2024 Installment Loans Online Rankings

Installment Loans Online

Installment loans online are quick, simple, online loans available to all credit types. Applications can generally be done online in a few minutes. In some cases up to $25K can be deposited into your account often by the next day. In general, people borrow much less than this, i.e. ~$750, as these loans are expensive are more designed to be used in a bind for short-term, emergency funding. These loans are based on your checking account. If you receive constant payments into your checking account from paychecks or benefits then you may be able to qualify for on of these loans. The payments are due on the day your checking account receives its deposit and is typically automatically deducted.

We review lenders that offer installment loans online based on their reputation, cost, and features. Reputation considers state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include things like credit reporting or fee transparency.

OppLoans See full review Apply $500 - $4,000 Loan amounts 99% - 199% APRs All Credit type ⓘ Visit OppLoans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Check Into Cash See full review Apply $100 - $25,000 Loan amounts 195% - 521% APRs All Credit type ⓘ Visit Check Into Cash for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Ace Cash Express See full review Apply $100 - $2,000 Loan amounts 175% - 1,029% APRs All Credit type ⓘ Visit Ace Cash Express for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

CashNetUSA See full review Apply $100 - $2,000 Loan amounts 299% - 456% APRs All Credit type ⓘ Visit CashNetUSA for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

LendUp See full review Apply $100 - $500 Loan amounts 155% - 164% APRs All Credit type ⓘ Visit LendUp for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Cash 1 See full review Apply $100 - $50,000 Loan amounts 168% - 390% APRs All Credit type ⓘ Visit Cash 1 for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Advance America See full review Apply $50 - $25,000 Loan amounts 36% - 664% APRs All Credit type ⓘ Visit Advance America for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Cash Central See full review Apply $100 - $5,000 Loan amounts 180% - 740% APRs All Credit type ⓘ Visit Cash Central for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

RISE See full review Apply $300 - $5,000 Loan amounts 60% - 299% APRs All Credit type ⓘ Visit RISE for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Jora See full review Apply $500 - $2,600 Loan amounts 170% - 349% APRs All Credit type ⓘ Visit Jora for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Quik Check See full review Apply $100 - $500 Loan amounts 146% - 548% APRs All Credit type ⓘ Visit Quik Check for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Stilt See full review Apply $1,000 - $35,000* Loan amounts 7.99% - ? APRs All Credit type ⓘ Visit Stilt for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Check 'n Go See full review Apply $250 - $5,000 Loan amounts 314% - 662% APRs All Credit type ⓘ Visit Check 'n Go for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Speedy Cash See full review Apply $100 - $2,000 Loan amounts 178% - 680% APRs All Credit type ⓘ Visit Speedy Cash for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Cash Store See full review Apply $100 - $1000 Loan amounts 313% - 780% APRs All Credit type ⓘ Visit Cash Store for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Big Picture Loans See full review Apply $200 - $3,500 Loan amounts 35% - 699%* APRs All Credit type ⓘ Visit Big Picture Loans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Blue Trust Loans See full review Apply $100 - $2,500 Loan amounts 782% APRs All Credit type ⓘ Visit Blue Trust Loans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Plain Green Loans See full review Apply $1,000 Loan amounts 300% APRs All Credit type ⓘ Visit Plain Green Loans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Mobiloans See full review Apply $10 - $2,500 Loan amounts 206.14% - 442.31% APRs All Credit type ⓘ Visit Mobiloans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Cash Advance Now See full review Apply $300 - $1,500 Loan amounts 725% APRs All Credit type ⓘ Visit Cash Advance Now for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

MaxLend See full review Apply $100 to $2,500 Loan amounts 782% APRs All Credit type ⓘ Visit MaxLend for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

American Web Loan See full review Apply $300 to $2,500 Loan amounts None Listed APRs All Credit type ⓘ Visit American Web Loan for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

• Rates and fees vary by state. Not all lenders operate in all states. Check each lender's website for up-to-date information.

What Are Installment Loans Online

Installment loans online are available to individuals with poor credit, do not require collateral, and tied to your pay date. They are often very easy to qualify for but can be expensive. They are best used to meet unavoidable emergency expense.

These loans are paid back over multiple periods with a set payment amount. They are also called term loans because they are paid back over a set term. The payment amount is calculated based on the interest rate, payment periods, and loan amount. The borrower then makes a set payment at every period. Each payment consists of interest and principal. Once the borrower has completed all payments the entire loan is paid off. Personal loans, fixed mortgages, auto loans, and student loans are examples of term loans. Doshound categorizes installment loans as loans with a term generally less than 2 years. For loans that have a term greater than 2 years see personal loans Personal loans typically have a 2-5 year term, offer larger loan amounts, but are typically require a better credit profile than installment loans.

Secured Or Unsecured

Loans can be secured or unsecured. Secured loans have collateral so, if the borrower fails to repay, the lender can seize the collateral. Secured loans are generally cheaper than unsecured loans. Mortgages and auto title loans are examples of secured loans

The installment loans reviewed here are unsecured loans. No collateral is needed. When a borrower fails to pay back an unsecured loan the lender has no collateral to seize so must rely on attempting to collect on the debt. As a result, the lending decision around unsecured loans depends on evaluating the ability of the borrower to repay the loan. To determine this likelihood of repayment lenders traditionally rely on credit history, expenses, and income.

Paycheck Installment Loans

The loans listed in this section are paycheck-based loans. Payments for these loans occur on your pay date. Unlike normal unsecured loans, these loans do not consider credit history and instead, are based solely on your employment. To increase the likelihood of being repaid lenders require access to your checking account where you receive your paycheck. On your payday, they deduct your loan payments.

Companies offering paycheck installment loans online have made these loans very convenient. They are quick, simple, and do not require good credit. This convenience, flexibility, and availability comes at a cost -- these loans are expensive.

How Installment Loans Online Work

If installment loans online are right for you, the application process can take less than 5 minutes. Typically, the lender requires that you be 18+ years old, employed, and have direct deposit set up with your employer. If approved, cash can be deposited into your account within one business day. This money plus fees must be repaid in full and payments are automatically deducted from your checking account on payday.

If approved the lender will provide a payment plan. For example, $1,000 could have a repayment plan with a ~$125 payment every pay period (14 days) over the next 24 pay periods. In the end ~$1,000 costs ~$2,400. This is cheaper than what you would have to pay if you took out a payday loan for the same timeframe, but clearly not cheap so make sure you really need this loan. See borrow money options for other ideas such as delaying the expense or getting help from a friend.

Licensed Versus Unlicensed Lenders

Installment loans online can be regulated by both federal and state laws. Federal regulations are generally less stringent and less enforced than state regulations. Lenders licensed in your state are regulated and monitored by your state so are more closely regulated. To become state licensed, lenders generally must apply, register, and remain compliant in every state in which they operate. Each state has a separate process so the licensing process can be expensive and time consuming. As a result, state-licensed lenders are generally not fly-by-night entities. Instead, they are usually larger more permanent companies.

Another type of lender is a tribal lenders. Tribal lenders operate in states under the assumption they can export laws from their tribe into other states. Tribes refer to formally recognized American Indian Tribes that are generally treated as separate federal entities and operate under their own laws. Tribal laws are generally less available to the public than state lending laws so it is difficult to know all the lending laws and their enforcement.

Lender who are not state licensed operate in states under the assumption they can export laws from their state or tribe into other states. Doshound believes in transparent markets, fair regulations, and consumer choice. We'd like to see continued transparency and enforcement to create safer choices for borrowers. For more information see Payday Loan Laws

Direct versus Matching Service

There are generally two ways to apply for one of these loans. You can apply directly to a bad credit lender or you can apply through a matching service. The advantage of a matching service is that only one application is required to apply to multiple lenders. This can save time but the downside is you are unable to pick the lenders to whom you are applying. This often means the lenders with whom you are matched include unlicensed lenders as well as licensed lenders. Doshound generally sees nothing wrong with a matching service as it can be more convenient but we do prefer licensed lenders to unlicensed lenders. This means if you use a matching service, once you are offered a loan, make sure to evaluate your lender to decide if they are licensed or not. You are never obligated to take a loan. For more information see Direct Lenders or Matching Services

Installment Versus Payday Loans

Installment loan payments are spread out over time while payday loans are due at your next pay period. Spreading payments out reduces the amount of individual payments and APR but the total fees paid increases. See Payday Loans or Term Loans for more information. Many consumers prefer installment loans because paying the entire loan at your next pay period, as payday loans require, is often too difficult or impossible and renewing payday loans becomes extremely expensive.

Related terms are prestamos.