This year, the US has experienced the worst economic level since the 1980s. As finances become tight and the threat of a recession looms, installment loans have become a viable option for most people looking to get a reprieve.
Many people despair when it comes to getting loans because it seems most brokers online are either too expensive and with complicated procedures or are out to scam them. In this post, we’ve studied the US market extensively to uncover who are the best installment loans brokers in the US.
This review will explain what installment loans are, where and how to apply for them, and best practices to ensure that you improve your chances of getting approved by the brokers. Read on.
What Are Installment Loans?
Installment loans refer to money borrowers receive from lenders and have to repay over time by paying determined regular amounts instead of a lump sum payment. These loans are preferred over standard loans because they allow for more flexibility, especially for borrowers in dire financial situations.
Additionally, installment loan agreements are favorable for large sums that would be harder to pay off in one go once someone has been granted the loan amount. Some installment loans may even allow you to renegotiate terms later depending on how your financial situation improves or worsens.
Types Of Installment Loans
Installment loans come in various types and have different terms depending on who is applying and who is lending. Below, we highlight some of the most popular installment loans in the US.
To start us off are student loans. The bulk of borrowers of these loans are young students looking to join universities and colleges in the US. Government institutions offer most student loans, but in recent times, private lenders have also been prominent in the industry. Student loans in the US have an average repayment period of ten years, within which your salary will be docked monthly to help you pay the loan.
Title loans are another common example of installment loans popular among employed individuals in the US. These loans require collateral such as a car or house. You will provide the lender with the title to either asset, and they will offer you an installment loan against the value of the home or car with a monthly repayment plan.
Auto loans are used for car purchases. These loans are available from car dealerships or directly from lenders. The loan will typically finance the car purchase, after which you will have access to the car, but its ownership will be withheld until you fully repay the auto loan. Most lenders and car dealers will offer custom installment plans depending on how much you earn.
Homeownership in most parts of the US has been made possible for most people thanks to the availability of mortgages. These installment loans offer some of the most significant amounts possible to borrowers with repayment plans going up to 30 years or more. The best thing about mortgages is that repaying them builds up your home equity which can be used as collateral for another loan.
The most accessible type of installment loan is a personal loan which is within reach for most people from different lenders. These loans can be for small amounts ranging from $100 to $5000, depending on the lender’s terms and their assessment of the borrower.
The following section will cover some of the best installment loan brokers in the US, where you can apply for a personal loan within minutes.
Best Installment Loan Brokers In The US
If you need an installment loan in the US, the list below contains the best brokers who can connect you to reliable lenders.
USBadCreditLoans – Best Installment Loans Broker In The US
USBadCreditLoans is the number one installment loans broker in the US. It allows customers to apply for several installment loans, including personal loans of up to $5000.
The loan application process on USBadCreditLoans is simple and inclusive, ensuring that everyone that qualifies for a loan can submit their application easily. The requirements set by USBadCreditLoans to qualify are;
- All applicants must be 18 years or older
- A valid US checking account is a must
- You will need to share a working email address and phone number
- Borrowers must prove they have a documented source of income
Once you’ve submitted your loan request on USBadCreditLoans, the broker will send it out to multiple lenders on its network to get you a suitable match. Once matched, you will receive an email with an offer with the terms of the installment loan you’ve been approved for. This process will only take a few minutes, so you can rest assured you will get a decision without any delays.
Read through the loan agreement and understand the clauses the lender has included in the contract before accepting it. The lender will be notified and promptly send the money to your bank account.
On USBadCreditLoans, you can be assured of your security. The site has an SSL certificate, and the broker prioritizes customer data protection. Your data will only be shared with lenders and no third parties.
HonestLoans is a reliable loans broker that will enable you to access installment loans with no credit checks.
It is an ideal loan broker for borrowers looking for small payday loans with installment payment terms at a favorable APR.
The application process is smooth, with lenders giving fast loan decisions and same or next business day funding depending on when you submit an application.
This loans broker is famed for facilitating salaried borrowers to access payday loans that they can repay in installments.
Borrowers can access the site from any internet-enabled device, ensuring they can submit their loan applications anytime and from the comfort of their palms.
iPaydayLoans also has an extensive list of financial resources that you can browse through to learn more about finances and help you get your money affairs in order to ensure you don’t need a loan in the future.
If you are looking for an installment loans broker in the US who allows you to sort through loan offers by state, USInstallmentLoans enables you to do this conveniently on its homepage.
This feature ensures that no matter your state, the broker can connect you to reliable installment loan lenders that will help you meet your financial needs promptly.
There are no fees for using USInstallmentLoans which ensures the barrier to entry is eliminated; hence anyone who qualifies can apply on the platform without any hassle.
BadCreditLoans focuses on borrowers with not-so-good credit scores looking for installment loans at friendly rates.
The broker connects you with more than fifty trustworthy lenders who can lend you between $500 and $10,000 to repay over several months, depending on your agreement.
This broker is among the best in the US because of its commitment to financial inclusion. It ensures that no matter your credit score, you can still be matched to a lender that will not discriminate against or exploit you through exorbitant interest rates.
Below are some commonly asked questions about the best installment loan brokers in the US and their responses.
Can I get an installment loan with bad credit?
Bad credit is not an obstacle to applying for installment loans, with the best loan brokers highlighted in this review. These brokers connect you with lenders who don’t run a hard credit check, ensuring that bad credit is not a problem.
How long will I wait before I get funded?
This depends on the lender and the time of the day you applied for your installment loan via a broker. Some lenders can send the money to your account within a few minutes, while others will take up to one business day to credit your account.
Is my data safe?
Yes, all the brokers in our review provide 100% security for your data, ensuring that you never have to worry about hacking or unwarranted marketing messages after sharing your information during the application process.
How much will I pay in installments on each loan?
The amount you will pay as installments on your loan, and for how long will depend on the lender you were matched to and the amount approved.
Will I be charged any fees to apply for an installment loan?
The websites in this review of the best installment loan brokers in the US do not charge fees or impose commissions for using their platforms.
There are numerous installment loan brokers in the US, and the number keeps growing daily. However, USBadCreditLoans stands out from the list because of its favorable terms, security features, and extensive network of lenders it connects you with for the best installment loans. It has a simple application process with a high approval rate, ensuring you can access the loan amount you need quickly and without any hurdles.