Best Installment Loans for Bad Credit 2022

Last Update: July 1, 2022 Loan Reviews Loans

An installment loan is one that is paid in fixed monthly payments. People often misunderstand the terms: personal loans and installment loans. All personal loans are indeed paid in installments, but these are different things. An online personal loan, by definition, is one that is up to $100,000 and has an APR of 5.99% to 35.99%. An online installment loan is a loan that is paid in installments. If we are talking about bad credit installment loans, things are trickier because your options are limited. But getting an online installment personal loan with bad credit is absolutely possible. Installment loans for bad credit typically come with a high APR of 15% to 35.99%, which is not cheap, but it is much better than traditional payday loans with an APR of 400%. Watch our video that shows how people with bad credit can get a personal loan.

Best Installment Loans for Bad Credit 2022

Loan Company: Installments: Min. Credit Score: APR: Amount:
ZippyLoan 6 – 72 months 0 Vary $15,000
FundsJoy 1 – 36 months 0 Vary $5,000
OppLoans 9 – 18 months 0 59% – 160% $4,000
BadCreditLoans 24 – 60 months 0 5.99% – 35.99% $10,000
CashUSA 3 – 36 months 0 5.99% – 35.99% $10,000
PersonalLoans 36 – 72 months 580 5.99% – 35.99% $35,000
Upgrade 36 – 60 months 600 5.94% – 35.97% $50,000
EvenFinancial 24 – 84 months 550 2.49% – 35.99% $250,000


Loan Amount: $500 – $10,000
APR: 5.99% – 35.99%
Min. Credit Score: 0
Approval: 1 Day
Terms: 3 – 36 months
Origination Fee: N/A
DTI Ratio: N/A
Check rates is a great company that can help you get a personal installment loan instantly. They are a huge marketplace with lenders who help people with bad credit.


Loan Amount: $500 – $4,000
APR: 59% – 160%
Min. Credit Score: 0
Approval: < 1 Day
Terms: 9 – 18 Months
Origination Fee: N/A
DTI Ratio: N/A

OppLoans is also an installment loan company that helps people with bad credit, but it is less? Expensive than traditional payday loans. We call companies like OppLoans alternative payday loans. You can read more about them here:


Loan Amount: $1,000 – $35,000
APR: 5.99% – 35.99%
Min. Credit Score: 580
Approval: 1 Day
Terms: 90 days – 72 months
Origination Fee: 1 – 5%
DTI Ratio: N/A
Check rates

PersonalLoans can be a great company for those with bad credit and who want to get a personal loan. They have really competitive offers for you. Also, they have very low credit score requirements of 580 and a minimum income of $1,000. If you meet these, then you really should register with them.

What are My Options to Get a Personal Installment Loan if I’m with Bad Credit?

  • Unsecured personal loans

Some companies can give you personal loans if you have bad credit, but that does not mean you don’t have to meet any criteria. Every company sets its credit score and income criteria that everyone has to meet. If you don’t meet them, you can’t get a loan. So, in this case, you can work to improve your credit score or financial situation. If you can’t get great offers, you can reconsider your application or discuss the ability to pay the loan with the lender. You can also try to change the terms or lower the amount. The amount you can get with bad credit is not high, and the APR will be high, so we highly recommend that you wait and work on your credit score instead.

  • Secured personal loans

The chances of getting approved for a secured personal loan are high, but you have to put something as collateral, such as your car. If you can’t pay the amount on time, you can lose your collateral. Be careful with secured loans. Make sure that you can pay them on time. The same tips apply for loans with a cosigner. Pro tip: If you choose secured loans, always look for flexibility. That is a factor that is much more important than the actual APR. If you can’t pay the amount one day, you have to be sure that you will have some options like skipping a payment or no late fee for a long period of time instead of losing your collateral and getting a mark on your credit report.

What Types of Installment Loans for Bad Credit to Avoid?

  • Payday installment loans

These look exactly like what you are looking for? Many payday lenders will try to convince you that they are your only option if you have bad credit. That is not true. The lending market is much more flexible these days, and people with bad credit can get money. Payday loans come with an APR of 400% and lead people into a debt cycle. This means that for every $100 that you get, you will pay $30 per month. Payday loans are predatory, and we highly recommend that you avoid them. Installment payday loans are slightly improved payday loans because lenders allow you to pay the amount in installments. Still, there is a risk of a debt cycle, and the total amount you pay will be very high.

  • Auto title loans

These are almost the same as payday loans, but the difference is that you also risk losing your car.

  • Installment loans that won’t check your credit score

The fact that a lender won’t check your credit score means they don’t care about it. In fact, they know very well that your credit score is not OK. What they care about is getting you into a debt cycle. If a lender won’t perform a credit check, it doesn’t always mean that the loan is predatory. However, this is mostly the case.

  • Installment loans near me

People who are looking for loans near them will typically find payday loans.

  • Online installment loans instant approval

Technically, this is not a scam. The fact that a loan has instant approval does not mean that it is a scam. However, this is one of the phrases that predatory lenders often use: instant approval, credit check won’t be performed, money in an hour, and so on. There are many personal loans that are legit and can approve you instantly, which is what we recommend. Again, it is not about instant approval. It is a term they use to manipulate people.

  • Illegal loans

Legit loans are those that meet state regulations. Before applying for a loan, ensure that they meet all state regulations, different in all states. You can read our guide on legit loans here:


Getting a personal installment loan with bad credit is possible. Payday installment loans are predatory, and we don’t recommend them.



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