When people face financial challenges, they most likely take out a loan. There are many loan options to choose from, but it doesn’t mean it is easy to find the best one. Sometimes, taking out a loan can be more difficult because of certain requirements to comply with. Thus, instead of easing financial struggle, people get more stressed from complying with lenders’ requirements, especially when the money is needed immediately. Gladly, installment loans online help people cover expenses when they lack funds to support them.
Installment loans online allow borrowers to take a loan by mostly up to $5,000 to $50,000 and repay it in installments. Furthermore, it can be accessed easily, whether at home or any other place. Compared to other loan options, installment loans online are lenient when it comes to requirements. They even accept borrowers with poor credit history most of the time. Hence, installment loans online are an excellent choice to consider in times of financial emergencies. Not all installment loans online are the same. To find the suitable ones, here are the best installment loans online to choose from in 2022.
Lightstream
Sometimes, applying for loans with longer repayment terms is best when pursuing huge expenses such as a car and house. Lightstream offers loans up to $100,000 with repayment term lengths from 2 to 7 years. Moreover, they have low rates, no fees, and give competitive offers by up to 0.10 percentage points. Its estimated APR starts from 4.98% to 19.99%. Thus, Lightstream is considered as the best among the installment loans online.
However, to qualify for a loan from Lightstream, borrowers should have at least 680+ credit scores, although they did not specify their credit score requirements. Hence, to get the best offers with loans, it is best to maintain a good credit profile. To work the way out of debt fast, check out Plungedindebt. Lightstream releases funds right away after spending minutes on the loan applications. Thus, it is one of the best options when having financial emergencies.
Upstart
While most lenders typically check borrowers’ credit history to prove their creditworthiness, Upstart looks for borrowers’ eligibility for the loan through education, employment, and many other factors. Hence, Upstart is an ideal choice for borrowers that had a poor credit history or want to improve a bad credit score. Besides, they have no minimum score requirements. As a result, Upstart was able to approve 27% more and 16% lower rates than the traditional underwriting model.
There’s no hassle since the application is fast and easy. As soon as the application is approved, borrowers can immediately get cash by up to $50,000 on the next business day. However, borrowers should take note that their estimated APR starts from 3.09% to 35.99%, plus other fees such as origination fee, late fee, and returned check fee. Repayment terms are usually 36 and 60 months, but they can also come with flexible repayment terms.
SoFi
Since 2011, SoFi has been one of the top platforms for online lending. It became popular due to its products such as student loan refinancing, unemployment protection programs, and installment loans with long repayment terms. For installment loans, loan applicants can take out loans up to $100,000 and repay them for up to seven years. Early repayments are not a problem since it has no penalty.
Thus, SoFi is ideal for those who prefer to choose the early repayment options to avoid debt accumulation. The installment loan has an estimated APR from 5.74% to 20.28%, with no fees. However, loan applicants must have a credit score of at least 680 before SoFi approves the application. Although the online application could only take a few minutes, its funding may take several days. Nevertheless, SoFi quickly responds to all issues, suitable for clients.
Best Egg
Founded in 2014, Best Egg is an installment loan provider that allows borrowers to take out loans by up to $50,000. However, it may not be too much compared to the maximum loan amount of other lending companies. Best Egg is best for borrowers who intend to take out small loans. Moreover, it has favorable offers that are competitive enough to attract borrowers.
Applicants with at least 550 credit scores can possibly get approval with Best Egg. However, they give better rates as credit scores get higher. Moreover, their APR is considerably low ranging from 5.99% to 35.99%, and repayment terms are usually 36 or 60 months with no prepayment penalty. With its easy application process, Best Egg established a strong reputation among its users.
Conclusion
Installment loans are good. It is even a great way to cover up expenses in times of financial emergency. Always consider the lender’s offer. To pay less interest rate, choose the short-term loan and borrow only what is needed. As long as repayments can be managed, it will be fine.
Krishna Murthy is the senior publisher at Trickyfinance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.
