Top 5 Online Installment Loan Services For Bad Credit To Use In 2023

Most traditional lending institutions will typically determine loan eligibility by reviewing your credit score. And while this is designed to reduce the risk of defaulters, it also limits borrowers with poor credit scores from being able to secure the funds they need. This is where lenders that provide online installment loans are often the most helpful.

These financiers typically do not conduct hard credit checks and are open to working with borrowers with bad credit histories. However, finding a trustworthy lender online can often be an uphill battle, but luckily, we will share our top 5 picks and break each of them down to make the decision easy for you. 

  1. US Installment Loans – Top choice for installment loans with high approval
  2. CocoLoan – Provides highly competitive interest rates and lending terms
  3. WeLoans – Offers access to a wide lending network of online lenders
  4. HonestLoans – Has the most reliable online lending network 
  5. UnityLoan – Speedy approval for loans with bad credit

So, without further ado, let’s get into it.

1. US Installment Loans

US Installment Loans is an online lending service that is partnered with industry-leading lenders across the country to provide you with quick access to installment loans. The service is available to use 24/7 and features an extensive lending network that offers a high loan approval rate, even to those with bad credit.

Also, when determining loan eligibility, the US Installment Loans lending network takes into consideration your credit score, loan amount, income level, debt-to-income ratio, and other factors.

US Installment Loans co-founder Owen Wilcox went on to add, “As long as consumers have a steady source of income to make their repayments on time, anyone can confidently apply for a loan without fear of rejection.” 

In this respect, loan amounts from their lending network will usually range from $100 to $35,000, with the length of the loan term extending anywhere between 24 and 72 months. You will also only be required to provide a minimal amount of documentation to apply for funding. 

Moreover, you can typically expect to receive an approval decision within minutes of applying. And if your application is successful, you can expect to receive the funds within 24 hours. In addition, the service has a “no questions asked” policy, which means that you don’t have to worry about them wanting to know exactly why you need the loan.

Most Favorable Features

  • Easy loan application process
  • Open to borrowers with bad credit
  • Speedy funds transfer

Least Favorable Features

  • Some lenders charge high-interest rates

2. CocoLoan

CocoLoan is an online lending platform that any borrower with bad credit should turn to if they are looking to secure themselves competitive interest rates and terms. Moreover, the platform has been in the industry for quite some time, and as a result, it has a strong lender network for a wide variety of bad credit loans. 

Whether you need a payday loan or an installment loan, CocoLoan can help you. The site also offers a quick application process and even boasts a 97% approval rate for loan amounts that can reach as high as $35,000. The service is also completely free to use, and you don’t have to worry about any minimum credit score requirements either.

Aside from that, the site comes with an easy-to-use interface that even a first-time borrower can navigate. Plus, the platform is secured using bank-level security protocols to protect your personal and financial information from unauthorized third parties.

The site is also mobile-optimized, which means that you can conveniently apply for a loan using a mobile device at any time and anywhere. Plus, they have a reliable customer service team that is available to help with any queries you have 24/7.

Most Favorable Features

  • Offers complete data protection
  • Competitive loan rates and terms
  • Reliable customer support
  • High approval rates

Least Favorable Features

  • Some lenders carry out hard credit checks.
  • Limited to borrowers in the US.

3. WeLoans

WeLoans is a highly trusted name in the online loan industry, and one of the main reasons for this is that it has one of the largest lending networks in the market. As a result, many online borrowers often use the platform to access a wide variety of loans with zero processing fees and no hidden costs.

This also includes borrowers with a bad credit score, as their lending network takes other factors, such as your income level, into consideration over just your creditworthiness. In most cases, borrowers can access installment loans of up to $35,000. 

Also, since the company acknowledges the importance of fast loan processing, you can expect a loan decision within the same day. This also means that no matter how much money you apply for, you can expect all fund transfers to be quick and easy.

Furthermore, it is also one of the most secure lending sites, and even more conveniently, the platform allows you to apply for a loan after business hours. Plus, all the lenders within their network have been vetted, so you can rest assured that you will only ever be matched with reputable lenders.

Most Favorable Features

  • Reputable lenders
  • High approval rates
  • Bad credit allowed
  • Multiple loan products available

Least Favorable Features

High-interest rates

4. HonestLoans

HonestLoans is a highly reliable lending service that is well-known for having strict vetting procedures for all the lenders within its network. This means that all of the platform’s 80+ partner lenders are fully licensed and can be relied upon to provide bad credit borrowers with loans up to a maximum of $5,000.

Furthermore, it doesn’t take much to qualify for a loan via HonestLoans, as you only need to be 18 years of age or older, have a source of income, be a US citizen, and have an active bank account to qualify. Once you secure approval for a loan, you can expect the loan to be transferred to your account within the same day.

Also, since their lending network only conducts soft credit checks, there is no risk of your credit score being negatively impacted in the process. On top of that, HonestLoans provides high-end data encryption to ensure any information you share on their site remains confidential.

Most Favorable Features

  • High approval rates
  • Rapid loan processing

Least Favorable Features

  • Limited lending network
  • Loan limit at $5,000 for first-time borrowers

5. UnityLoan

UnityLoan is a great choice for borrowers that are in need of speedy loans, as the company automates their entire loan application process. As such, you can typically access loan amounts of up to $5,000 and expect a loan decision almost instantly, with all approved funds deposited in just a matter of hours.

The service also doesn’t come with any strict eligibility requirements, so borrowers of all credit types can easily access a wide variety of loan packages, such as installment loans and payday loans. You also don’t need to put up any collateral or worry about dealing with any hidden fees, even if you have bad credit.

However, if you do have a less-than-stellar credit history, there is no guarantee that you will be able to secure the exact amount that you borrowed from UnityLoan’s network.

Most Favorable Features

  • Offers multiple loan packages
  • Fast loan processing
  • Caters to bad credit borrowers

Least Favorable Features

  • Not available in some states
  • Loan amounts not guaranteed


All in all, the 5 credit lending services that we have listed above are great places to consider applying for installment loans or any other type of loan with bad credit. 

They are all legitimate, reliable, and trusted, with most of their lending networks also able to process the funds that you need in as little as 24 hours.

However, it is important to always remember that you should never borrow an online loan if you aren’t confident that you can afford to make your repayments on time.