Whether you are thinking of making a large purchase like a new car or need quick cash to cover a sudden expense like a medical bill, applying for an online installment loan can be a saving grace. This is especially relevant if you need the money without delay or if you have a bad credit history that prevents you from being approved by a traditional lender.
However, it can often be a challenge to find the right lender to borrow from, especially if you don’t have much experience borrowing from an online loan provider. In this respect, it often helps to use an online installment loan broker service like US Installment Loans, as they often partner with multiple lenders to make it easy for potential borrowers to find and compare loan offers.
It is for this reason that we decided to review US Installment Loans, as the online credit site is our top choice for securing installment loans with bad credit.
How Can US Installment Loans Help You Secure Funds?
US Installment Loans is a free online credit service that is dedicated to connecting borrowers with potential lenders. This means that they are not to be confused with direct lenders, as they do not finance loans but simply act as an intermediary between the two parties. This also means that they do not dictate the rates and terms of the loans offered by their partner lenders, either.
According to US Installment Loans co-founder Owen Wilcox, “Our goal is simply to help consumers connect with reliable loan providers that are willing to look past their credit scores and provide them with financial assistance whenever they need it most.”
In this respect, borrowers are able to apply for loans as low as $100 and up to a maximum of $35,000, even if they have a poor credit rating. Also, while the loan rates on offer are dictated by the lenders, you can often expect them to charge between 5.99% and 35.99%. Meanwhile, the repayment period will usually be set between 90 days and 72 months.
However, you should also keep in mind that failure to make your repayments on time can result in you facing late payment fees or being reported to the relevant credit bureaus by the loan provider.
What Types Of Loans Are Accessible Via US Installment Loans?
There are a wide number of loan products that the US Installment Loans’ lending network can provide you with. Each one of these loans typically comes with its own rates and terms, so it is important that you consider them carefully before applying for one.
#1. Payday Loans: This is a form of short-term lending that is designed to provide small cash advances until your next paycheck arrives, hence the term “payday loan.” In most cases, the maximum you can borrow is limited to $5,000, which is why they are best suited to dealing with small financial expenses. Furthermore, they tend to come with extremely high-interest rates and are typically meant to be repaid in full on their due dates.
#2. Installment Loans: These are the main specialty of US Installment Loans, where borrowers are able to take out loans that are repayable over monthly payments within a set period of time. They are also the best choice for those looking to secure larger amounts of money as well as avoid having to pay extremely high-interest rates.
#3. Bad Credit Loans: These are loans that are specifically designed for borrowers that have poor credit ratings, as they usually have very lax eligibility requirements compared to most other loans. However, the downside is that they come with very high-interest rates and shorter repayment periods, due to the increased level of risk to the lender.
What Are US Installment Loans’ Eligibility Requirements?
US Installment Loans is not a direct lender, so any eligibility requirements needed to actually secure a loan will usually be imposed by the direct lender themselves. However, in order to successfully submit a loan request and begin the loan process, there are a few requirements that you need to fulfill.
You need to:
- Be over the age of 18 years
- Be a permanent resident of the United States
- Have a steady income stream
- Have an active bank account.
How Do You Apply For Funding Via US Installment Loans?
Applying for a loan via US Installment Loans is a fairly simple and straightforward process that should only take you a few minutes to complete. To start, you need to head over to their website and submit both personal and financial information through the online pre-approval form.
This usually involves sharing your contact information, bank account details, credit information, etc. Once you have completed the form and submitted it, your loan application will be instantly distributed to US Installment Loans’ partner lenders for review.
Luckily, given that the entire review process is automated, you can often expect a swift turnaround on the decision. And if your request is approved, you will be presented with multiple offers from different lenders, each with its own loan rates and terms.
This will allow you to compare them until you find the one that best fits your personal budget and specific requirements. From there, you only need to e-sign the loan agreement, at which point the lender will start the process of depositing the funds into your account. In most cases, you can expect the money to reflect within 24 hours or less.
However, do keep in mind that this can vary depending on the lender, the day you submitted your loan application, as well as your bank’s processing times.
Should You Apply For A Loan Using US Installment Loans?
Absolutely. One of the main advantages of using US Installment Loans to apply for an online loan is that they do not charge borrowers any fees to use their service. On top of that, you don’t even need to sign up for a membership.
Furthermore, the website is loaded with a ton of helpful information, such as what different loan options are available, how to send out a loan request, and more, all of which make it easy for first-time borrowers to get started.
It also helps that the service is accessible in almost all states nationwide, with all their partner lenders open to accepting bad credit loan applications. The site even comes backed with bank-level encryption to ensure that all information, be it personal or financial, remains completely confidential.
On the flip side, it can sometimes be difficult to secure favorable interest rates, especially if you have a really low or non-existing credit history. You should also keep in mind that while US Installment Loans does not charge any fees, some of their lenders may charge origination fees and even prepayment penalties.
Conclusion
It’s safe to say that US Installment Loans can be relied upon to connect you with a reliable and trustworthy lender for people with bad credit. After all, they are highly transparent with how the entire process works; they offer multiple loan products, and they don’t even ask you to make any financial commitment.
Also, the site makes it so easy to navigate your way through to a successful loan application that it’s a no-brainer that we would give a definite thumbs up to US Installment Loans.
