Best installment loans for bad credit with instant approval in 2022

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An installment loan is used to repay debt in monthly payments. Personal loans and installment loans are frequently misunderstood. Although all personal loans are paid back in installments, they differ in numerous ways. An online personal loan is one with a loan amount of up to $100,000 and an interest rate of 5.99 percent to 35.99 percent. You’ll need an online installment loan if you wish to repay your loan in installments.

Unlike revolving credit, this non-revolving credit cannot be used again, which can be acquired after the loan is repaid. Non-revolving consumer credit in the United States, including consumer installment loans, expanded at a 7.2 percent annual rate as of November 2021, whereas revolving credit grew at 23.4 percent. Here are five different lenders with their compared prices, reputations, and the minimum credit score required to make it easier for you to find the best installment loan.

Best online payday loans for bad credit

  1. Money Mutual: Overall best platform for installment loans online
  2. BadCredit Loans: Loan lenders providing guaranteed installment loans
  3. RadCred : Well known for bad credit installment loans

#1. Money Mutual
: Overall best platform for installment loans online

MoneyMutual (1) (1) (2)Spotlight Wire

Brand overview

As claimed by MoneyMutual, it has been mentioned highly because of its position as a market leader. After all, it is primarily considered one of the best in a wide range of fields of study. In under 24 hours, millions of people were able to apply for a loan and receive their money. MoneyMutual connects borrowers with lenders that may typically grant a personal installment loan up to $5,000, making it easier to acquire the cash they need right now. Filling out the application form takes less than five minutes, and you have the option of connecting with a variety of lenders.

A loan network, MoneyMutual accepts offers from more than 60 reputable lenders. There is no service fee, and clients regard them as one of the most trustworthy online payday loans, personal loans, title loans, installment loans, or equity loan platforms.

The application process is simple and straightforward. However, you should be aware that installment loans might have higher interest rates. It is best to seek credit counseling before deciding on an installment loan alternative. When it comes to personal loans, speed is of the utmost importance; the money must be transferred fast and on schedule. Customers consider MoneyMutual one of the industry’s most user-friendly and quick-transfer websites.


MoneyMutual was founded to connect borrowers with specific needs with lenders with the ear and the finances to satisfy those needs. Due to the low credit score requirements, even those with a poor credit history may obtain a loan ranging from $200 to $5,000 from these lenders.

MoneyMutual acts as a go-between for lenders and borrowers, but you should be aware that the terms and conditions are entirely up to the whims of the lenders. After signing the contract, the platform is not liable for any misinterpretation of the agreement. That’s why it’s suggested that you read and reread it several times. If you have any queries or concerns, don’t hesitate to contact a financial counselor.

It’s simple to use MoneyMutual’s website, which features a well-executed interface and instructions. Even those who aren’t computer literate can quickly figure out where and how to apply for a loan. In addition, if you still can’t find your way around the app, don’t hesitate to contact their customer service specialists.


  • There is a one-business-day transfer of funds
  • Encryption that is safe and secure
  • The site’s interface is user-friendly
  • Trustworthy and well-known platform
  • There are more than 60 different potential lenders to choose from


  • Applicants must be citizens of the United States of America

Customer experience

As claimed by the platform, more than 2 million people in the United States have left good evaluations for MoneyMutual. It’s a pleasure to deal with customer service representatives who quickly respond to queries and provide accurate information. Cash advance and installment loans for people with adverse credit are also available through MoneyMutual.

#2. Bad Credit Loans: Loan lenders providing guaranteed installment loans

BadCreditLoans (1) (1) (2)Spotlight Wire

Brand overview

BadCreditLoans does a fantastic job of teaching beginners credit loans and other financial instruments. Thanks to their educational perspective, many people have been enlightened about the potential advantages and disadvantages of installment loans. With BadCreditLoans, you’re not getting a direct loan from the company; instead, you’re getting connected to lenders and service providers who may best meet your needs and preferences.

Its mission is to cooperate with reputable service providers and lenders and educate customers throughout the loan process. As their name implies, they are the top provider of loans to borrowers with poor or no credit.

You may need a good credit score or history to acquire a loan. Desperate times necessitate desperate means, which might cost you dearly in terms of money and your sanity. BadCreditLoans serves customers with all levels of terrible credit, so there’s no need to panic.

Only a few minutes are needed to complete the application. Filling out a form with your data is the first step. You must present your lender with a detailed description of your requirements. When filling out the form, they might ask for details such as current debts, bankruptcy, and income status. Once you’ve completed the application, the company sends it to many lenders. Lenders use your application data to create offers that may best meet your needs.


Customers may easily navigate the site because of its well-structured design. You can find the documentation you need to submit on the company’s website. Following the ‘Start’ button, the application process begins. Offers might start rolling in shortly after applying.

You may think of BadCreditLoans as an ‘emergency button’ anytime you visit their website. From $500 to $10,000, customers have various loan options potentially available to them. After applying for a payday loan, you may expect to receive your funds in as little as two days. There are also other financial services offered by BadCreditLoans, such as house and auto equity.

Keeping customer information safe is a top priority for BadCreditLoan. As a result, they deploy cutting-edge encryption software to keep sensitive information safe. Furthermore, they adhere to all privacy laws using encrypted files, safeguards, and servers. When these characteristics are combined, clients may feel completely secure.


  • Installment loans may range from $500 to $5,000 in total, depending on the lender.
  • The registration process is simple and fast
  • There aren’t any additional costs
  • Provides an easy-to-use UI
  • Many lenders are part of the network
  • Funds are transferred within a business day after receiving the funds
  • BadCreditLoans has been in business for two decades


  • The website might ask for more personal information than most others

Customer experience

Customers of BadCreditLoans have recognized excellent customer service. The conditions are reasonable and encouraging, even for those with a history of credit problems. Customers also like the speed with which they are accepted and the ease of accessing their money. There is a lot of positive customer feedback about BadCreditLoans on the internet.

#3. RadCred: Well known for bad credit installment loans

RadCred (1) (1) (2)Spotlight Wire

Brand overview

One of the most well-known loan networks is Radcred. Founded in 1997, it has been around for 25 years. As a result, you may put your mind at ease about their prior history. If you’re searching for a trustworthy online lender, it is Radcred. Because of this, it’s not surprising that clients are delighted with the company’s service.

This innovative lending platform makes peer-to-peer loans, tribal loans, and conventional debt consolidation loans available. As an outcome of its rapid expansion over the long period it has been operating, it now offers installment and personal loans to people with various credit histories across the United States.

If you have no credit and want to shop around for the best rates, they’re not lending you money; they’re providing a platform for you to do so. Since its services are of the highest quality, Radcred is firmly in the upper echelons of lending networks. In terms of design, the website is straightforward to use, and the process of applying is swift.

Those just starting may have no problem finding the information they need on the website, including a wealth of resources. Don’t be discouraged if you don’t receive a loan offer immediately; Radcred, like other platforms, may give you regular offers once you join up.


Increasing your credit score or repairing a bad credit history may not be a simple task. Loans for those with bad credit are becoming more commonplace, and lenders might help them get back on their feet. The best online personal loans may be out of reach if you have a bad credit history since your APR is likely to be far higher than the national average.

For borrowers, Radcred has a wealth of possibilities. Connect with a wide range of lenders who provide loans ranging from $500 to $35,000. Considering that most financial institutions cap these loans at $10,000, $35,000 is a sizable sum. Radcred loan lenders may allow you to repay your loan in as short as ninety days or as long as seventy-two months, depending on your credit and the type of loan you take out.

Radcred, except for the length of the term, may not give much in the way of choice. However, Radcred will no longer be involved once you have signed a loan agreement with the lender of your choice. If you don’t ask for another loan, it may no longer be interested in supporting you. All it does is give you advice on how to handle debt repayment issues.


  • Ample lending funds may be readily available
  • Making an internet purchase is a cinch
  • Various financial institutions vying for your business


  • There are a lot of personal loan eligibility conditions

Customer experience

Many Radcred customers have appreciated the company’s quickness, efficiency and its kind and knowledgeable customer service representatives. Many users lauded Radcred’s ability to help people with a wide range of credit scores, from excellent to good to best to poor to no credit and their overall satisfaction with the service. Getting larger loans for home improvements and emergencies was quick and easy for many customers. Hence, Radcred is recommended to people looking for financing needs.

Concluding on online installment loans

If you’re considering acquiring an installment loan, keep in mind that there are numerous lenders from which to pick. The comparison simplifies the decision-making process by allowing you to compare multiple lenders. Money Mutual is the most satisfactory lender option on our list of the best installment loans if you have bad credit. Money Mutual does not impose prepayment fines. You may also estimate your APR by putting your information into the company’s rate checker tool. In any case, seek financial counseling before taking out any type of loan.

Disclaimer – The above content is non-editorial, and Economic Times hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content. The loan websites reviewed are loan-matching services, not direct lenders, therefore, do not have direct involvement in the acceptance of your loan request. Requesting a loan with the websites does not guarantee any acceptance of a loan. This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance. Loans available to U.S residents only.

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