Hot Features
Premium
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
A bad credit installment loan allows you to obtain the loan amount you need and repay it in affordable monthly payments within the loan terms. You’re welcome to apply online, even with a poor credit score. However, there are many offers on the market, so it may be hard to find the right option when you don’t know what to pay attention to. But we want to make it easier for you! Here are top-3 companies that provide fast installment loans with instant approval and no credit check.
Bad credit borrowers usually face problems when seeking unsecured personal loans from banks and credit unions. Traditional financial institutions are always focused on the applicant’s credit score, so you may be offered high interest rates or require collateral to get the loan amount you need. Sometimes people with poor credit scores resort to the help of online lenders that offer payday loans available with any credit history. But what should you do if the loan amounts that a payday loan offers are not enough to cover your current needs? Are there some options for people who have both bad credit and below-average income and find it challenging to repay the money all at once? Luckily, there is a long-term financial solution that may suit your situation if you can relate.
The Best Installment Loans for Bad Credit: Overview
Finding the right direct lender is crucial for your successful lending experience. When ranging companies, we paid attention to personal loan lenders’ trustworthiness, interest rates they offer, eligibility requirements they set, and loan amount they provide.
- ASAP Finance – a loan provider that offers installment personal loans from direct lenders regardless of an applicant’s credit score.
- Magnolia Loans – a matching company that has a huge network of online lenders that offer emergency loans with no minimum credit score requirements.
- 1FirstCashAdvance – a connecting service that works with direct lenders only and provides competitive loan options with no credit check and a high loan approval rate.
#1. ASAP Finance – Best installment loans for bad credit
ASAP Finance is a lending company that offers installment cash advances from direct online lenders. As its lenders offer personal installment loans without performing hard credit checks through major credit bureaus, their loan options don’t impact your credit score. Thus, you can get up to $5,000 even with a bad credit history and leave your FICO rating unchanged. Besides an installment loan, you can also get a payday loan or a personal loan for bad credit.
Applying through the service is quite easy and takes about 10 minutes. The main benefit is that you can apply from anywhere in the country just by filling out an online application form. Once submitted, the company shares your application data with the lenders near you through the secured connection. The lender that can meet your needs makes a soft credit inquiry and sends you a loan decision within an hour or less. You can typically get cash by the end of the next business day directly in your bank account.
“An installment loan combines the best features of both a paycheck loan and a personal loan. It is easier to repay due to convenient payment plans. Also, you can access a higher loan amount if your income is enough to get it. At the same time, they are easy to get even with poor credit scores. Thus, an installment loan may be a great long-term solution for bad credit borrowers if you use it wisely.” – Gregory Allen, principal CEO of ASAP Finance.
Requirements
- Be an adult (at least 18 years old) resident of the US;
- Have a valid ID and Social Security Number;
- Verify a steady source of income;
- Have an active bank account, email, and cell phone number.
Advantages
- Online application process available 24/7;
- No hard credit checks;
- Free service with no origination fees;
- Available with a bad credit score;
- Convenient payment plan in equal monthly installments;
- Fast money deposit within a business day.
Disadvantages
- No 100% guaranteed approval;
- Bad credit loan options may be expensive.
#2. Magnolia Loans – Best personal loans with no credit check and fast funding
Magnolia Loans is a loan provider that works with multiple lenders across the US. It offers a full range of emergency options for low credit score borrowers. It allows you to get from $100 to $5,000 with repayment terms from 30 days to 24 months, depending on the loan type. Moreover, you can get installment loan funds within one business day without any records in your credit report.
The company offers a fast and simple application process on its website. You don’t even need to leave your home or workplace to apply for additional financial assistance. All you need is to fill out a loan request form and wait for a loan decision that will be emailed to you within one hour. As Magnolia Loans works with a huge base of trusted lenders, they have various offers on any occasion.
“The thing I like most about an installment loan is that it is almost stress-free due to the convenient payment plan it offers. You can both solve your money problems and repay the funds you’ve borrowed in affordable payments” – Susan Taylor, CEO of Magnolia Loans.
Requirements
- No applicants under 18 years old;
- A legal citizen of the United States;
- Have an active checking account;
- Can prove your income and/or employment status;
- Provide a lender with your contact and personal details.
Advantages
- Easy to apply wherever you are;
- Fast money access;
- Consider any credit history;
- Flexible loan terms;
- Easy-to-meet eligibility criteria;
- Doesn’t affect your credit score.
Disadvantages
- A high interest rate may be offered;
- May hurt your credit score in case of missed payments.
#3. 1FirstCashAdvance – Best loan broker for accessible installment loans with guaranteed approval
1FirstCashAdvance is a lending company created to connect borrowers with the right loan lenders. The service offers accessible loan options for people with bad and fair credit and allows them to get money as soon as the next business day. As the lenders it works with perform only soft credit checks, you can get an installment loan online without affecting your credit history.
Loans from 1FirstCashAdvance don’t require any collateral. Your signature is enough to get a loan amount to cover your financial emergencies. The whole process takes place online, so you don’t need to waste money and time getting to a store. As a lender doesn’t make a hard credit inquiry, it usually takes less than one hour to analyze your personal details and send you a guaranteed loan decision. If approved, you will get loan proceeds via direct deposit in your active checking account.
“An installment loan is a convenient type of borrowing. You can access the money you need now and repay the loan cost later by making affordable monthly payments. Such a loan doesn’t impact your credit score if you make your loan payment on time, so it is also a good option for customers who try to improve their credit ratings.” – Latoria Williams, CEO of 1FirstCashAdvance.
Requirements
- Reach the age of 18;
- Be a permanent resident of the US;
- Have a valid government-issued ID and Social Security Number;
- Prove your income is enough to repay the loan amount;
- Have an active checking account, mobile phone number, and email.
Advantages
- 24/7 online application;
- Huge base of reputable lenders;
- No minimum credit score requirements;
- Money deposit as soon as the next working day;
- Stress-free lending options;
- Simple requirements.
Disadvantages
- A lender can reject your application for different reasons;
- Bad credit personal loans may be costly.
What Is a Bad Credit Installment Loan?
An installment loan for bad and fair credit is a type of borrowing that allows you to get up to $5,000 and repay the money in fixed monthly payments. Long-term installment loans feature repayment terms from 2 to 24 months, which makes them easier to turn back. Installment cash advances are allowed for applicants with any credit score, so they are considered one of the best alternatives to traditional loans.
Online lenders that provide installment cash advances don’t run hard credit checks, so applying for such loans doesn’t hurt your credit score. That is why installment loans are popular with people who try to improve their credit ratings. However, an online lender may inform the main credit bureaus if you don’t fulfill your debt payment obligations. Thus, it will lower your credit score.
Unlike a secured loan, an installment loan doesn’t require any pledge to get loan amounts. Thus, there is no risk of losing your property in case of some issues with your loan payments. Nevertheless, direct lenders usually try to reduce the risk of defaults by setting high interest rates on their products. Therefore, you should always pay attention to loan conditions, including an annual percentage rate and the amount of the loan origination fee.
An installment loan overview.
Loan terms: 2 to 24 months.
Minimum loan amount: $500.
Maximum loan amount: $5,000.
Interest rate: from 16% to 100% APR.
Reasons for Getting an Installment Loan?
Borrowers are more likely to use installment loans to cover some significant expenses or financial emergencies. Installment cash advances may also be used as debt consolidation loans to combine all the existing debt into one and make it more convenient to manage your finances. Here are some popular reasons for taking out an installment loan:
- Covering medical bills;
- Paying utilities;
- Debt consolidation;
- Paying for car repairs;
- Covering credit card debt;
- Rent payments;
- Covering daily essentials.
Can I Get a Personal Installment Loan With Bad Credit?
Installment loan lenders usually have no minimum credit score requirements. It means that you can apply for financial assistance with any credit score. However, a lender may pay attention to your income or debt-to-income ratio to make sure you have enough money to cover both your new and existing debt. Thus, installment loan borrowers may have both good and bad credit scores if they can verify they have a steady source of monthly income.
Are Guaranteed Installment Loans for Bad Credit Real?
Actually, when lenders say they offer guaranteed loans, it usually means they will send you a guaranteed loan decision. However, it can still be negative. The fact is that direct lenders can’t be sure your loan application will be approved until they check your personal details through some alternative sources of information. You can be rejected for various reasons, for example, because of the high debt-to-income ratio or low income for the amount you want to borrow.
No Credit Check Installment Loans–How to Get One?
Basically, “no credit check loans” means an online lender performs only a soft credit inquiry through some free alternative means. Although it doesn’t affect your credit history, a lender still checks your credit background to make a loan decision. All you need to get such a loan is to find the right lender and fill out a form on its website.
Alternatives to Bad Credit Installment Loans
If an installment loan doesn’t suit you for any reason, consider the following bad credit options.
Online Payday Loans
Payday cash advances are short-term loans that offer loan amounts from $100 to $1,000. Generally, you need to repay a paycheck loan in one lump sum by your next payday, so the repayment terms usually don’t exceed 30 days. Payday loans are considered easy to get with any credit. At the same time, they are usually expensive and have inconvenient payment plans.
Secured Loans
Secured personal loans offer competitive interest rates and flexible terms but require you to provide the lender with some collateral backing. If you’re a homeowner or have a vehicle, you can consider this option. However, you should be very responsible with secured loans and estimate all the risks as it is too much at stake. According to the loan agreement, if you don’t fulfill your payment obligations, a lender can repossess your property.
Pawn Shop Loans
Loans from pawn shops are also a type of secured debt. They allow you to get the loan amount you need on hand by providing your lender with an expensive gadget, appliances, jewelry, or any other valuable item you own. Thus, if you won’t pay off the loan on time, a lender may sell your property.
Peer-to-Peer Lending
You can also ask your family members or friends to lend you the funds. However, many people think borrowing money from your loved ones may lead to unpleasant consequences and affect your relationship.
Things to Consider Before Obtaining Personal Installment Loans
Choosing the right lender is an important part of your lending experience. That is why you should take it seriously and know what to pay attention to before applying for a loan. First, you should decide on a loan type that meets your current needs. Estimate your situation to understand what loan amount you really need and what monthly payment suits your budget.
Also, consider various offers and compare lenders relying on their interest rates, loan terms, options for poor credit borrowers, and their reputation. Sometimes lenders use some tricks to attract customers, so it may be useful to check the borrowers’ experiences to understand how the business is actually doing.
How to Apply for Installment Loans Online?
Here are some common steps you should follow to apply for an installment loan:
- Apply on the site. Complete an online form in less than 10 minutes.
- Get a response. The lender that meets your needs will send you a loan decision shortly after submitting a loan request form.
- Sign a loan agreement. But first, read it carefully to ensure all the conditions suit you.
- Get cash. Access the money in your bank account within one business day.
FAQ
Can I Get an Installment Loan Same Day?
In most cases, lenders transfer money by the end of the next business day. Sometimes lenders can offer same-day funding if you get approved before 10:30 AM on a weekday.
Where Can I Get Online Installment Loans Instant Approval?
Consider lenders in your area, including connecting services, direct lending companies, or traditional lenders. You can also consider the services above if you have no time to compare.
Should I Choose Installment Loans or Payday Loans Bad Credit?
It is a personal choice. Everything depends on your loan purpose and current situation. Paycheck loans are better for covering your short-term needs, while installment loans may suit you more if you want to consolidate debt or make a significant purchase. Seek credit counseling if you can’t decide on a type of loan.
