2017 RANKING & REVIEWS
TOP RANKING DIRECT LENDERS FOR INSTALLMENT LOANS
Finding the Best Direct Lenders for Bad Credit Installment Loans
No matter how well you think you have planned, sometimes emergencies happen. Someone gets hurt, and you have to be off work for a while. Your car engine blows and it costs thousands to repair.
Situations like these can arise at any time, and if you do not have a sound financial plan, you might find yourself needing a loan and needing it fast. Unfortunately, if you have poor credit, your choices are limited.
Thankfully, there are bad credit installment loan lenders out there that can help you make it through these times. However, there are many things to consider when looking for monthly installment loans for bad credit direct lenders.
Award Emblem: Top 5 Best Direct Lenders for Bad Credit Installment Loans
Some people search for bad credit installment loans from direct lenders only, while others do not mind the lower rates that third-party providers might be able to offer. There is much to consider when looking for bad credit installment loans from direct lenders.
You might be wondering the following:
- Are there monthly installment loans for bad credit direct lenders?
- Where do you get installment loans for bad credit with direct lenders only?
- Do bad credit installment loan lenders only work with people who have bad credit?
- Where can you find direct lender bad credit installment loans?
- Are bad credit installment loan lenders just financial scams?
If these questions and more are floating through your mind, then keep reading. Throughout this article on bad credit direct lender installment loans, we will analyze the top 6 bad credit installment loans from direct lenders.
Can You Get Bad Credit Direct Lender Installment Loans?
The first question that might be on your mind, is whether you can actually get installment loans with bad credit from a direct lender. The answer is yes.
There are installment loans for bad credit that will lend the money to you directly. There is also the option to get direct lender bad credit installment loans both in person and online.
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The great thing about installment loans for bad credit from direct lenders online is that you can shop through different offers to find the one best suited for you.
While many people think that monthly installment loans for bad credit from direct lenders are a scam, they are actually a legitimate financial option for certain borrowers.
Though bad lending practices from some financial institutions may make you cautious, if you do your research and make an informed decision, direct lender installment loans for bad credit could be a good funding option for you.
Advisory HQ’s List of Top 5 Bad Credit Installment Loans Direct Lenders
The list below is sorted alphabetically (click any of the loan lender names below to go directly to the detailed review sections):
Top 5 Best Direct Lenders for Bad Credit Installment Loans | Brief Comparison
Best Direct Lenders
Annual Percentage Rate (APR)
Online or In-Person
|Avant||9.95 – 35.99%||$2,000 – $35,000||Online|
|Cash Central||150 – 240%||$1,000 – $5,000||Online|
|NetCredit||35 – 210%||$1,000 – $10,000||Online|
|OneMain Financial||N/A||$1,500 – $25,000||Both|
|Wells Fargo||N/A||$3,000 – $100,000||Both|
Table: Top 5 Best Direct Lenders for Bad Credit Installment Loans | Above list is sorted alphabetically
Detailed Overview: What Is a Direct Lender Installment Loan?
Simply put, an installment loan is another word for a personal loan. If you get direct lender installment loans for bad credit, they will give you a fixed lump sum upfront. You will then be responsible for paying a fixed interest rate, or APR, over a specified period.
Again, some lenders have given direct lenders for bad credit installment loans a bad name, but there are legitimate installment loan providers out there. Direct lenders can include credit unions, banks, and other financial institutions. There are shady companies out there, so it is important to do your research.
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While some people use third parties, others prefer installment loans for bad credit from direct lenders only.
A direct lender means that you are working directly with the party lending you the money. Often, people do not like providing their financial and personal information to a third-party provider. That is why a bad credit installment loan from a direct lender is often a valuable thing.
People prefer a bad credit installment loan direct lender for several reasons:
- You can get instant approval, without waiting for a third-party middleman.
- You know the terms and fees are accurate upfront.
- You do not need to provide your personal and financial information to a third party.
However, if you prefer to secure your installment loan through a direct lender, know that there are viable direct lender installment loans for bad credit.
Detailed Overview: What Should You Look for in a Bad Credit Installment Loan Direct Lender?
It can be a bit frustrating looking for bad credit direct lender installment loans. There are untrustworthy lenders out there that prey on individuals with poor credit who need to secure a loan quickly.
When you are looking for a direct lender with bad credit installment loans, make sure that you avoid the following:
- Guaranteed Approval: No legitimate lender can guarantee that they will approve you without running your personal information and a credit check.
- Paying for an Application: You should never have to pay an upfront application fee. Legitimate lenders will only charge an origination fee when you agree to and sign the loan.
- High-Pressure Sales Tactics: Do not fall victim to lenders that use high-pressure sales tactics to convince you to use their services. You should always take time to research a lender before signing for a loan.
- Insurance Add-on: Insurance add-ons like credit life insurance and credit disability insurance do nothing to protect you with the loan, and they can be very expensive. These are just another way to increase the bottom line, and legitimate lenders don’t need to do this.
When you are looking for direct lender installment loans for bad credit, be sure to avoid lenders doing any of the actions above.
When selecting a direct lender installment loan for bad credit, make sure that you shop around. Compare at least three installment loans for bad credit direct lenders before making your final decision.
Be sure to look at the following features when you are analyzing bad credit installment loans direct lenders:
- Origination fees
- Additional fees
- Customer service
- Online platform vs. local branches
These are all important aspects to consider when looking for a bad credit installment loan.
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Detailed Review – Top Ranking Direct Lender Installment Loans for Bad Credit
Below, please find the detailed review of each direct lender on our list of best direct lenders for bad credit installment loans. We have highlighted some of the factors that allowed these bad credit installment loans from direct lenders to score so highly in our selection ranking.
The great thing about Avant is that it offers lower APRs than you will see with most installment loan providers. This direct lender for bad credit installment loans offers APRs ranging between 9.95% and 35.99%. This is the lowest APR that you will find on this list.
The maximum loan term is 60 months, which gives you five years to pay back the loan. This is a good length of time to recover from an emergency. The minimum amount to borrow is $2,000, with a maximum of $35,000. Even if $2,000 is more than you need, the loan terms for this direct lender installment loan for bad credit are much more favorable than you will find with many other lenders.
Avant is a direct lender of installment loans for bad credit. This means that you can qualify for the loan with a credit score that is fair to poor, which means you need a credit score of 580 or higher to apply.
Overall, Avant is one of the top bad credit installment loans direct lenders that you will find. With low APR and credit minimum requirements, this could be a great installment loans bad credit direct lender for you.
Cash Central Review
Cash Central also makes our list of top direct lenders for bad credit installment loans.
Off the bat, you will see that Cash Central has a much higher APR than what is offered by Avant. With a variable APR between 150% and 240%, Cash Central is not for everyone. However, you can secure bad credit installment loans for direct lenders with a bad credit score.
Cash Central has a minimum loan of $1,000 and a maximum of $5,000. If you are looking for a very large installment loan, this is not a good option for you. With bi-weekly payments, you can pay this loan off in rhythm with your paycheck.
This makes our list of direct lenders for bad credit installment loans because they give discounts to repeat customers and have a live chat. Overall, Cash Central makes our list of direct lenders for bad credit installment loans simply because its APRs are among the lowest of other installment loan providers, and there is easy access to customer service.
NetCredit is another legitimate option when you are looking for bad credit installment loans direct lenders. This lender offers APRs between 35% and 210%. Though this is higher than Avant, it is still lower than most others out there.
Bad credit is welcome at NetCredit, which is why it makes our list for bad credit installment loan lenders. Loans are offered between $1,000 and $10,000, and you pay them back on a bi-weekly basis.
Overall, NetCredit can be a legitimate option in your hunt for direct lenders for bad credit installment loans. With lower APRs based on amount and eligibility, even those with poor credit can receive the installment loan that they need. It is also a great way to build credit with timely payments over the course of the loan.
OneMain Financial Review
OneMain Financial is another on our list of the top bad credit installment loans from direct lenders. They have been proving personal loans since 1912, which means they have the knowledge and experience to help to process run smoothly.
Tech-savvy people will love the ability to apply for loans online; however, if approved, you will need to visit a branch location to meet in-person and close on the loan. This is a turnoff for some, but OneMain Financial is still on our list of best direct lenders for bad credit installment loans for a reason.
There are branch locations in 43 states, so finding a local branch shouldn’t be too much of a hassle. One drawback is that OneMain Financial does not display current APRs or loan amounts online, so you will need to do a little research on your own.
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Wells Fargo Review
Last but certainly not least, we come to Wells Fargo. This direct lender installment loans for bad credit is one option for your installment loan.
For anyone looking for a large installment loan, this may be your only legitimate option. Wells Fargo offers loans between $3,000 and $100,000. If you are looking for a smaller loan, this isn’t the direct lender bad credit installment loans that you need.
The great thing about Wells Fargo is that there are no origination fees or prepayment penalties. That means that if you have the money to repay the full amount of the loan earlier, you will not be charged a penalty.
Wells Fargo is a great bad credit direct lender for installment loans. If you need a large amount of money and want to avoid fees or high-interest rates, this could be a good option. In addition, if you have a Wells Fargo checking account, you might get a relationship discount.
Conclusion—Top 5 Best Installment Loans for Bad Credit Direct Lenders
You never know when you will find yourself in the situation of needing an installment loan for bad credit from direct lender. Emergencies happen all the time, and if you find yourself searching for installment loans for bad credit direct lenders, make sure that you take the time to research your options.
When you are looking for the best bad credit installment loans with direct lenders only, there are many things to take into consideration. You need to consider the following loan aspects when researching direct lenders for bad credit installment loans:
- Origination fees
- Additional fees
- Customer service
- Online platform vs. local branches
Be sure that you compare at least three direct lender installment loans for bad credit before you make your final decision. Also, be sure that the loan that you choose meets your financial needs and restraints.
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