Best Online Long-Term Installment Loans for Bad Credit 
If you need money fast, it might seem like a good idea to grab a payday loan. However, this is not as simple as just paying it back with your next paycheck, contrary to popular belief.
On average, the typical borrower takes $375 from payday loan organizations, says InCharge.org. With payday loans, the amount plus the cost of interest has to be paid back on your next paycheck.
Over 75% of payday loans are taken out within just 14 days of a borrower paying off a recent loan. So, it is no wonder most people who take out payday loans are “repeat offenders.”
It is a vicious cycle, and it has no intention of slowing down unless we can do something about it.
A better choice is to take out a long-term installment loan, where you can pay back your loan over months or even years. This results in fewer fees, a fixed note to pay back each month, and a better APR.
In addition, many lenders offer loans that do not even require a credit check. So, let us look at some of the top loan providers on the market who do not require a credit check.
2021’s List of Online Long Term Installment Loans: Top Lending Platforms
- CashUSA: Overall Best Organization for Installment Loans
- BadCreditLoans: Top Lenders to Improve Bad Credit Score
- Personal Loans: Get Personal No-Credit-Check Loans Online
In terms of borrowing cash, there are some things you need to do during the process of getting the loan and paying it back. For instance, if you know your credit is not that great, you can expect there is going to be a higher APR in store for you.
If you would rather not get your credit checked, you will be loaned a smaller dollar amount. However, there are still payday loan organizations out there who might just offer you an installment loan amount with zero credit checks. Here are our recommendations.
#1. CashUSA: Overall Best Organization for Installment Loans
CashUSA gives borrowers the chance to get a loan ranging anywhere from $500 to $10,000. These can be paid back in 90 days to 3 years, with APRs ranging from 5.99% to 35.99%.
This company gets over a million users every month. Their online platform is easy to use, and the application process is streamlined and quick. There are many reasons to visit CashUSA, and you will soon see why it is a favorite among borrowers.
To start the process, you fill out an easy online loan request application. It is just like many of the other applications you have seen before, and it asks for basic personal information, such as the amount you are requesting, military status, zip code, email, and name.
Next, you will be asked to fill out some information about whether or not you own your home and how long you have been there. You will also have to provide your address and your home and work phone number, your employer’s name, how often you are compensated, how long you have worked at the job, and your source of income.
You will also need to input your bank account info and your social security number, along with your driver’s license number or state ID.
The third step of this process is to give them your bank account info and whether you own a vehicle. You will also provide your job title and whether or not you are paid by direct deposit.
This might seem like it would take hours to complete, but, in reality, it does not take long at all.
The next step is getting your loan offers and reviewing them carefully. CashUSA sends you all of the lenders relevant to your needs. So, you do not need to waste time making sure you meet minimum credit or borrowing requirements. Once you have found the one you like, go over the terms with extra care and then accept them if you know you will not have trouble paying it back on time.
Make sure you use a loan calculator if you are not sure of your payment amount to see if you can afford it. (Check out our review of BadCreditLoans for a loan calculator anyone can use).
Once you have looked it over and agreed to the loan terms, you will e-sign the agreement to repay, and your money will be in your account the next business day.
Yes, CashUSA is a great place to go if you need a loan, and they work with so many lenders that it will be relatively easy for anyone to get a loan. However, you have to be very careful about the terms you are being offered, especially if your credit is not great.
So, make sure you step away and get some assistance if you do not understand something. The loan offer will be there when you come back, and lenders are always looking for customers. So, take your time and do your due diligence by calling the lender and asking a trusted friend, or by just using Google.
One great thing about CashUSA is that you can make your monthly payments conveniently. They have an online opportunity to repay the loan using their online portal. Therefore, you do not need to mail in a check or stop by a branch to make the payment.
You can also set up auto pay, which we support because all you need to do is make sure the money is in your account and let them withdraw it. This way, you will never be late, and the loan will be paid back on time, every time.
So, whether you need money for a medical reason, for something that has happened at your home you must fix right away, or if you would like debt consolidation, CashUSA will be able to help you out. You can connect with lenders that cater to your individual needs, get the funding you require, and be on your way.
- Amounts Offered: $500 to $10,000
- Interest Rates: 5.99% to 35.99%
- Terms of Loan: 3 Months to 72 months
- Example of Loan: Borrow $4,000 at a rate of 19% APR for 24 months: $201.63/month (Total repaid amount $4,839.12)
#2. BadCreditLoans: Top Lender to Improve Bad Credit Score
- Loans offered to borrowers from $500 to $10,000
- Quick and simple application form
- Funds reach your bank account the next business day
- Lenders vie for your business
- Click here to see the official website
This is another excellent lending marketplace, where the lenders vie for your business. You will be shown to lenders that can help you even if your credit is poor.
What makes them a bit different is that they have a huge platform that focuses on many different types of loans, such as tribal lending and peer-to-peer loans.
A quick note on tribal lending: these are an excellent opportunity to borrow money if you have bad credit or a credit history that will not allow you to borrow using services from traditional lenders. The funding comes from Native American properties, and because these are sovereign nations, they do not have to meet the APR requirements of your state. They are bound by the laws of their sovereign land, not the government. So, you must read the terms carefully to ensure you know just what you are getting.
They have connections with a lot of varied lenders and banks, and this lets them offer personal loans to people of all credit ratings. So yes, even those with judgments, repossessions, or bankruptcies, you may still be able to qualify.
You should also use the free Personal Loan Calculator on BadCreditLoans to see what your payment loan amount will be based upon the length of the loan, the interest, and the amount. This will help you see ahead of time if you can afford the loan. Taking three minutes to figure this out could be the difference between financial difficulty or being able to pay it back with confidence and ease.
Moreover, you can input many different variables to get a good idea of how it will affect your payment amount each month.
The personal loans offered here go up to $10,000, which is pretty good. However, you will want to look elsewhere if you need something bigger.
APR ranges from 5.99% to 35.99%, which will depend on the lender you get partnered with. If you have credit that is not so great, you are probably going to be on the higher end of the APR spectrum.
You will not be charged any fees for connecting with a loan provider, as the service is completely free. But, your individual loan fees will depend on the lender.
Furthermore, the info on BadCreditLoans is plentiful and pretty easy to find. The layout is well organized, and the site has a wealth of information.
BadCreditLoans clearly states they will not be your lender, and they also clearly indicate rates. But, one thing we wish they could say more of is the fees associated with each lender. However, given they work with dozens of these companies, we can see how that might be difficult.
With this platform, money gets to you fast. This is a standard feature of the modern loan company, where they can get you your funds on the next business day.
Getting a loan with this marketplace (or getting offers, instead) is easy for anyone to do, as the application is not difficult to complete. However, you will have to meet some basic criteria. For example, you have to be at least 18 years old, have a regular income, have a valid email, be a U.S. citizen, have a phone number, and have a checking account in your name.
That is the preliminary application, and once you have it filled out, you will be matched up with various lenders. Then comes the next step, where you receive offers.
Once you have your offers, look closely at the loan terms, and read them over carefully to ensure you want the loan. Once you have looked closely at them and decided you are OK with the terms, use your e-signature to sign the contract and accept the funding.
In the last part of the process, you will get your money. So, make sure you have arrangements made to pay it back on time.
In closing, BadCreditLoans checks out with our team. We found they ask a lot more on their application than other lending companies, but they allow anyone to submit a loan request even if their credit history is poor.
This opens up chances to borrow for people who perhaps have struggled in the past and are looking to rebuild their credit. So, go check them out and see what this loan company can do for you today.
- Amounts Offered: $500 to $10,000
- Interest Rates: 5.99% to 35.99%
- Terms of Loan: 3 months to 60 months
#3. Personal Loans: Get Personal No-Credit-Check Loans Online
- Loans offered to borrowers from $1,000 to $35,000
- Money directly transferred to your account on the next business day
- 50,000+ happy clients
- Accepts bad credit holders
- Click here to go to the official site
Personal Loans is an online lending portal that offers you loans with all of the accouterments you expect but zero hassle for having less than stellar credit.
This is a lending marketplace — a zone where lenders vie for your business. You can find peer-to-peer, bank, or installment loans on this platform, and you can use the loans for anything you desire, such as debt consolidation, taxes, medical bills, or home improvements.
The loan terms are quite flexible, and you can get anywhere from $1,000 to $35,000. APRs are also variable, and repayments go from 90 days all of the way to 3 years.
You will begin by submitting a request, which is easy to fill out and requires some basic information. These details include your phone number, your email, your birthday, your name, and your military status. You will also discuss what loan you are most interested in, why the loan is being requested, and what your credit looks like.
In addition, you will have to submit your state ID or driver’s license number, SSN, and the bank account you will use for the loan once the funds are released to you.
Overall, the process is very user-friendly. Even if you do not think of yourself as being tech-savvy, you will be able to figure this process out with ease. Everything is explained simply, and even if there is something you do not understand, you can call and ask the loan servicer before you finish the application. It is low-pressure, and you will feel encouraged the whole time.
The no-obligation quotes are another feature you will love, as you can view what these companies are offering to you before you commit to anything. You do not have to deal with lenders offering you an unfavorable rate, nor do you have to have a hard pull on your credit to see the rates being offered to you.
Once you do select an offer, the decision to lend to you is made quickly. Everything is done using an algorithm, so you do not have to deal with live people and you can apply at any time.
After all, not all lenders want to work with all borrowers. But, this cuts out the ones who are not compatible with your situation and, thus, makes it easier on everyone to lend/borrow money.
Once you do select your offer, read it over carefully and then read it again. Make sure to consider all aspects to ensure you will be able to pay it back timely and in full. You do not want to pay any additional late fees or interest charges if you can help it.
Once you have decided the loan is suitable for you, feel free to sign it. But, remember, there is no pressure here. If anything about the loan seems off to you, just decline the offer and move on. You can rest assured all of the lenders associated with Personal Loans are legitimate, but you are under no obligation to sign something you are not totally happy with.
The last part is getting your money. The next business day, you will find the money is in your account, and you are free to use it as needed.
Remember, only take these loans out for things you need, such as medical, transportation, and housing emergencies expenses. Loans for frivolous things, such as new furniture or vacations, are not worth going into debt for.
- Loan Amounts Offered: $1,000 to $35,000
- Interest Rates: 5.99% to 35.99%
- Terms of Loan: 3 months to 72 months
- Example of Loan: $5,000 loan with a 15% interest rate for 24 months; the monthly payment is $242.43, with the total repayment amount being $5,818.32
#4. Surge Mastercard: Best Installment Loans for Bad Credit
- All credit types accepted
- Free Vantage 3.0 score offered by TransUnion
- Start out with $300 to $1,000
- Reports monthly to the three biggest credit bureaus
- Pre-qualify with zero impact on credit score
- Easy and painless application process
- Account accessible online 24/7
- Must have a checking account in your name
- Go here to see the official site
This unsecured credit card is serviced via Continental Finance and issued through Celtic Bank. It is ideal for people whose credit is poor or limited. The card starts you off with at least $300 in credit, and you could get an increase in just six months or less.
This card is a great way to build up damaged credit because they report your payments to the big three bureaus. But, since it lacks other perks and benefits, this is not a card you will want to hold onto long-term.
One great thing is that you can see if you pre-qualify without making a hard pull on your credit rating, as you can apply no matter your credit score. In addition, they give you free access to your TransUnion Vantage 3.0 score, and you also have a $0 liability for unauthorized charges to your card.
This card is ideal if you have no credit and you are seeking to establish some for the first time, or if you are looking to bring up your credit score by showing you can responsibly use a credit card and pay it back on time, every time. Of course, it does not give the user any points for spending money with it, but it is an excellent choice if you need some extra spending power in your pocket for emergencies.
The annual fee for this particular card is relatively high for its initial membership year and has a high APR. So, cardholders must take extra care to make their payments on time and in full.
The best way to use this credit card is by making small purchases every month that you are capable of paying off every month. For example, you could pay your cell phone bill every month using the card and then pay the Surge credit card bill off in full once it arrives.
Carrying a balance on this card is not a great idea. After all, the APR charges are quite high, and the balances could add up and keep you in debt longer than you think. So, you must make it a priority to pay this bill on time or even early every month. Make sure you also keep your credit utilization to a minimum, so there are fewer consequences to your credit score.
The credit limit for this card ranges from $300 to $1,000. So, make sure you are careful about what you spend it on so your credit can get better. Credit utilization plays a big part in determining your score. Experts suggest you keep it under 30% and, if you can, below 10%. So, for example, if you have a $500 limit, your goal is to keep it under $150 each month.
Other facts about this card are that the foreign transaction fee is 3% calculated in United States dollars, there is zero minimum interest charge, and the authorized user card fee comes in at $30. Similarly, the late payment fee is $40, so make sure you are on time with that payment — we cannot stress this enough.
After six months of responsible use, you could be eligible for a credit increase. However, make sure you do not let that go to your head, and use the card responsibly even if you do get that increase.
In summary, this is another pretty good card. It is OK if your credit is not great and if you need that little extra spending power. But, as soon as you can get something better, you should do so. Overall, this is a great card for people starting from the bottom, as it offers great benefits to those with little to no credit.
- Time to Apply: 9 min
- Interest Rate: Variable at 24.99% to 29.99%
- Monthly Reports: Yes
- Our Rating: 8/10
#5. Indigo Mastercard: Best Direct Lender for Online Installment Loans with Instant Approval
- Easy pre-qualification process
- Account history is reported to the three major bureaus
- No security deposit needed; credit card is unsecured
- Online help available 24 hours a day
- Accepts bad credit holders
- Click here to go to the official site
If you need a credit card, consider the colorful and attractive Indigo card. It is a great option for those with less than stellar credit, but there are some things you need to know.
For starters, this is ideal if you need to build credit, as this card reports to Equifax, TransUnion, and Experian. With this sort of reporting and on-time payments made every month, you can take steps to better your credit in no time.
When signing up, make sure you can pay those installments on time, every time.
Next, we will discuss the annual fee. If you have good credit, you might not get charged that fee.
But, for those with poor credit, they can expect a fee of either $59 or $99. If you are a new cardholder, you may only pay $75 for your annual fees.
We also noticed the card charges 24.99% for its annual fee. This is typical for those with less than great credit, but it does mean balances get expensive. So, make sure you can pay it all back sooner rather than later to stave off interest charges.
For cash advances, the APR is 29.90%. You need to ensure you make those payments on time, every time, as missing a payment puts you at that interest rate and charges a fee of $40 for being late.
The first year is great, and you get a 0% fee for a cash advance. However, after the grace period is over, you are charged $5, or 5%, on every transaction, whichever is bigger. Although you will not find a cash advance fee here during that first membership year, you are going to incur interest charges as of the day of that transaction.
Regarding foreign transaction fees, there is a 1% fee for each transaction, regardless of the currency used. This card is excellent for traveling, as it is accepted everywhere Mastercard is taken, and you do not need to worry about currency exchange.
Another “pro” of this card is that you can pre-qualify but not hurt your credit score. This can also show you the annual fee you will be asked to pay. By doing this, you will have an idea of what you will be up against if you decide to go with this card.
Bear in mind, however, that pre-qualification does not equal “approved.” It means, “you look good, but only a credit check is going to be the deciding factor.” If you agree, you will submit a full application to be reviewed, which will impact your credit score.
The low credit limit is both a blessing and a curse. For starters, a $300 limit is not enough to drive anyone into such deep debt they cannot work their way out of it. However, the fees attached to this card could make it even less. For example, suppose you have a $59 fee on your card with a $300 limit. Now, you are left with just $241, which is still alright, but a comparatively lower limit.
Also, recognize that having a low limit means you run the risk of high credit utilization, which is hurtful to one’s credit even if they are working hard to bring that number up.
Another great thing to know about this card is that it grants you travel assistance services and extended warranty coverage, too. So, it is just like having a regular Mastercard in that respect, which gives the carrier extra peace of mind.
In summary, this is a solid card for somebody that needs some financial flexibility, but their credit is not great. Make sure you pay it off quickly and build your credit so you can get something a little less heavy. All in all, it is a great option if you need it.
- Time to Apply: 8 min
- Interest Rate: 24.99%
- Monthly Reports: Yes
- Our Rating: 7.5/10
Can a Person Get Installment Loans for Bad Credit?
Having bad credit should not be the deciding factor that determines whether or not you get a loan. After all, the loan could be what keeps you afloat until you get back to work.
Predatory lending should not be your only way out. You work hard, and these types of companies do not deserve your money. Installment loans, and the companies that provide them, can provide you a much better service than payday lenders you might have seen. Their APR is lower, and the repayment terms are often easier to meet.
Most of us with poor credit scores think we will never be able to get a loan, so we do not even try. But, the reality is that online and alternative lending companies are willing to look at more than just your credit score when they decide to lend or not.
Many popular lending networks, and online ones that specialize in peer-to-peer lending, currently have fewer qualifications than they did years ago. For some of these installment loan companies, qualifications are as easy as being of the minimum borrowing age (18 years), being a U.S. citizen/legal resident, and having a bank account under your name.
Some also require you to show proof of income and that you have worked at your company for a certain number of years.
If you can find a lending company that will work alongside you, you will have a much easier time paying back the loan. This way, you can stay afloat and pay whatever emergency expenses popped up without dealing with shady predatory lenders.
Which Online Payday Loan Provider Is the Best for No Credit Check?
There are a number of payday loan organizations out there, as you can see. Our roundup here includes the top five we have found while researching. Many lenders are willing to work with you if you have bad credit, but it is hard to know which of them will offer you rates that actually fit your budget.
There is no one-size-fits-all option for online lenders if you have bad credit. But, here are some things to watch out for as you shop around for an installment loan.
- Review the reputation of the lender. Make sure you read some reviews that come from people who have actually used the service. You should also review any and all complaints that have been filed against the company. You might even consider making a post on your social media asking if anyone else has used the company, although we know that discussing financial matters is quite personal.
- What fees are you up against? Some companies charge you to pay over the phone, while others may charge you for repaying the installment loan early. Make sure you are aware of any and all fees the company will charge. They are required to be listed in the installment loan offer, so make sure you understand them. There are also some practices that are illegal in terms of lending. You should read this article from debt.org about predatory lending practices to know what to watch out for.
- Are the terms of the installment loan reasonable and fair? If you have bad credit, high interest comes with the territory. However, all relevant info, such as loan APR, terms, and total loan amount to be repaid, must be clearly stated to you.
- Installment payments should apply a dollar amount to both your interest and your principal. If the initial repayments are only for paying interest, it is not a genuine installment loan, and you should look elsewhere.
Do These Payday Loan Organizations Run Credit Checks?
If you are here, you probably have poor credit. Therefore, you are hoping they do not run a credit check, because you need an installment loan and fast. So, the good news is that a number of lenders will extend their offerings to people who do not have excellent credit.
For those that need a personal installment loan but do not think they can pass a credit check, here are a few things to note.
First, your installment loan amount is going to be rather small. You might get $500 if you are lucky. Second, the interest is going to be quite high, more than that of a credit card. So, you will probably be dealing with interest rates of 35% and higher on your installment loans for bad credit.
Lastly, the terms for repayment will be just a bit longer than your usual payday loans, as you can expect three months, give or take.
Those of you with poor credit should try to do everything you can to boost your score before you get a personal installment loan. Even getting it up by 30 points can help you get a better rate.
In addition, make sure you obtain copies of your credit report. You can go to AnnualCreditReport and get it, and then you will want to look it over for inaccuracies or errors. If you notice one, you can fill out a discrepancy report with the reporting agency for entries that are not correct.
Errors on credit reports are more common than you think. CNBC reports that a third of Americans have them.
Getting those errors off your report could be the ticket to a better score, and in turn, a better rate. So, although it will take a few hours, it could save you a lot of headaches and money.
If you still insist on getting a personal payday loan that requires zero credit checks, make sure you know what you are getting into first. The networks and cards we have listed here are legitimate. But, make sure any offer you receive is reviewed carefully, and most of all, be brutally honest with yourself about whether or not you can genuinely repay it.
We hope this guide has been helpful to you. CashUSA and BadCreditLoans are the top two best sites for long-term installment loans with no credit check. Check out any of the lending networks above if you need some money for an unexpected expense. However, make sure to read all of the terms carefully before you sign anything on your online payday loans application.