What Is Installment Loan and What Are the Benefits?
In fact, an installment loan is a common type of borrowing, which is known for everybody. It’s a credit, which is given to a borrower as a single lump sum. Then a borrower is supposed to pay a debt off with a help of regular payments including the interest rate. Nevertheless, not every type of a loan is installment one. A car loan or mortgage loan are the type of installment credit, for instance. You may apply for a secured personal loan, which requires collateral and, generally, refers to those, who have bad or poor credit. The review of Personal Money Service might help you if you are searching for a personal loan service. Unsecured credits are available for people with a good credit history.
This kind of borrowing is attractive for people with bad credits and there are no credit check installment loans. Nevertheless, it’s crucial to conduct a thorough research and find the reputable financial company, which will manage to provide a professional aid without harm for your credit and pocket. Still, you have got to the right page as our company has already done the work for you!
Best Installment Loans Companies in the USA
Personal Money Service is the first company we should mention. They are not a direct lending company which even makes them better. They help to connect consumers with the most suitable lenders based on the credit history and other factors. Basically, you submit an application for a personal loan online and they provide you with various options pretty fast.
Lending Club is the second company we are going to consider. Starting from several hundreds of dollars and ending with $40,000, Americans can apply for installment loans with APRs from 5.99% to 35.89%. Nevertheless, this company isn’t available in some states such as Iowa or West Virginia and is known for the inflexible credit terms. While some people consider Lending Club to be a leading installment loans company, others complain about the low quality of the service and suspicious level of the competence.
Avant is known for the possibility to apply for a personal loan with a poor credit. While the service offers tempting possibilities, the APR is higher than in Lending Club and starts from 9.95%. Still, Avant doesn’t cooperate with the lenders and works directly with a borrower. So, you will receive the money faster. By the way, a startup doesn’t withdraw a hefty loan origination fee.
Unlike Avant, Prosper requires an obligation fee in the amount of 5% of the loan. In fact, this company doesn’t fit everybody as a borrower has to provide an impressing credit history. The APR is the same as Lending Club offers but the approval process can take several weeks as Prosper isn’t a direct lender. That’s why a startup has a couple of unsatisfied clients.
PersonalLoans.com isn’t a startup – it’s a reputable resource of financial help. The APR you can get is lower than in aforementioned companies ranging from 5% to 36%. Nevertheless, the service isn’t also a direct lender and that, obviously, brings some difficulties. Firstly, it’s difficult to get some specific moments and ask for additional information. Secondly, as it was mentioned before the approval process can be quite long and it’s a major drawback when you badly need money.
Nevertheless, the reviewed companies have lots of positive feedback as the attitude to their work is really responsible. Probably, that’s a key advantage, which will definitely fix tiny inaccuracies soon.
Need a personal installment loan? Choose your company!