10 Best Online Lending Sites To Secure Installment Loans in 2023

Securing an installment loan can be a great lifesaver when you need an urgent cash infusion to deal with certain expenses, like a quick vacation or an unexpected car repair. However, if you happen to have a bad credit score, then it can often be difficult to be eligible to secure a loan from a traditional lender like a bank.

But with the help of the online installment loan platforms that we will mention below, you can easily secure yourself a fixed-rate loan, even if your credit score is less-than-stellar. In this respect, check out a short list of our top 10 credit lending services below.

  1. US Installment Loans – Has the largest network of installment loan providers
  2. WeLoans – Offers competitive loan rates and terms for bad credit loans
  3. CocoLoan – Provides access to the widest range of loan products
  4. HonestLoans – Has a highly trustworthy and reliable lending network
  5. UnityLoan – Speedy loan approvals on loans for bad credit
  6. CreditNinja – Boasts a positive online reputation as a highly reliable lending platform
  7. RISE – Top online lending platform for securing cash loans
  8. Avío Credit – Most simple and straightforward loan application process
  9. Speedy Cash – Has the fastest online loan processing times
  10. NerdWallet – Facilitates 24/7 loan processing for borrowers of all credit types

And for those who may want to know a little bit more about our top choices, check out our reviews below as we quickly break down our top 3 picks!

1. US Installment Loans

US Installment Loans is an industry-leading credit broker that connects potential borrowers with its extensive network of 100+ loan providers, which puts it deservedly in pole position on this list. The platform charges zero fees to use its services and allows borrowers of all credit types to apply for loans up to a maximum of $35,000

And to help borrowers with bad credit qualify for the loans on offer, WeLoans’ lenders make an effort to prioritize other factors than just a borrower’s credit score. This means taking into account their income, length of employment, debt-to-income ratio, etc. 

According to Owen Wilcox, the co-founder of US Installment Loans, “Our top priority is to provide borrowers with adequate access to more financial options by ensuring that they are not limited by their credit score.” On top of that, all loans from their network are processed and funded as soon as the next business day

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Furthermore, some of their partner lenders even make an effort to report any on-time payments to the major credit bureaus. This means that you also have the opportunity to improve your credit score by borrowing an installment loan from their network.

Plus, US Installment Loans boasts a good reputation for being extremely security-conscious, as the site uses bank-level encryption to ensure that your information remains protected.


  • Open to bad credit borrowers
  • Bank-level data encryption
  • Fast loan processing
  • High loan limits



  • Not available in some states.

2. WeLoans

The benefit of using WeLoans is that the platform is the top choice for any potential borrower that is looking to secure competitive loan rates and terms from online lenders. Their lending network is also open to considering all credit types, which increases the likelihood of securing the highest loan amount that suits your needs.

And speaking of loan amounts, WeLoans lenders can provide you with anywhere from as little as $100 to as much as $35,000. However, do keep in mind that how much money you will ultimately qualify for will depend on your level of income. Furthermore, if you have a low credit score, the loan’s interest rate will be higher, and vice versa.

Aside from that, you can expect any approved loans to be processed in as little as 24 hours, and you won’t need to put up any collateral either. On top of that, the platform is completely free to use, which makes it an excellent option for any first-time bad credit borrowers looking to give online loans a try.

Plus, WeLoans makes an active effort to vet all the lenders in its network to ensure that you are always matched with trusted lenders within the industry. They also use 256-bit data encryption protocols to maintain the full confidentiality of your personal and financial information. 

This means you can confidently give them your information and wait for them to find the best lender for your situation.


  • Fully vetted lending network
  • High-end data protection
  • Favorable loan interest rates and terms


  • Some lenders charge high-interest rates.
  • Only available in the US

3. CocoLoan

CocoLoan has an extremely extensive and rich lender network that allows borrowers to access a wide number of loan products through one simple platform. This makes it easy for borrowers to choose between payday loans, title loans, installment loans, and other loan options until they find the best one that fits their budget and requirements.

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On top of that, the maximum loan limit on CocoLoan is set at $35,000, even for those with a bad credit rating. The site’s lenders also don’t conduct any lengthy credit investigations, either, as they only carry out a soft credit check to verify your information. 

Furthermore, the online service comes with an extremely user-friendly platform that enables applicants to submit a loan application within minutes. Plus, any approved loans are typically deposited in your checking account as soon as the next business day, and this applies to all types of loans.

In addition, CocoLoan boasts an extremely reliable customer support team that is available 24/7 to answer any queries or complaints that you may have while using the platform.


  • Excellent customer support 
  • Multiple loan options
  • Fast loan approval decisions


  • High late payment fees

Best Tips For Choosing Online Loan Providers

#1. Review their background and reputation

When applying for an instalment loan from any one of these companies, chances are you will receive multiple loan offers if your application is approved. However, it is important that you conduct in-depth research on each lender by looking at third-party review sites. This will give you a good idea of which loan provider is best suited to your needs.

#2. Assess the lender’s eligibility terms

It is also important that you assess the eligibility terms of each lender that sends you a loan offer. Some lenders can end up having specific eligibility requirements apart from the general ones, so you should review these to see how many you are actually able to satisfy. This will go a long way toward ensuring that you minimize any unpleasant surprises after accepting a loan offer.

#3. Compare interest rates and APRs

Interest rates and APRs are vital factors to take into consideration before you choose a lender, as this is what will affect the amount of money you will need to pay back. This means taking some time to compare loan rates and terms from multiple lenders, as well as confirming if they will change any extra costs like origination or prepayment fees. 

This will help you determine if you are securing a good deal or not. You should also keep in mind that cheap isn’t always better, so make sure to choose wisely.

Final Thoughts

We hope this guide has been informative and made it clear which online loan services you should prioritize and what makes them such a good choice in the first place. You can also rest assured that all 10 of them are legitimate companies that don’t charge any fees. 


So, do feel free to give them a shot by sending out a loan application, especially if your credit score is preventing you from being approved by a traditional lender.