• With over 200,000 members to their name and over $13 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.  That way 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.

    • 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.  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 44 states, which means that 5 out of 6 Americans can find a physical location within 25 miles.

    • LightStream is a division of SunTrust Bank and offers direct lender installment loans ranging from $5,000 to $100,000. Offering fixed-rate unsecured loans for anything you need or want, this lender promises to have the most competitive rates around.  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.

    • MoneyKey is a state licensed direct lender with more than 180,000 customers. MoneyKey offers or arranges direct loans online of up to $2,600 depending on your state. You may qualify for an online loan even if you have bad or no credit. Their application process is simple, convenient and requires only a few minutes. If your loan is approved, your funds may be deposited into your bank account in 1 business day. Their customer care team can be reached 7 days a week for any questions related to their products and services.  Moneykey is a licensed credit services organization in select states

    • Lending Club is a leading peer-to-peer lending platform.  Borrowers can request loans up to $40,000, and unsecured loans are funded by individuals all throughout the US. Since its 2007 inception, Lending Club has funded over $22 billion in loans.  They offer 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.

    • Pave wants to help you pave your way to financial success. Pave provides online 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 are are able to 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.  They cater to customers who use funds to do things like taking educational courses, improving their home or paying off existing debt.

    • 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.  Answer a few questions, and you’re on your way to obtaining an online installment loan.

    • 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 compared to other kinds of loans and exceptional customer service. With OppLoans, qualified applicants can take advantage of no credit check loans with APRs of 99 to 199%.  This is a significant savings over most payday loan companies.  It’s also better than bank overdraft fees which can amount to 2000% APR or more.

    • Ace Cash Express is a full-service lender that offers a variety of loans.  This includes, online installment loans, payday loans and car title loans. Ace also provides 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.  This method allows you to spend your money online or by phone without having to use a checking account.

    • Offering affordable direct installment 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 origination fee, 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 a bank checking account in about 48 hours. This means they can provide funds  for any type of financial emergency to get started on a project.

    • LendFu wants to help you save money and better your community by fighting traditional payday loans that can charge you up to 900% APR. This site offers peer-to-peer lending, which means any quaified person can borrow money from real people like you – or even lend it back. LendFu doesn’t charge interest but rather a flat fee based on the amount you borrow. Per their advertiser disclosure, the cost of 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.

    • 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. An applicant can also turn to E-LOAN for savings accounts and CDs. Take out a $5,000 to $40,000 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.

    • RocketLoans is a subsidiary of Quicken Loans and offers 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 28.99%. This online lender has a 5 star rating with TrustPilot with many favorable reviews left by satisfied customers. Fill out a simple form to explore your lending options on their site.  Do this without affecting your credit report rating.

    • An affordable alternative to payday loans, Blue Trust Loans will lend $1,250 to $2,000.  Most borrowers can have money sent right to a bank checking account as soon as the next business day. Turn to this online direct lender when you are facing emergencies such as sudden car repairs or urgent doctor visits. Blue Trust Loans doesn’t penalize you for early payment and it’s something they recommend on their website.  They now offer a new incentive program called “Club Blue”.  With this rewards program you can get improved rates or terms upon joining.  Check out their site for more information as loan amounts vary based on underwriting conditions.

    • Marcus is the small-loan division of Goldman Sachs Bank and offers personal loans with terms up to 72 months. The APR will range from 5.99% to 22.99% APR depending on your credit worthiness and the length of the loan. With these fixed-rate direct 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.

    • Balance Credit is here for you when emergencies arise. Currently offering a direct installment loan online from $100 to $3,000.  This company will deposit funds directly into a bank checking account.  Many times by the next business day, so you should be able to 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.

    • 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 loan is funded by individual investors, people who are like you. The first marketplace lender, Prosper has funded over $7 billion, and offers APRs ranging from 5.99% to 36%. There are options available if you are looking to invest some money.  Lend your 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.

    • Best Egg has funded over $2.5 billion in online loans and helped over 150,000 individuals with their financial needs. Their direct installment 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 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. Best Egg has no origination fee and simply applying won’t have any affect on your credit check rating.

    • Whether you need a loan amount of $2,500 or $25,000, iLoan 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.  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 online loans for anything you need.  This can include 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.

    • NetCredit will fund you with $1,000 to $10,000 and even offer you their 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.  As an example, installment loan customers in Florida are subject to APRs ranging from 35 to 36% with a loan duration of up to 54 months. NetCredit is based in Chicago and is an NYSE-listed company. In additon to providing loans in Illinois, they’re also a licensed California finance lender and provide funds in many other states.

    • Check ‘n Go specializes in payday advance 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 to 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 loan amounts of around $5,000 with APR dependent on the loan amount and your credit history.  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 fill out an application online.

    • Earnest uses advanced technology to bring you lower rates and customized loans. The company studies things like how you save and whether you invest. This enables Earnest to establish a interest 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 lending eligibility requirements.  That way you will determine which direct lender installment loans you qualify for.

    • Upstart uses your education level and life experiences, in addition to your credit rating, to judge your credit worthiness. 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. 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 save 28% compared to those who turn to higher interest rate credit cards. People with bad credit may have trouble getting approved, but lower loan amounts may be available in that situation.

    • Mariner Finance has high ratings across the board on most customer experience sites. 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 and interest rates vary by state.  More information is available at the company’s website.

    • LoanDepot was created in 2010 and offers a wide range of online loan options. They specialize in mortgages and refinancing.  The company also offers personal loans up to $35,000 with no collateral. Their founder helped create other direct installment loan companies like 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 anything.  There will be no credit check or hidden fees.

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Do you know what an installment loan is? Do you know why they are different from payday loans or 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 and compare the top installment loans!

Direct Lender Installment Loans Explained

The types of installment loans 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 financing structure is different from a payday loan or cash advance. Reason being, a payday loan is generally paid back in weeks or even days. Most payday or cash advances will be paid back in 1 or 2 payments.  At this point the total amount should be paid back in full. With an installment loan, a borrower can expect 6 payments, 12 payments and sometimes even up to 60 payments. It all depends on the lending terms between the lender and borrower.

Installment Loan Amounts

You may ask have a few questions about this type of funding. For example, why would anyone agree to make payments over a period of months instead of a few weeks with a online payday loan? The difference is that installment loans are for higher amounts than traditional short-term lenders. Most direct lenders 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 the set minimums and maximums when it comes to the amount you can borrow. In California, for example, a direct installment lender will often set a minimum loan amount of around $2,500. Most lenders 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 enter into an agreement with a direct lender.

Credit Requirements For Direct Lender Installment Loans

You will notice a few differences with long term loans versus payday loans. For instance, those with a better credit score will see a higher approval rate compared to a cash advance. We all know that most everyone will qualify for a payday advance 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 bad 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 amount. With companies that offer unsecured loans, you will need to show employment history and the ability to pay back the total amount. 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 need excellent credit but that doesn’t mean they wont look at someone’s financial or bank history. Most companies that offer online installment loans have internal qualification standards. They provide terms and conditions which you need to follow. These are in place to determine if an applicant is credit worthy. It all depends on the process of each individual lender.

Info About Our Online Direct Lender Comparison

We try our best to give as much information as possible about each lender that funds direct lender installment loans. We try to source as much information as possible from the individual lender websites. We also include specific information that we know about some installment lenders. Some bits of information that we list that may be helpful include the following. How long has that short term financial lender been in business? What to expect with the application process and the monthly payment/interest rate.  Does the company provide bad credit loans and work with individuals who need to improve their credit? If so, what type of interest rate can you expect with poor credit? These are helpful bits of information and should be used when picking a company. The most important thing you need to know is if a specific online lender is able to fund direct 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 online, only find out they don’t fund bank or installment loans. As always make sure that this type of short term borrowing is something that’s needed. Don’t borrow money to pay for something you want. Short term payday loans and cash advances should only be a last resort. Be sure this type of financing is used for short term financial needs only. It’s critical that all borrowers pay back their loan within the allotted time to avoid fees and extra interest charges.