Top 10 Online Sites For Installment Loans With Bad Credit in 2023

Every now and then, we sometimes find ourselves struggling to make it from paycheck to paycheck, especially if an unexpected bill pops up and we are unable to pay for it. The situation becomes even more complicated if you can’t secure funding from a traditional lender because of your poor credit score.

Luckily, there are a number of online installment loan service providers that can help you secure the funding that you need by instantly connecting you with legitimate US-based lenders. In most cases, you will even be able to get the funds that you need within the same day of approval, and you won’t even need to leave the comfort of your home to do it.


So, here’s a list of our top 10 picks in the current online lending market.

  1. US Installment Loans – Best for affordable installment loan rates and terms
  2. WeLoans – Has a wide lending network that offers multiple loan options
  3. CocoLoan – Offers high approval rates for loans with bad credit
  4. UnityLoan – Provides an easy-to-navigate lending platform
  5. HonestLoans – Has a highly reputable and trustworthy loan network
  6. NerdWallet – Facilitates instant loan approvals for bad credit borrowers
  7. CreditNinja – Has a stellar reputation among many online borrowers with bad credit
  8. Speedy Cash – Provides borrowers with speedy loan decisions.
  9. RISE – Best for securing cash loans the next day
  10. Avío Credit – Offers 24/7 online lending services

Each of these sites has something unique to offer, but we do highly recommend that you consider using the top 3 picks, and here’s why.

1. US Installment Loans

US Installment Loans is an online credit broker that has built an excellent reputation for itself as a reliable platform that helps borrowers of all credit types access funding. If banks or credit unions have declined your loan application and you need to borrow a loan with flexible rates and terms, you should give US Installment Loans a chance.

The lending service has partnered with a legit network of installment lenders that can allow you to access funding of up to $35,000, with all loans typically processed within 24 hours. They also have less-stringent lending requirements, which means that you can secure approval even if you have a bad credit score.

According to US Installment Loans co-founder Owen Wilcox, “If your financial records prove that you are capable of repaying the loan on time, you are very likely to be approved for funding by one of our partner lenders.” On top of that, their lending network can provide you with flexible loan rates and terms that should align with your current monthly income.

When it comes to submitting a loan application, you only need to spare a few minutes to fill out the pre-approval form and wait for a decision on your loan application. Also, since the lending service is available 24/7, you can feel free to apply for a loan at any time.


  • Caters to bad credit borrowers
  • Offers flexible loan rates and terms
  • High loan limits


  • Lenders may charge high APRs

2. WeLoans

WeLoans is a trusted credit service that connects loan applicants to potential lenders within minutes. Aside from just looking at your credit score, these lenders will typically determine your eligibility based on your ability to repay the loan on time. This means you can access funding even if you have a bad credit history.

The whole lending process is also fairly simple and straightforward, with little paperwork involved. Also, when it comes to eligibility, all you need to do to qualify is ensure that you are over 18 years old, have an active bank account, have a steady income stream, and be a US citizen.

Furthermore, most of their partner lenders do not subject your initial application to a hard credit check, so your credit score shouldn’t end up being negatively affected. The platform allows borrowers to apply for loans from as little as $100 up to $35,000, with repayment terms often ranging between 90 days and 72 months.

On top of that, they also don’t charge any service fees or upfront fees to apply for a bad credit loan. They also provide a wide variety of loan options, such as payday loans, installment loans, title loans, and more. In addition, borrowers can expect to receive the funds in their checking account as soon as the next business day.

If approved, borrowers are also able to use the funds provided for any financial emergency of their choosing, e.g debt consolidation, car repairs, home renovations, etc.


  • Has an en extensive lending network
  • Multiple loan products are available
  • No origination fee or extra costs are required.


  • Only available to US citizens

3. CocoLoan

CocoLoan is a great option to consider, especially if you happen to have a really low credit score or a thin credit file, as the service makes it easy to connect with bad credit lenders online.

Borrowers can apply for loans from as low as $100 up to a maximum of $35,000. And since all loans are processed as soon as the next business day, this makes CocoLoan a great choice for anyone in urgent need of a small cash advance. The loan process is also simple enough that first-time borrowers should be able to navigate it with ease.

In addition, the platform boasts a 97% approval rate, so you can rest assured that your chances of securing the funds you need are high. CocoLoan also uses next-generation encryption technology to ensure that all information submitted on its site remains 100% confidential.

Plus, it even boasts an extremely reliable 24/7 customer support team that is available to answer any queries that you may have while using its lending service.


  • Advanced data security
  • High approval rates.
  • Reliable customer service.


  • Short repayment periods.

What Should You Consider Before Applying for a Bad Credit Installment Loan?

  • Are There Any Risks of Applying For a Bad Credit Loan?

Bad-credit loans are a great way to secure funding when you find yourself unable to get approved by traditional lenders. However, these loans tend to come with high interest rates, which means that it is possible to end up in bad debt if you aren’t careful. As such, you should always make sure that you are able to repay a bad credit loan before applying for it.

  • Can A Bad Credit Loan Improve My Credit Score?

This will usually vary depending on the lender, as most bad-credit loan providers don’t usually report on-time payments to the major credit bureaus. However, you should keep in mind that failing to pay your loan will often result in them reporting you, which will negatively impact your credit score.

  • How to Get Better Rates & Terms For A Bad Credit Loan?

If you want to secure more favorable interest rates when applying for a bad-credit loan, then you need to raise your credit score. This means paying off any outstanding loans, reporting any discrepancies in your credit report, as well as reducing your income-to-debt ratio. You can also get competitive rates and terms by comparing multiple loan offers from various lenders to secure a better deal.

  • What Alternative Loan Options Can I Consider?

#1. Family or friends – If you urgently need a loan, it is always a good idea to consider asking your loved ones to see if they can lend you the money you need. This is also a great way to avoid paying high interest rates on bad-credit loans.


#2. Credit Card Cash Advance – You can also consider taking a cash advance from your credit card provider, as you can easily head to an ATM to apply for one. However, the downside is that these loans tend to start accruing interest as soon as you make the withdrawal, and you will not typically be able to access high loan amounts.

Latest Posts

Top Categories