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Top 3 Best Installment Loan Sites For Securing Funding With Bad Credit in 2023



Top 3 Best Installment Loan Sites For Securing Funding With Bad Credit in 2023

Finding a lender with bad credit doesn’t always have to be difficult, so we reviewed the top 3 installment loan sites that you can use to secure funding in 2023.

A vast majority of Americans have a credit score that ranges between 300 and 649, which effectively puts them in the poor to fair category.

And if you happen to be one of the people within that range, then you are probably familiar with the difficulties that come with trying to secure a loan.

The good news is that while most traditional lenders will only provide funding to those with a good to excellent credit score, you can get online installment loans from US Installment Loans’ direct lenders even if your credit rating is less than stellar.

So, we reviewed the top 3 leading installment loan sites that are in the best position to help you secure the funding that you need.

Whether you need a loan to deal with an unexpected medical bill, car repair, or even to consolidate high-interest debts, these lenders are in the best position to help you.

1. US Installment Loans – Top Installment Loans Broker in the US

2. WeLoans – Best Choice With Extensive Loan Options For Bad Credit

3. CocoLoan – Easy Approval For An Installment Loan With Bad Credit

1. US Installment Loans

When it comes to securing installment loans online, US Installment Loans is the top credit broker in the country. This means that it does not lend money directly but connects borrowers with industry-leading lenders that provide installment loans with competitive loan rates and terms.

The platform makes it easy to borrow loans of up to $35,000, and since it is available to use 24/7, this means that you can apply for funding at any time of the day.

Its lending network is also open to reviewing bad credit loan applications, as they take other factors into consideration such as your employment status, income level, and debt-to-income ratio.

This makes it a great choice for those who are unable to secure installment loan approval from banks or credit unions.

Owen Wilcox, the co-founder of USInstallmentLoans, states, “Many borrowers often find themselves locked out of traditional lending avenues, so our aim is to ensure that they have a chance to secure financial assistance, regardless of their credit rating.”

The borrowing process is also fairly straightforward, as you can complete the entire process online, and you don’t need to provide an excessive amount of documentation either.

Plus, if your loan request is approved, you can expect the funds to be deposited within 24 hours.

What We Like About US Installment Loans

  • Simple loan application process
  • Open to bad credit borrowers
  • High loan amounts

What We Dislike About US Installment Loans

  • High interest rates

2. WeLoans

WeLoans is the ideal credit service for those looking to access a wide variety of loans to cater to different financial emergencies or expenses.

Whether it be installment loans, payday loans, title loans, or same-day loans, their lending network has an ideal loan that is suited to you.

Borrowers can obtain financing up to $35,000, and with such an extensive network of over 100 lenders, it is easy to compare multiple loan offers to secure themselves the most competitive loan rates and terms.

They also consider borrowers of all credit types, so even consumers with a bad credit history are open to applying for funding.

In addition, they have very lax eligibility requirements, as all you need to qualify is to be at least 18 years old, a US citizen, have a steady income stream, and have an active bank account.

And the best part of the entire loan process is that the service is completely free to use.

This means that you don’t need to worry about dealing with any hidden costs or fees at any point from start to finish. Plus, their lending network has a “no questions asked” policy, so you don’t have to worry about them wanting to know the reasons why you need the loan.

What We Like About WeLoans

  • Simple eligibility requirements
  • Wide loan network
  • Multiple loan options

What We Dislike About WeLoans

  • Loan approval is not guaranteed

3. CocoLoan

When it comes to securing installment loan approval, CocoLoan is your best bet, as their lending network is so open to bad credit borrowers that they boast a 97% approval rate.

This is because CocoLoan’s partner lenders look at a wide variety of factors aside from just your credit score when evaluating your loan request, e.g., your current income level, length of employment, etc.

In terms of loan amounts, borrowers can take out loans of up to $35,000, with all approved applicants able to access their funding as soon as the next business day.

Aside from that, their site has an easy-to-use interface that first-time borrowers can navigate.

In addition, their loan platform also uses bank-level encryption software to protect your personal and financial information from any unauthorized access. And since it is a mobile-optimized site, you can also apply for funding using your phone or tablet at any time of day.

Plus, they have a reliable customer service team that does well to help users with any queries or complaints that they may have 24/7.

What We Like About CocoLoan

  • Top-notch customer support
  • 97% loan approval rate
  • Easy-to-use lending platform

What We Dislike About CocoLoan

  • High late repayment fees


How Do Online Installment Loans Work?

Unlike most traditional loans, online installment loans usually involve lenders conducting a soft credit check to measure the risks of approving you for funding.

In addition, lenders will consider other factors such as your income level, employment status, and debt-to-income ratio when evaluating your creditworthiness.

It is for this reason that it is easier to qualify for these types of loans than those from banks or credit unions.

Who Are Online Installment Loans Best Suited For?

Online installment loans are best suited to people with less-than-stellar credit scores that are most likely to get rejected by traditional lenders like banks and credit unions.

However, borrowers with good credit can benefit from taking out these loans because they typically come with fast loan processing times.

This makes them ideal for dealing with financial emergencies such as unexpected car repairs, sudden medical bills, etc.

What Are The Advantages Of Online Installment Loans?

Online installment loans can be beneficial in a wide variety of ways. They are quick to access, have few eligibility requirements, require minimal documentation, and are also accessible to those with bad credit. They also tend to come with more flexible repayment terms than traditional loans.

Plus, these types of loans can even provide you with opportunities to improve your credit score. This is because some online lenders will report on-time payments to the relevant credit bureaus.

What Are The Disadvantages Of Online Installment Loans?

Most online installment loans typically come with relatively high interest rates. However, this is often due to their being accessible to bad-credit borrowers, which means that there is a higher level of risk for the lender.

In addition, the loan amount that you request may not be what you are approved for. In other words, if they determine that you may not be able to afford to make the repayments based on your income, then they will only approve you for a lower loan amount.

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