Best 5 Installment Loan Providers in 2020

ExtraLend.com has been in the lending business since 2005. The Oakland, California-based company serves as an online broker with a network of more than 300 lenders. That means the company is able to do an excellent job of finding you competitive loan offers. Loans range in size from $200 to $3,000. One of the things that helps ExtraLend.com stand out is that there’s no risk in exploring loan offers on the site.

The platform itself doesn’t charge any fees for exploring options, and there’s no obligation to accept any of the loan offers you’re presented with. ExtraLend.com also doesn’t conduct a hard credit check, so you don’t have to worry about your credit score being affected. Unfortunately, interest rates on ExtraLend.com can be very high depending on your credit history.

Features:

• APR: 200% to 1,386%
• Loan Type: Installment Loan
• Loan Amounts: $200 to $3,000
• Minimum Credit Rating: None
• Length: 1 to 24 months

MaximusMoney.com is another Oakland, California-based lending service. The provider has a network of hundreds of individual lenders, but you don’t get hundreds of loan offers to sort through. Rather, the lender with the best offer will contact you directly within minutes of submitting your loan request to discuss potential terms. There’s no risk to using MaximumMoney.com, as you’re under no obligation to accept the offer from the lender that contacts you.

The platform also conducts a soft credit check rather than a hard one, so your credit score won’t be affected. Another thing that makes MaximumMoney.com extremely simple is that if you do accept a loan, you don’t need to do anything to handle the repayments. Your lender will simply deduct your payment from your bank account on each payment date. The downside to this is that you don’t have the option to easily repay loans early if your financial situation allows. It also means that if you’re not careful, your lender could lead your bank account to be overdrawn on the payment day.

Features:

• APR: 6.63% to 225%
• Loan Type: Installment Loan
• Loan Amounts: $200 to $5,000
• Minimum Credit Rating: None
• Length: 1 to 24 months

LoansAngel.com is perfect if you need a loan as quickly as possible. Lending decisions are made instantly after your application is submitted and a lender from the LoansAngel.com network will get in touch with you immediately. The service also promises that money will arrive by the end of the business day after you accept an offer. In many cases, the money is available the same day.

LoansAngel.com uses a network of hundreds of lenders. But, like MaximusMoney.com, you’ll only hear from the lender with the best offer. That simplifies and speeds up the lending process, allowing you to get money in your account as quickly as possible. This provider also charges reasonable interest rates despite the speed at which it operates. People with good credit will find loan offers with APRs as low as 6.63%. Interest rates max out at 225%, which is very reasonable for uncollateralized installment loans. There’s no hard credit check when you apply for a loan offer either, so you don’t have to worry about taking a hit to your credit when requesting offers.

Features:

• APR: 6.63% to 225%
• Loan Type: Installment Loan Loan
• Amounts: $200 to $5,000
• Minimum Credit Rating: None
• Length: 1 to 24 months

If you’ve got bad credit, GreenlightCash.com is a great option for getting an installment loan. The company doesn’t run a hard credit check when you apply for a loan, so there’s no impact on your credit score. On top of that, GreenlightCash.com’s network of lenders includes a number of providers willing to work with low credit scores. The process of applying for and receiving a loan is a bit more complicated than with other providers we looked at.

You’re pre-approved and given offers through GreenlightCash.com’s online interface. But, in order to finalize your loan, you’ll be redirected to the individual lender’s website. GreenlightCash.com doesn’t actually have a role in your final loan, which can make it slightly more difficult to get help if you need it. That said, GreenlightCash.com offers installment loans up to $5,000 with reasonable interest rates. Like other providers, interest is capped at 225% APR regardless of your credit. Once you’ve agreed to a loan, the money will appear in your bank account by the end of the next business day.

Features:

• APR: 6.63% to 225%
• Loan Type: Installment Loan
• Loan Amounts: $200 to $5,000
• Minimum Credit Rating: None
• Length: 1 to 24 months

FundsJoy.com is similar to the other installment loan providers we looked at in many ways. The company offers loans from $200 to $5,000, depending on your income level and credit history. Interest rates are very reasonable, ranging from 6.63% to 225% APR.

In addition, you can get money as soon as the next business day after you accept an offer. The process of signing up for a loan through FundsJoy.com is fairly simple.Just fill out an online form and the provider will connect you with one of its nationwide lenders within a few minutes.

There’s no hard credit check during the process and no obligation to accept the loan you are offered. There’s no credit minimum for using FundsJoy.com. But, keep in mind that your debt-to-income ratio will be scrutinized when determining for how big a loan you can be approved. People with bad credit or relatively low income levels may not be able to get a $5,000 loan through FundsJoy.com.

Features:

• APR: 6.63% to 225%
• Loan Type: Installment Loan
• Loan Amounts: $200 to $5,000
• Minimum Credit Rating: None
• Length: 1 to 24 months