• With over $16 billion in loans funded, SoFi is more than an online lending institution. This company also offers you the chance to save and invest your money. 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 with lower than average interest rates. On top of that, the company’s management team features savvy entrepreneurs with years of financial experience.

    • 100,000
    • OneMain Financial offers online personal loans of $2,000 to $25,000. These funds can be used for a variety of purposes, including paying down debt or handling emergency expenses. The company offers a quick pre-qualification check on its website. Applying for financing doesn’t affect your credit score or credit report. Borrowers have the option to accept funds in the form of a check, prepaid card or direct deposit. OneMain Financial has been assisting those in need for over 100 years. They have branches in 46 states, and require a bank account, and will likely check your payment history with the 3 credit bureaus.

    • 25,000
    • LightStream is a division of SunTrust Bank and offers a direct installment loan online which starts at $5,000. Offering fixed-rate unsecured loans for anything you need or want, this lender promises competitive rates with a quick underwriting process. 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
    • MoneyKey is an online, state-licensed lender that provides short-term, unsecured installment loans through a safe and secure platform. They also arrange loans with third-party lenders in states where they are not a direct lender. Loan amounts are up to $2,500, depending on your state. The application process is simple, convenient, and requires only minutes. Their friendly customer care team can be reached 7 days a week for any questions.

    • 2,600
    • Lending Club is a leading peer-to-peer lending platform with better terms than what’s typical from most direct lenders. Borrowers can request loans up to $40,000, and unsecured loans are funded by individuals all throughout the US. Since 2007, Lending Club has funded over $22 billion in direct loans. They offer solutions for individual borrowers and businesses alike. On average, borrowers who worked with Lending Club reduced their APR by about 20%. This company also offers options for those who are looking to invest money in their bank account, including 401(k) and IRA plans.

    • 40,000
    • LendingPoint understands a credit score tells an incomplete story about your loan application. 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. 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. Answer a few questions, and you’re on your way to obtaining an online installment loan.

    • 20,000
    • OppLoans recognizes that while payday loans have their place, they may not be right for you. They offer a range of long-term installment loans to help with whatever you need. This includes car repairs, medical bills, and debt consolidation. They also promise faster funding no credit checks. Count on lower rates than other kinds of loans and exceptional customer service. With OppLoans, qualified applicants can apply for an installment loan with an APR of 99% to 199%. This is a significant saving over most short term loans.

    • 10,000
    • Premier Title Loans
    • Premier Title Loans is a full-service lender that offers a variety of funding options. This includes online installment loans, payday loans, and car title loans. Premier also provides options for those with bad credit who are looking to improve their score quickly. They have offices in Southern California, with more on the way in Texas and Florida in early 2024. Premier Car Title Loans has been in business for years and is a reliable alternative to traditional banks and caters to those who need fast help.

    • 25,000
    • Offering affordable personal loans up to $35,000, Freedom Plus is all about being simple and clear. Their fixed-loan terms mean that you pay the same amount towards your loan every month, which allows you to better organize your funds. There are also no origination fees, no rate increases, and no penalties for paying off your loan early. This lending institution approves same-day loan and can have your cash available in a bank checking account in about 48 hours. This means they can offer next-day funds for any type of financial emergency to get started on a project.

    • 35,000
    • LendFu wants to help you save money and better your community by fighting traditional payday loans that can charge you up to 800% APR. This site offers peer-to-peer lending, which means any qualified person can borrow money from real people like you – or even lend it back. LendFu doesn’t charge interest but a flat fee based on the amount you borrow. Per their advertiser disclosure, borrowing $100 is only $108. Also, taking out an online loan from LendFu doesn’t affect your credit record. When paying back your loan, a borrower will choose to make a single payment or make payments at $6 per transaction for each monthly loan term.

    • 50,000
    • E-LOAN offers a range of funding options to help you with home purchases, car buying, and debt consolidation. Their direct loans can also reduce your interest rate through refinancing or tap into your home’s available equity. An applicant can also turn to E-LOAN for savings accounts and CDs. Take out a $5,000 to $30,000 direct installment loan with E-LOAN with an APR starting at 5.99%. Their website also offers a handy calculator to help you input applicant information. This tool 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 provides direct installment loans ranging from $2,500 to $35,000. 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 loan agreement process so the application process advances. Their APR rates start at 5.984% and cap out at nearly 30%. As of 2023, this online lender has a 5-star rating with Trustpilot, with many favorable reviews left by satisfied customers. Complete their simple loan application and explore your installment loan lending options on their site. Do this without affecting your credit report rating.

    • 35,000
    • Marcus is the small-loan division of Goldman Sachs Bank and offers personal loans with terms of up to 72 months. The APR will range from 5.99% to 36.99% APR depending on your creditworthiness and the loan repayment term. With these fixed-rate direct installment loans, your interest rate will never change, so you won’t have to worry about sudden increases or spikes. There is no origination fee late charges, 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. Currently, it offers direct installment loans from $100 to $4,000. This company will deposit funds directly into a bank checking account—many times by the next business day so that you can access cash 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. Installment Loan amounts and interest rates vary by state, with all relevant information available online.

    • 3,000
    • Prosper is all about making online installment loans simple. Borrow between $2,000 and $35,000 through this peer-to-peer lending platform. The average direct loan is funded by investors, people who are like you. The first marketplace installment loan service, Prosper has funded over $7 billion and offers an APR that ranges from 5.99% to 36%. 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 installment loans and helped over 150,000 individuals with their financial needs. Their direct installment loan options start at $3,000 and allow you to borrow up to $35,000. APR starts at 7.99% and tops out at 35.99%. The Better Business Bureau rates this company A+ and 9 out of 10 clients indicated satisfaction with their service. Applying is easy for their loan online and everything can be done quickly. 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 or contacting customer service. Best Egg has no origination fee and simply applying won’t have any effect on your credit check rating.

    • 35,000
    • Whether you need a direct installment loan of $2,500 or $25,000, OneMain Financial can help. Applying for a payday advance here takes only 5 minutes. Once approved, see funds in your account the next business day. This lender also offers a host of long-term secured loans online. Including payoff terms of 24, 36, 48, and 60 months. Payback at a rate that’s convenient and beneficial for you. APR starts at 14.14%, lower than many high-interest credit cards. Use the funds from these online loans for anything you need. This can include hospital bills, major purchases, a vacation, or debt consolidation. To start, you only need a 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 the “My Choice Guarantee”. This allows a borrower to cancel 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 above 36% with a loan duration of up to 54 months. NetCredit has headquarters in Chicago and is an NYSE-listed company. In addition to providing installment loans in Illinois, they’re also a licensed California finance lender and provide funds in many other states.

    • 10,000
    • Check ‘n Go specializes in installment loans direct, ranging from $100 to $500. They’re ideal for sudden emergencies like hospital visits or car troubles. The company also offers larger installment loans to be paid back over 4 to 8 months and check-cashing services. Specific loan terms and interest rates vary by state with this lender. In Alabama, borrowers can ask for loan amounts of around $5,000 with APR dependent on the loan amount, credit history and bank account details. Bad credit is sometimes OK, but you may see a lower loan amount. To apply with Check ‘n Go, head to one of their over 1,000 physical locations or complete an online application.

    • 10,000
    • Earnest uses advanced technology to bring you lower rates and customized loans compared to other direct lenders. The company studies things like how you save and whether you invest. This enables Earnest to establish an interest rate that matches your needs and financial goals. They offer personal loans up to $40,000 with an APR that starts at 9.25%. Their website also provides helpful tools like a student loan calculator and how-to articles. Earnest’s site also lays out its lending eligibility requirements.

    • 50,000
    • Upstart uses your education level, life experiences, and credit rating to judge your creditworthiness. Applicants can take out a long term direct 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. To give you some figures, those who borrow through Upstart save 28% compared to those who use credit cards. People with bad credit may have trouble getting approved, but lower loan amounts may be available.

    • 50,000
    • Mariner Finance has high ratings across the board for installment loans compared to other financial institutions and direct lenders. 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. Visit a local location or go online to start your credit checks and kick off the application process. Expect affordable payments that fit your budget when borrowing from Mariner. This means flexible and easy-to-understand terms, excellent customer service, and fast response times. The amount of money available to borrow will vary by state.

    • 20,000
    • LoanDepot was created in 2010 and offers a range of online direct lending installment loan options. They specialize in mortgages and refinancing. The company also offers personal loans up to $30,000 with no collateral. Their founder helped create other direct installment loan companies like LendingTree. LoanDepot has financial licenses in all 50 states, and your funds will be available for anything. Expect a standard credit check with no hidden fees.

    • 35,000

Latest Articles

$1,000 Loans With Guaranteed Approval & No Credit Check

Many people know that 1,000 dollar loans are generally short term advances with fast approval and no hard credit check required on the borrower’s end. One thousand dollar loans are designed for people with urgent financial needs but can’t wait long enough to qualify for a conventional bank loan. High dollar loans are offered online […]

What To Do If You Can’t Pay Your Installment Loan

It’s all happened to us at some point. We have tons of financial responsibilities; gifts to buy, and vacations to pay among other pressing economic issues. The financial burden is so huge that you may have to miss a payment on your installment loan. Besides, you have a mortgage to pay and a car loan […]

Requirements For A Small Business Installment Loan

When starting a business, you will have more expenses than income. Capital gets burned fast, and it is at this point that a business progresses or stagnates.  Established companies do not have a problem accessing credit. For one, they have had a long time creating assets that they can use as collateral. They also have […]

Installment Loans Near Me With No Credit Check

Most of us know when we bought something or spent more than we can handle. There will always be a breaking point where you don’t get enough value from your items to justify the expense. Did you know the same theory applies when considering an expensive direct installment loan? Try to buy something with a […]

What Happens If I Stop Making Payments On An Installment Loan?

You can run into big problems if you don’t back what you owe on an installment loan. Most personal loans are designed to be used for a short amount of time. Consumers often turn to these loans when they need a quick cash injection. Most tend to come with extremely high APRs and unfavorable terms. […]

Will Paying Off An Installment Loan Early Help My Credit

Whenever you have an outstanding installment loan, there is this nagging feeling at the back of your mind. You know that your finances are tied up until the loan is completely paid off. Online installment loans are quite flexible, affording you enough time to put things together and pay off at a fast pace. What […]

What Is A Direct Lender Line Of Credit

When you take a payday loan, installment loan, or direct personal loan of any kind, it means a few very specific things. When you accept a personal line of credit, however, it is a different animal altogether. Which is best? Let’s take a bit of time to compare a personal loan against a line of […]

Why Online Installment Loans Are Popular

Times have changed when it comes to the lending industry. A decade ago, you had to walk into a bank to request a loan from the bank. A hectic procedure it was, with a bagful of documents to be filled and signed and a waiting period to boot. Fast forward to the present times with […]

 

How Does A Direct Lender Installment Loan Work?

Do you know what an installment loan is? Do you know how many payments to expect with a direct installment loan and what the average annual percentage rate will be? Or what type of credit score it takes to get approval for an online loan. These are common questions that visitors ask us when they’re using our site to compare top unsecured lenders. Let’s get right into it and answer these questions so you can get back on track and compare the leading finance companies!

 

What To Expect When Comparing Direct Lenders For Installment Loans?

The types of direct installment loans listed on the sites above have been around for years. With an installment loan, the borrower agrees to repay it over months or even years. This financing structure differs from a payday loan or cash advance. The reason is that these loans are generally paid back in weeks or even days.

 

How Much Money Can I Borrow With An Installment Loan?

Loan amounts start at $500 and go up to $50,000. In California, a direct installment lender will often set a minimum loan amount of around $2,500. Most companies do this to adhere to California finance lender regulations. Many states have specific limits to protect consumers from aggressive personal loan companies. Be sure and check with your state before you sign a contract with a personal loan lender.

 

What Are The Different Types of Direct Installment Loans?

Most companies in our directory of lenders will offer some form of an installment loan. With that, there are still variations of what most people consider an installment loan. Take the traditional personal loan, for example. Some companies that provide personal loans market these offers as payday loans and cash advances. With this form of borrowing, the loan amount is paid off over a much shorter period. Secured loans are another example of paying back the borrowed amount over a set time frame.

With a traditional mortgage loan, a house or property is securing the collateral. The amount owed to the mortgage lender is paid back over a matter of years, typically around 20-30. A secured vehicle loan is no different. A borrower takes out a loan to purchase a vehicle and pays back the full amount in installments over 1-5 years.

 

What Are The Credit Requirements For A Direct Loan? Are There No Credit Check Installment Loans?

You will notice a few differences between a direct lender installment loan and a payday loan. For instance, those with a good credit score will see a higher approval rate and better repayment terms with a personal loan versus a $1,000 payday loan. With this type of personal loan, an applicant should expect a high APR in exchange for the opportunity to borrow money. Most people who apply for these loans have poor credit and few other lending options. Additionally, most direct lenders won’t check an applicant’s credit score. If you have verifiable employment, direct deposit, and no past bankruptcies, you should have no problem getting a direct installment loan.

A direct lender may want to check credit to see if there are any other personal loans or serious credit delinquencies. Direct installment loan companies don’t require excellent credit, but that doesn’t mean they won’t look at someone’s financial or bank history.

 

Compare Top Companies With Our List Of Online Installment Lenders

We try to break down each company that offers direct lender installment loans. We also include specific information that we know about some installment lenders. Some bits of information that we list include common lending questions. For example, how long has that lender been in business? What to expect with the application process, loan term agreement, and monthly payment schedule? Does the direct lender offer bad credit loans and work with borrowers who need to improve their credit? If so, what interest rate can you expect with poor credit? These are helpful bits of information to use when picking a lender.

Direct installment loans and online cash advances should only be a last resort. Be sure this type of financing is for emergency financial needs only. To avoid fees and extra interest charges, all borrowers must repay their loans within the allotted time.