Best Installment Loans for Bad Credit of September 2024
An installment loan allows you to borrow money, usually between $5,000 and $250,000, and repay it over time in monthly installments. Term lengths typically range between three and six years and sometimes longer. Installment loans, also known as personal loans, are used for a wide variety of expenses, including home improvement, credit card debt consolidation, buying a car, and paying for medical bills, to name a few.
Personal loans can vary widely in length, APR, and fees. Therefore, it is essential to choose carefully, considering several factors when looking for an installment loan. If you have a low credit score, rates could go as high as 30% or more.
We have scrutinized some of the best legit installment loan companies by looking at their background, fees, terms, and rates to recommend reputable providers. Most lenders are soft, and most banks and credit unions perform hard inquiries.
Review our marketplace to find the best installment loans for bad credit September 2024.
Best Installment Loans for Bad Credit of September 2024: Key Findings
Loan Amounts:
The typical personal installment loan amount ranges from $100 – $250,000.
Interest Rates:
The APR on an installment loan can vary between 5.99% to 35.99%. However, those with bad credit should expect 15% – 35.99%.
Credit Scores:
You can get a loan with bad credit, but you will pay higher fees. We have reviewed installment loans you can get with bad credit and with a minimum credit score of 0.
Income Requirements:
You need to make $20,000 or more per year to access installment loans with bad credit.
Best Installment Loans for Bad Credit of September 2024
| Lender: | Loan Amount: | APR: | Min. Credit Score: | Best For: |
|---|---|---|---|---|
| ZippyLoan | $100 – $15,000 | 12% – 35.99% | 0 | Bad or No credit |
| Upstart | $1,000 – $50,000 | 4.6% – 35.99% | 300 | Limited Credit History |
| LendingPoint | $2,000 – $36,500 | 7.99% – 35.99% | 600 | Small Loans |
| Upgrade | $1,000 – $50,000 | 8.49% – 35.99% | Unspecified | Fast Funding |
| OneMain Financial | $1,500 – $20,000 | 18.00% – 35.99% | Unspecified | Secured Loans |
| Avant | $2,000 – $35,000 | 9.95% – 35.95% | 580 | Variety of Repayment Alternatives |
| Lending Club | $1,000 – $40,000 | 8.30% – 36.00% | 500 | Smooth Online Experience |
| TD Bank | $2,000 – $50,000 | 6.99% – 19.99% | 600 | Low Caps Rate |
| Happy Money | $5,000 – $40,000 | 5.99% – 24.99% | 600 | Low APR |
| BadCreditLoans | $500 – $10,000 | 5.99% – 35.99% | Unspecified | Bad Credit Loans |
| Alliant Credit Union | $1,000 – $50,000 | 10.49% – 12.49% | Unspecified | Same Day Funding |
| First Tech Federal Credit Union | $500 – $50,000 | 6.70% – 18.00% | Unspecified | Loan Repayment Length |
| Navy Federal Credit Union | $250 – $50,000 | 7.49% – 18.00% | Unspecified | Service Members and Affiliates |
Why Should You Trust ElitePersonalFinance’s Guides?
At ElitePersonalFinance, we prioritize informing you about financial choices so you can feel confident about your future. Our guides are always up to date with the latest information and developments in the personal finance world.
We constantly compare terms, rates, APRs, and fees from multiple lenders to find the best deal for our readers. In addition, we only work with reputable companies to ensure that you’re getting the best of the best. Our finance experts always look for new, innovative, and legit products to help you save money and improve your financial life.
Additionally, our editorial team only recommends companies that we believe are the best in their respective fields. We do extensive research and hands-on testing to ensure that our recommendations are as accurate and helpful as possible.
ZippyLoan
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| Loan Amount: | $100 – $15,000 |
| APR: | 12% – 35.99% |
| Min. Credit Score: | 0 |
| Approval: | 5 Minutes |
| Terms: | 6 Months – 5 Years |
| Fees: |
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| Qualification Criteria: |
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| Average Borrower Profile: |
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| Best For: | Bad or No credit |
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ZippyLoan is a marketplace that connects borrowers with lenders; the site does not provide loans but helps borrowers locate a lender. ZippyLoan will take the information you provide on their website and distribute it to their network of affiliated lenders.
They might either decline your offer or arrange to borrow money from you.
Loan amounts from the lenders you’re connected with through ZippyLoan are typically around $15,000. Since it has partnerships with so many affiliate lenders, even if you have a low credit score, you may still be able to get a loan through them.
The main benefit of using ZippyLoan is the ability to shop around and compare offers from multiple lenders. Additionally, ZippyLoan is free to use, and there are no origination fees.
However, keep in mind that the lenders you’re connected with will have their own fees, so it’s important to read the terms and conditions of your loan carefully before committing to anything.
Pros
- Free to use
- Connects borrowers with multiple lenders
- No origination fees
- Helps those with bad credit qualify for loans
- Fast and easy online application
Cons
- You may be connected with lenders who have high fees
- Loan amounts may be low
- You don’t know what interest rate you’ll get until you’re connected with a lender
The Impact of Covid-19
Although ZippyLoan does not provide programs designed to help those affected by the coronavirus outbreak, you may qualify for a hardship waiver. Get in touch with ZippyLoan at 1-844-379-8621 or email support@zippyloan.com to get started.
Upstart
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| Loan Amount: | $1,000 – $50,000 |
| APR: | 4.6% – 35.99% |
| Min. Credit Score: | 300 |
| Approval: | 1 – 7 Days |
| Terms: | 3 – 5 Years |
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| Average Borrower Profile: |
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| Best For: | Low credit scores, high DTI ratios |
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Terms: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.44% and a 8.64% origination fee of $864, for an APR of 22.88%. In this example, the borrower will receive $9136 and will make 60 monthly payments of $257. APR is calculated based on 5-year rates offered in March 2023. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
While most loans through Upstart are unsecured, certain lenders may place a lien on other accounts you hold with the same institution. It is important to review your promissory note for these details before accepting your loan.
When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.
The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical credit-score only model used in Upstart’s analysis was developed in connection with the CFPB No Action Letter access-to-credit testing program and was built from a traditional credit score only model trained on Upstart platform data. APR for the scorecard was averaged for each given traditional credit score grouping.
While automated recurring payments are easy to set up, payments by check or one time electronic payments can also be used to repay a loan. Borrowers have the flexibility to choose the repayment method that works best for them.
This information is based on actual borrowers as of 4/1/2023 who identified “credit card refinancing” as their primary use of funds and paid off at least 51% of their outstanding credit card debt within 3 months of taking out the loan. Out of these actual borrowers, some could have experienced an increase or decrease in their credit score. This information reflects the overall average change in credit score points experienced by this group of borrowers as identified above.
The majority of borrowers on the Upstart marketplace are able to receive an instant decision upon submitting a completed application, without providing additional supporting documents, however final approval is conditioned upon passing the hard credit inquiry. Loan processing may be subject to longer wait times if additional documentation is required for review.
Upstart doesn’t base eligibility on credit score. It provides possibly lower interest rates than SoFi and lends to borrowers with weak credit.
It analyzes employment, credit, experience, and education. You need a legit credit score of roughly 300 to qualify for a loan, but short credit history is okay. If you want to know your APR before applying for a loan, Upstart can do a mild credit check.
After applying for a loan, Upstart will make a hard credit inquiry, reducing your score.
You can borrow $1,000 to $50,000 over three or five years. If you accept the loan by 5 p.m., you’ll receive it the next business day, Monday through Friday.
Fees and interest pile up rapidly. Upstart’s 5-year APR averages 25.05%, ranging from 4.6% – 35.99%. Overdue payments are $15 or 5% of the outstanding total, whichever is greater. Depending on the loan’s terms, you may have to pay an origination charge of 0% to 10%. Nonetheless, you won’t be penalized for paying off your loan early.
Pros:
- Open to people with fair credit (300 minimum credit score).
- No early payoff fees.
- We have fixed rates and terms.
- Flexible personal loan amounts.
- It accepts borrowers with a limited credit history without a credit score.
- Easy online personal loan application process.
- 99% of loan funds are disbursed the following business day after the necessary paperwork is completed before 5 p.m. from Monday to Friday.
Cons:
- High late fees.
- An origination fee of between 0% and 12% is automatically deducted from the loan before it is disbursed to you.
- It requires $10 to obtain paper copies of the loan agreement.
- A legit Social Security number is required.
The Impact on Covid-19
You can file a request to halt your loan payments on Upstart’s website if you’re experiencing financial hardship due to the pandemic or any other reason. Additionally, you can contact the lender can be reached at 1-855-451-6753.
LendingPoint
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| Loan Amount: | $2,000 – $36,500 |
| APR: | 9.99% – 35.99% |
| Min. Credit Score: | 580 |
| Approval: | 1 – 7 Days |
| Terms: | 2 – 5 Years |
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| Eligibility: |
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| Average Borrower Profile: |
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| Best For: | Small Loans |
| Check rates | |
For customers with fair credit, LendingPoint is the go-to lender specializing in unsecured personal loans from $2,000 to $36,500. T the Georgia-based lender offers borrowers loans with annual percentage rates ranging from 7.99% to 35.99% and repayment lengths of two to six years, except in West Virginia and Nevada. After the lender authorizes the loan and receives all necessary paperwork, funds may are disbursed as soon as the business day.
Operating in 48 states, including Washington, D.C., LendingPoint is renowned for providing legit unsecured loans to borrowers with credit ratings as low as 600. APRs range from 7.99 to 35.99 percent. LendingPoint offers repayment terms ranging from 24 to 60 months.
Personal loans from some lenders with stricter credit guidelines have a $5,000 minimum, whereas LendingPoint allows customers with poor credit to borrow as little as $2,000.
Pros:
- Approval depends on several variables.
- Available in most states.
- Pre-qualification soft credit check.
- Quick financing.
- It has a mobile application for managing loan payments.
- Adjustable payment date.
- Free access to credit scores.
Cons:
- May charge origination fee.
- No co-signer, joint, or secured loans.
- Reports payments to two credit bureaus.
The Impact of Covid-19
There is no mention of particular hardship policies on LendingPoint’s site. You can get more information about your options by contacting the lender at 1-888-969-0959 or emailing customerservice@lendingpoint.com.
