3 Best Online Loans With Monthly Payments
What Are Online Loans with Monthly Payments?
An installment loan is a loan with monthly payments scheduled for a specific time each month. There are many options for monthly installment loans from various companies and online lenders. It can get confusing as to what this loan is officially called, so keep in mind that lenders refer to these loans as installment loans, personal installment loans, or simply as loans with monthly payments.
If you’re short on money for an emergency or important life event, there are online lenders who offer great online loans with monthly payments schedules. Some lenders even provide instant loans with monthly repayments!
How Do Online Loans Installment Payments Work?
Repayment amounts are usually tailored according to what you can afford to pay back each month and the repayment term is adjusted accordingly.
Two Great Benefits of Loans with Monthly Payments
There are several excellent benefits to take an online loan with monthly payments. Below we look at two of the best!
Personalized amounts and repayments
Personal installment loans allow you to choose a larger loan amount if you need more money. Keep in mind though, the state you live in, as well as your net income, will influence how large this amount can be. Along with a larger loan amount available to you, you have the option of choosing your repayment period and the amount that you repay every month.
The monthly payments will be determined by the repayment period you choose, the size of your loan, as well as the interest rate of your loan. But, all in all, it still offers you a personalized and flexible method of paying back your loan.
Improve your credit score
A great thing about loans with monthly payments is the opportunity it gives you to build or improve your credit score. By paying off a personal installment loan, you are demonstrating great credit behavior!
When lenders consider a candidate interested in anything ranging from personal installment loans to instant personal loans (for bad credit), they like seeing someone that can handle various types of credit. Loans with monthly payments show a consistent payment history on your credit report when it comes to handling debt.
As long as you pay what you agreed to when you need to, you can secure your ability to get future financing for a home or a car.
Can I get an online installment loan with no cosigner?
What is a cosigner?
When you want to take out a loan, some companies may require a cosigner. A cosigner is someone who signs for the debt responsibilities with you. This means they agree to stand in for your debt obligations if you fail to pay.
Lenders sometimes require a cosigner for unsecured loans, to provide additional security and lower their risk. The cosigner will thus be the person who needs to settle the debt if you default on your total outstanding loan.
Do I always need a cosigner?
Usually, companies shy away from providing unsecured loans without a cosigner. The reason is that these companies believe the risk of non-payment is too big if they don’t have the additional security to fall back on.
Fortunately, there are options available from various companies and online lenders to get an online installment loan without a cosigner. Some companies even offer instant online loans with a monthly repayment option.
When considering which company to get your online installment loan from, you can compare the following important information from each company:
- interest rates
- loan amounts
- repayment terms.
3 Best Online Loans with Monthly Payments
There are many online monthly installment loan options available. Below are our top 3:
|Stilt||$1,000 – $35,000||7.99% - 15.99%||Up to 24 months||No||Yes|
|FreedomPlus||$10,000 - $35,000||4.99% – 29.99%||24-60 months||No||Yes|
|BadCreditLoans.com||$500-$5,000||5.99% – 35.99%||3-60 months||No||Yes|
Which lender will have the most to offer you will depend on your specific situation and how much you’re looking to borrow. Stilt, for example, might be best for the borrower looking for a large or small loan with a lower interest rate while a FreedonPlus loan might be better for someone who needs a longer loan term even if it means a higher interest rate.
3 Best Online Personal Loans
Personal loans should not give you headaches. While loans will already give you some stress since it’s a debt you have to be responsible for, it’s essential to prevent as much of it as possible. And how can you do that properly? Finding the best loans sites will easily help you get an amazing deal.
Here are a few high-quality sites to help you find a convenient personal online loan:
Are you looking for good personal loans that you can pay back monthly? Then you should give Stilt a shot! It’s very convenient for most people as it doesn’t take your credit score into consideration, but rather your financial history.
To qualify for personal long term loans from Stilt, you must have a bank account in the U.S. and a stable job. Moreover, the state you live in must have Stilt operation too. The maximum loan term is 2 years, so you’ll get rid of the debt much quicker compared to other online loan websites. Keep in mind that you can take between $1,000 and $25,000.
When you don’t have the best credit score but still want to gain access to a good personal loan, you can try Avant. You need a minimum credit score of 580 to qualify for this loan, and you can borrow between $2,000 and $35,000. To pay it off, the loan terms vary, and they can be between 2 and 5 years.
This monthly loan is a great alternative for your financial problems thanks to the fact that it can also be a refinancing option, and there’s no prepayment fee either.
If you want a personal loan website that offers you flexible payments and doesn’t make you deal with fees, you should try Sofi. It’s a good option for people with good credit. The rates are fixed and variable and the site also offers member perks.
You can take a loan amount between $5,000 and $100,000, and it will last from 2 to 7 years. To be eligible for a loan from Sofi, you must have a good credit score, that’s for sure. The minimum one required is typically 680, but usually, it’s recommended that it’s much higher than that. 700 or more is preferred.
3 Loans You Can Pay Back Monthly
In case you are seeking loans that you pay back monthly, we’ve prepared a list of a few ones that you can try:
What Is Considered Bad Credit?
Credit rating usually goes from 300 to 850. Depending on your financial history, the score can be lower or higher. So, when is it bad?
A bad credit score is considered as such if it’s between 300 and 499. From 500 to 579, it’s considered poor credit score, and from 580 to 619, it’s a low credit score. Once you go below average, which is between 620 and 679, you’re going towards the bad credit scores.
Money Mutual is a great monthly installment loans site for whoever needs fast access to credit. The application takes less than 5 minutes since the online form is easy to complete. If you get accepted, your money is going to be available in only 24 hours.
Also, the loan term and interest rate are variable. The loan amount you can take out is up to $2,500. However, make sure you’re not living in NY, as the service is unavailable there.
This website also offers loans paid back monthly, and the benefit is that you can borrow a bigger sum of money if needed. You’ll be told the decision of the lender in a very short time, so you gain quick access to your cash. Concurrently, all types of credit are accepted.
You can borrow between $500 and $10,000, and the loan term is between 3 and 72 months. There will also be an interest rate between 5.99% and 35.99%.
Do you have bad credit? That can be really detrimental for your situation if you’re desperate for cash, as your access to the best online personal loans is limited. If you’re in this situation, then this site is for you.
You’ll get money the next business day, respectively a loan between $500 and $5,000. Besides, you’ll pay it off between 3 and 6 months.
But while it grants you access to money despite your bad credit, it’s also predatory in some situations. The website doesn’t lend directly, but rather connects you to a lender. Predatory lenders might wait for the right opportunity and you’ll fall into their trap. This is why you should be very careful who you make the deal with. You can read more about this on our website, in our article about bad credit.
Long Term Personal Loans
As expected, when it comes to loans, you want to find the best long term loans that work in your favor. Here are some of the most convenient loans you pay back monthly, as well as some useful information:
What Is a “Long Term Personal Loan”?
A long term personal loan is a loan that you will have to pay back in about seven years or more than that. It’s an unsecured loan, and you’ll have the interest to pay with it too. A long term personal loan is a loan that can be paid back monthly and can be offered by a credit union, some banks, and online lenders.
3 Best Long Term Personal Loans with Monthly Payments
For your own convenience, here are the three best personal loans you can pay back monthly:
Stilt is a great option for a month to month loans because it works for immigrants too. That means that if you’re coming from a foreign country and need money, Stilt will be available for you.
You just need to have good financial behavior and a job to ensure you’ll be able to deal with monthly repayment loans. Don’t worry, it doesn’t take long to go through with the process. You just submit an application and get an answer within a day. Stilt is also available if you have other curiosities about their loans and services.
When you’re looking for a “loans I can pay back monthly” option, you can try Citizen Bank. It’s a great option if you want to go to a normal bank, and there are lots of ATMs available too.
It also has an easy-to-use online website, while you have access to a number of services, including loans paid back monthly. If you want to go for the traditional bank experience, choose Citizen Bank.
PNC Bank is a good option for monthly loans to be paid back monthly as you can use the money for home improvements, debt consolidation and more. You’ll have the possibility to take out a loan between $1,000 to $35,000, with a typical APR between 5.99% and 26.24%.
There are no origination or prepayment fees. You only have a late fee of 10% of the due amount, or $40. So, if you need personal loans monthly payments, you know what to do.
Higher Payments and Lower Payments, Explained
Before we dive into the difference between paying your monthly installment repayments over a short term or long term, it’s important to remember it will be based on affordability.
The monthly repayment of your personal installment loan needs to be an amount you can afford to pay back consistently. When you miss monthly repayments because you cannot pay a certain amount or pay for a certain length of time, your chances of getting a loan in the future (even short-term loans) will decrease.
Higher Payments over a Shorter Term
This means you choose to settle your personal installment loan debt by paying high monthly amounts over a short term. Even though you won’t feel the devastating effects of long-term interest with this option, the huge breaks in your budget could cripple your cash flow.
Remember, defaulting on these monthly loan repayments will damage your credit score.
Lower Payments over a Longer Term
In this case, you choose to pay back the online installment loan over a longer period so you can pay a lower monthly amount. This is a great option if your budget only allows for a smaller repayment amount. Be aware though, even though the repayment amount is lower, you will pay more total interest over the longer term than the option above.
This higher amount of interest paid over time especially becomes a burden if you borrowed more money than you actually needed. When you borrow the exact amounts you need instead of excess, you’re applying the affordability mindset mentioned above.
Online Loans Monthly Payments: Final Thoughts
In the end, you will have to weigh the total amount of interest you pay against what you can afford to do. Whichever option you choose, make sure you can keep up consistent monthly repayments!