Everyone needs some quick cash due to emergencies at one point or another in life.
Some individuals shy away from taking out loans regardless of their dire financial situation. In contrast, others realize the advantages of taking installment loans when making huge purchases. However, if you have a bad credit score, you may find it difficult to get loans.
This post will discuss some online installment loan platforms that provide loans of up to $5,000.
5 Best Installment Loans Online 2022
1. Heart Paydays
Heart Paydays is a platform that matches borrowers with lenders that provide online installment loans for bad credit. The application process is entirely online, and it takes five minutes or less to fill out the form.
The platform has flexible eligibility criteria, and therefore most people who’ve been turned down on other platforms can easily qualify for loans. Individuals with a bad credit profile are also eligible. The approval process is speedy, and customers get their loans within the same day.
Various loan options are available on the platform, like payday loans ranging from $200 to $2,000 with a repayment period of approximately 60 days. $5,000 installment loans, however, have a repayment period of up to 2 years.
Ensure you read through a lender’s loan agreement thoroughly and understand the basic features of the loan before you sign.
Pros
- Easy application process
- Applicants get access to longer-term loans
- Individuals with bad credit are eligible
- Applicants can pay off their debt bit by bit instead of paying a lump sum
Cons
- High APRs
- There’s a penalty for early repayment
2. Viva Payday Loans
Viva Payday Loans is another alternative if you need quick financing. The platform offers installment loans that range from $200-$5,000 with a repayment term of 2 years or more. The online application process is fast and straightforward—it takes five minutes or less.
Viva payday matches borrowers with lenders that offer bad credit loans. The platform requires proof of income to determine if you’re eligible. The lender will deposit funds into your account after you sign the loan agreement. Ensure you go through the lender’s terms and conditions carefully.
Funds are automatically deducted from your account to carter for repayment. The APR varies depending on the lender. However, most lenders have APRs that range from 5.99%-35.99%.
Pros
- Quick online application process
- Individuals with bad credit are eligible
- Same-day payout.
Cons
- High APRs
- Not available in all states
3. Credit Clock
Credit clock is a loan matching platform that links borrowers with lenders who give installment loans to individuals with bad credit.
The platform offers installment loans to customers regardless of their financial situation. Credit clock provides loans to borrowers with bad credit, meager income, or even those who don’t want credit checks and other requirements of traditional banking institutions.
This broker site links clients with direct lenders willing to give out loans and accept their demands. The credit clock site is user-friendly and has a quick application process.
Pros
- Straightforward online application process
- Bad credit borrowers are eligible.
Cons
- High APRs
4. Very Merry Loans
Very Merry is a broker site that connects borrowers with US-based lenders providing installment loans. You can easily apply and qualify for loans on this platform and get the funds within the same day.
The application process takes only a few minutes, and you can get the funds in a few hours after signing the loan agreement.
Pros
- Quick online application process
- No credit checks
- Approvals within 24 hours
Cons
- High APRs
5. CashNet USA
CashNet USA lends small installment loans in Wisconsin, Oklahoma, Ohio, and New Mexico. Additionally, the platform provides lines of credit, payday loans, and other financial products in a few other states.
CashNet USA doesn’t check your credit score like other lenders when applying for an installment loan. The platform uses alternative credit-scoring models to determine if you’re eligible to borrow. This strategy is helpful to customers who urgently need some cash but have poor credit scores to qualify with other lenders.
However, CashNet USA loans have incredibly high APRs that range from 85.00% to 805.28%, making the loans prohibitively expensive.
It’s not advisable to take out loans from CashNet USA if you can’t repay the total amount within the 6 to 24-month repayment term. Understand the monthly payments before borrowing a loan from this platform.
Pros
- No credit check—CashNet USA uses an alternative credit-scoring system that accommodates bad credit borrowers.
- Fast funding (payout made on the same business day).
- Installment loans have equal monthly payments over six or more months.
Cons
- CashNet USA services are not available in all states.
- High APR rates (triple-digit rates).
Wrap Up
Even if you’re good at saving, some purchases need payment over time rather than coughing up a large, one-off payment. Whether you need to finance your home, get on the road, or consolidate your bills, the assistance provided by quick loan lenders can make these long-term purchases possible.
Although it’s challenging to find the perfect lender when you have bad credit, there are options that can suit you. An excellent broker platform like Heart Paydays can simplify the task of finding a flexible loan provider by linking you with a panel of leading lenders.
