, online installment loans, payday and title loans, as well as check cashing and auto insurance. They have over 1,000 locations, and they allow you to apply for their services at your local branch, by phone or online. Ace Cash Express has been in business since 1968 and has helped over 38 million customers. They are a reliable alternative to traditional banks and cater to those who need fast help. Unlike some lenders, they offer you the option to accept your loan in the form of a prepaid card, allowing you to spend your money online or by phone.

    • 5,000
    • Offering affordable loans up to $35,000, Freedom Plus is all about being simple and clear. Their fixed-loan terms means that you pay the same amount towards your loan every month, which allows you to better organize your funds. There are also no hidden fees, no rate increases and no penalties for paying off your loan early. This lending institution makes same-day loan approvals and can have your cash available in as little as 48 hours. This means that whether you need a loan for an emergency or to quickly get started on a project, you can count on Freedom Plus to have your back.

    • 35,000
    • LendFu wants to help you save money and better your community by fighting against traditional payday loans that can charge you up to 900% APR. This site offers peer-to-peer lending, which means you can borrow money from real people just like you – or even lend it back. LendFu doesn’t charge interest but rather a flat fee based on the amount you borrow. The cost of borrowing $100 is only $108, and borrowing from LendFu doesn’t affect your credit record. When paying back your loan, you can choose to make a single payment or make multiple payments at $6 per transaction.

    • 50,000
    • E-LOAN offers a wide range of funding options to help you with home purchases, car buying and debt consolidation. Their loans can also be used to reduce your interest rate through refinancing or to tap into your home’s available equity. If you’re looking to save, you can also turn to E-LOAN for savings accounts and CDs. You can take out a $5,000 to $40,000 personal loan with E-LOAN with an APR starting at 5.99%. Their website also offers a handy calculator that can help you determine how much your monthly payment will be when you enter some simple information.

    • 40,000
    • RocketLoans is a subsidiary of Quicken Loans and offers direct installment loans ranging from $2,500 to $35,000. You can borrow money from this company for 36 or 60 months and have funds in your account in as little as one business day. RocketLoans has automated the lending process so that things move more quickly and more securely. Their APR rates start at 5.984% and cap out at 28.99%. This online lender has a 5 star rating with TrustPilot with many favorable reviews left by satisfied customers. On their home page, you can fill out a simple form to explore your lending options – without affecting your credit rating.

    • 35,000
    • An affordable alternative to payday loans, Blue Trust Loans will lend you up to $1,250 and can have the money deposited directly into your account by the next business day. Turn to this lender when you are facing emergencies such as sudden car repairs or urgent doctor’s visits. Unlike some lenders that charge you extra when you pay your loan early, Blue Trust Loans doesn’t penalize you for early payment.  They may even reduce some of your finance charges to save you even more money. Loan terms here range from one month to six months, and repeat customers can qualify for VIP status.

    • 10,000
    • Marcus is the small-loan division of Goldman Sachs Bank and offers personal loans with terms up to 72 months. The APR on these loans ranges from 5.99% to 22.99% APR depending on your credit worthiness and the length of the loan. With these fixed-rate loans, your interest rate will never change, so you won’t have to worry about sudden increases or spikes. There are also no late fees or penalties for paying early. While the Marcus division is newer, the company is backed by over 100 years of expertise with Goldman Sachs.

    • 35,000
    • Balance Credit is here for you when emergencies arise. Offering loans from $100 to $3,000, this company will deposit funds directly into your account – many times by the next business day – so you can use it immediately. Unlike banks, Balance Credit won’t complicate things with excessive paperwork and long wait times. Instead, you only need to fill out a quick application. The firm won’t charge you any kind of hidden fees and will even reduce your finance charges if you pay early. Loan amounts and interest rates vary by state, with all relevant information available online.

    • 3,000
    • Prosper is all about making loans simple. Through this peer-to-peer lending platform, you can borrow between $2,000 and $35,000, with your loan being funded by individual investors – people who are just like you. The first marketplace lender, Prosper has funded over $7 billion in loans, and offers APRs ranging from 5.99% to 36%. If you are looking to invest some money, you can lend your own money to those who need to borrow and earn returns of 6.84% on average. Loan terms on Prosper range from 3 to 5 years, and there are no extra fees or prepayment charges.

    • 35,000
    • Best Egg has funded over $2.5 billion in loans and helped over 150,000 individuals with their financial needs. Their loan options start at $2,000 and allow you to borrow up to $35,000. APR starts at 5.99% and tops out at 29.99%. The Better Business Bureau rates this company A+ and 9 out of 10 clients indicated satisfaction with their service. Applying for a loan here is easy.  Fill out an online application that takes only minutes, pick the best loan offer available and receive your money in about a day. You can check rates before applying by visiting the website, without any affect on your credit rating.

    • 35,000
    • Whether you need $2,500 or $25,000, iLoan can help. Applying for a loan here takes only 5 minutes, and upon approval, you can see funds in your account the next business day. This lender offers a host of loan terms, including 24, 36, 48 and 60 months, so you can pay back at a rate that’s convenient and beneficial for you. APR starts at 11.24%, which is lower than many high-interest credit cards. Use the funds from these loans for anything you need, including hospital bills, major purchases, a vacation or debt consolidation. To start, all you need is valid ID, proof of residence and income and a checking account.

    • 25,000
    • NetCredit will fund you with $1,000 to $10,000 and even offer you their My Choice Guarantee.  This allows a borrower to cancel a loan within 1 to 3 days if it’s not a good fit. Money is sent into your bank account, with most funds being available the next business day. Interest rates and loan terms vary by state; for example, installment loan customers in Florida are subject to APRs ranging from 35 to 36% and loan durations up to 54 months. NetCredit is based in Chicago and is an NYSE-listed company.

    • 10,000
    • Check ‘n Go specializes in payday loans ranging from $100 to $500. They’re an ideal solution to sudden emergencies like hospital visits or car troubles. The company also offers larger installment loans that can be paid back over 4 to 8 months, as well as check-cashing services. Specific loan terms and interest rates vary by state with this lender. In Alabama, for example, borrowers can ask for up to $5,000 with APR dependent on the loan amount and your credit history. To apply for a loan with Check ‘n Go, you can either head to one of their over 1,000 physical locations or fill out an application online.

    • 10,000
    • Earnest uses advanced technology to bring you lower rates and customized loans. The company studies things like how you save and whether you invest to establish a loan rate that matches your needs and financial goals. They offer personal loans up to $50,000 with an APR starting at 5.25% and student loan refinancing with an APR starting at 2.14%. Their website also offers several helpful tools, such as a student loan calculator and how-to articles.  These online tools are in place to assist you in making important financial decisions. Earnest’s site also lays out their eligibility requirements so that you can quickly determine which direct lender installment loans you qualify for.

    • 50,000
    • Upstart uses your education level and life experiences, in addition to your credit rating, to judge your credit worthiness. With this company, you can take out an installment loan of $1,000 and $50,000 at an APR that starts at 4.93%. Loan terms here range from 3 to 5 years, and you won’t find any hidden fees or early payment charges. This company has been featured on NBC News and in Forbes: former Google employees founded it. To give you some figures, those who borrow through Upstart typically save 28% compared to those who turn to high-interest credit cards.

    • 50,000
    • Over 2.5 million customers have used CashNetUSA for fast and easy payday loans. In most states, you can borrow up to $500 and pay back your loan within 8 to 31 days. If you need to take out a new loan, you can do so after just 24 hours. CashNetUSA charges $5 per loan, plus $10 per each $100 borrowed. If you borrow $500 for 31 days, this amounts to an APR of just over 129%. Applying for a loan is easy: fill out an online application, and you will receive an instant decision. If you’re approved, you’ll see the cash in your account the next business day.

    • 10,000
    • Mariner Finance is rated 4.8 out of 5 stars on feefo.com. Established in 2002, the company has over 200 branches across 18 states and offers a range of loan choices for your home, auto and personal needs. To apply for a loan, you can either visit a local location or go online. When you borrow from Mariner Finance, you can expect affordable payments that fit your budget.  This means flexible and easy-to-understand terms, excellent customer service and fast response times. The amount of money you can borrow and interest rates vary by state, with more information available at the company’s website.

    • 20,000
    • LoanDepot was created in 2010 and offers a wide range of loan options. In addition to mortgages and refinancing, the company offers personal loans up to $35,000 with no collateral. The founder of loanDepot was instrumental in the creation of other leading lenders, including E*TRADE and LendingTree.  He has helped his company grow to become the second largest non-bank lender. loanDepot has financial licenses in all 50 states and allows you to communicate with them via phone, email or online chat. Your funds will be available for nearly anything, and there are no hidden fees.

    • 35,000
    • MoneyKey is a trusted state licensed lender with more than 180,000 customers. MoneyKey offers online installment loans of up to $1000 in Texas (CAB), Ohio (CSO), Delaware, New Mexico, Illinois, Utah and a $2600 loan in California. You may qualify for their online loan even if you have bad or no credit. The application process for a MoneyKey Loan is simple, convenient and requires only a few minutes. If your loan is approved, your funds may be deposited into your bank account as early as the next business day. Their customer care team is available 7 days a week for any questions related to their products.

    • 2,600

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Do you know what an installment loan is? Do you know what makes installment loans different from payday loans or traditional bank loans? Do you know how many payments to expect with an installment loan and what the average interest rate will be? Or what type of credit score it takes to get approval for an online loan. Don’t stress if you don’t know the answers to all those questions! These are common questions that we’re asked by people that visit this site. Let’s get right into it and answer these questions so you can get back on track to finding a top installment lender.

Installment Loans Explained

The types of installment loans that you see listed on the sites above have been around for years. With an installment loan, the consumer is agreeing to pay back a set amount of money over a period of payments. These payments can last for months or even years. This type of loan structure is different from a payday loan because a payday loan is generally paid back in weeks or even days. Most payday or cash advance loans will need 1 or 2 payments and then the loan should be paid back in full. With installment loans, a borrower can expect 6 payments, 12 payments and sometimes even up to 60 payments. It all depends on what is agreed upon between the lender and borrower.

Installment Loan Amounts

You may ask yourself, why would anyone enter into an agreement where a loan is paid back over a period of months instead of a few weeks with a payday loan? The difference here is the fact that installment loans are issued for much higher amounts when compared to a traditional short-term loan. Most installment loans will start at $500 and go all the way up to $50,000+. It depends on what an individual company is willing to lend. Some states have laws in place that limit that set minimums and maximums when it comes to loan amounts. In California, for example, a direct installment lender will often set a minimum loan amount of around $2,500. Most states have specific limits like this so be sure and check with your state before you enter into an agreement with an installment loan direct lender.

Credit Requirments For Direct Lender Installment Loans

Another factor that differentiates online installment loans from online payday loans involves the applicant’s credit score. We all know that most everyone will qualify for a payday loan regardless of their credit score. With this type of short term loan, an applicant will get a high interest rate in exchange for the opportunity to borrow money. Most people that apply for these types of loans have poor credit and don’t have many other lending options to choose from. Most banks will be reluctant to extend credit to someone that has poor credit. Additionally most short term lenders won’t even check an applicant’s credit score. If you have verifiable employment, direct deposit and no past bankruptcies there should be no problem getting a loan. With an online installment loan, the qualification will be longer as the lender is providing a larger loan amount. With most companies that offer installment loans, you will need to show employment history and the ability to pay back the loan. On top of the that, the installment lender may want to run credit to see if there are any other personal loans or serious credit delinquencies. Installment lenders don’t require excellent credit but that doesn’t mean they wont look at someone’s financial history. Most companies that offer online installment loans have internal qualification standards in place to determine if an applicant is credit worthy. It all depends on the individual lender.

Info About Our Lender Comparison

We try our best in the above Lender Comparison to give as much information as possible about each lender that funds online installment loans. While we try to source as much information as possible from the individual lender website, we also include specific information that we know about some lenders. Some bits of information that we list that may be helpful include the following. How long an installment lender has been in business. What to expect with the application process and the loan amounts/interest rates to expect with each installment loan. While these are helpful bits of information, the most important thing you need to know is if a specific installment lender is able to fund loans in your state. This may not seem important, but believe us there is no way to get a loan from an unlicensed lender in your state. The last thing you want to do is apply for a few online installments loans only to find out they don’t fund installment loans in your state. As always make sure that an installment loan is something that’s really needed. Don’t take out any loan to pay for something you want. Direct Installment loans should only be a last resort. It’s critical that all borrowers pay back their loan within the allotted time to avoid fees and extra interest charges.