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Before telling you the top 10 installment loans for bad credit, it is important to clarify this type of loan. In addition, at the end, you will learn some tips which can help you maximize your chances of getting approved for almost all types of loans, even from the most difficult lenders.
Generally, an installment loan is any credit agreement under which a sum of money is made available to a consumer who undertakes to repay the loan by periodic installments according to a monthly payment and a rate which are fixed. It is a depreciable credit, which can be obtained to finance the purchase of a service or property or for an unspecified purpose.
Getting approved for installment loans with bad credit can be challenging. Most lenders do not approve applicants with poor fico score. But while it’s not easy, you can get approved if you take the right steps and apply with relevant lenders that have flexible credit requirements.
Below are the top 7 installment loans for bad credit:
Lending Club Installment Loans
- Loan amounts: $1,000 to $40,000
- Fixed APR range: 6.95% to 35.89%
- No Variable APR range
- Loan terms: 36 or 60 months
- Origination fee: Between 1% and 6%
- Late fee: $15 or 5%
- Time to receive funds: Usually within 5 business days
- Recommended credit score: poor or better
OneMain Installment Loans Features
- Loan amounts: $1,500 to $20,000
- Fixed APR range: 18% to 35.99%
- No Variable APR range
- Loan terms: 24 to 60 months
- Origination fees: $25 to $300 and 1% to 10%
- Late fees: $5 to $30 and 1.5% to 15%
- Time to receive funds: At least 1 business day
- Recommended credit score: Poor or better
Avant Installment Loan Details
- Loan amounts: $2,000 to $35,000
- Fixed APR range: 9.95% to 35.99%
- Variable APR range: Does not offer variable interest rates
- Loan terms: 24 to 60 months
- Origination fee: Administration fee up to 4.75%
- Late fee: $25
- Time to receive funds: At least 1 business day
- Recommended credit score: Fair or better
Peerform Installment Loans Features
- Loan amounts: $4,000 to $25,000
- Fixed APR range: 5.99% to 29.99%
- Variable APR range: Does not offer variable interest rates
- Loan terms: 36 or 60 months
- Origination fee: 1% to 5%
- Late fee: $15 or 5%
- Time to receive funds: Within 3 business days
- Recommended credit score: No minimum required.
LendingPoint Instalment Loans Details
- Loan amounts: $2,000 to $25,000
- Fixed APR range: 9.99% to 35.99%
- Variable APR range: Does not offer variable interest rates
- Loan terms: 24 to 48 months
- Origination fee: Between 0% and 6%
- Late fee: Not specified
- Time to receive funds: At least 1 business day
- Recommended credit score: 585 or better
MoneyMutual Instalment Loans
- Loan amounts: loans up to $2,500
- Application: Simple online form takes less than 5 minutes
- Loan Term: 3 to 72 Months
- Interest Rate: Varies
- Origination fee: from 0% to 5%
- Late fee: unspecified
- Time to receive funds: usually within 24 hours
- Recommended credit score: poor or better
CashUSA Instalment Loans
- Loan amounts: Loans from $500 to $10,000
- Application: Receive a loan decision in minutes
- Loan Term: 3 to 72 Months
- Interest Rate: 5.99% – 35.99%
- Origination fee: Ranging from 1% to 5%
- Late fee: 5% or $10
- Time to receive funds: as early as 1 business day
- Recommended credit score: poor or better
Here are some simple tips to get approved for almost all types of loans even with credit score.
- Know your fico score and take appropriate steps to improve it
- Dispute or pay off bad reports if necessary
- Ask a responsible person with good credit to add you as an authorize user on his/her credit card.
- Reduce or Pay off your credit card balances
- Ask your credit cards issuers to Increase your credit limit
- Open a new credit card. Consider a secure card if you are not approved for a non-secure
- Finally, if these steps above are not enough, apply with a Co-signer.
