Loan apps are gradually replacing traditional loan agencies or credit unions. Today, traditional loan institutions struggle to cope with these apps’ convenience and seamless processes. Furthermore, these apps and online lenders accept applicants regardless of their credit background.
However, identifying trustworthy installment loan apps can be challenging. There are many lending firms in this industry, and while some offer good services, others are opportunists and deceptive.
As a result, we’ve listed the top three installment loan apps that can get you started on the right foot. Let’s dive in!
The Top 3 Installment Loan Apps to Get You Started
1. Heart Paydays
Heart Payday is a popular loan app in the United States. This site offers all its loan services online and saves you the hassles involved with in-store loan applications. You can complete the whole application process in five minutes or less.
They offer various loan services, such as the bad credit loans guaranteed approval $5000, which can help you meet your emergency needs.
This app has a user-friendly interface, and virtually anyone can conveniently maneuver it with ease. The site is reputable for accepting applicants turned down by other lenders, as its eligibility thresholds are relatively lower than
in most lending institutions. For example, they accept people with bad credit, the unemployed, and those receiving government benefits.
Typically, Heart Payday loans come with APRs ranging from 5.99% to 35.99%.
Pros
- There is no paperwork involved
- Same-day payout
- Easy application process
Cons
- Exorbitant rates
2. Viva Payday Loans
The Viva Payday Loan app is another excellent option for an installment when you’re cash-strapped. The site offers non-guarantor loans just a few hours after completing your application.
Viva Payday Loan has partnered with direct lenders who can satisfy your loan needs as fast as possible. Furthermore, these direct lenders offer different loan amounts.
Viva Loans do not conduct an intensive credit check when evaluating loan applications, and even people with poor credit scores can secure loans with them. Other groups, such as the unemployed and beneficiaries of government support programs, can also apply for Viva Payday loans.
Their payday APRs range from 5.99% to 35.99%. This is mainly because each direct loan lender they have partnered with imposes their rates. One of their main drawbacks is that their services are not accessible in all states.
Pros
- Same day payouts
- The easy and fast application process
- Flexible loan amounts from $200 to $5,000
Cons
- Viva Loan services are not accessible in all US states
3. Credit Clock
Credit Clock Loan is regarded as the best for fast loan approvals. They offer their clients a range of loan products, such as bad credit payday loans, personal loans, emergency loans, etc.
This is the ideal loan lender if you’re in urgent and dire need of quick cash, as their fast loan approval process and quick payout period can save you time.
They offer loans to people with bad credit and even those receiving government benefits. However, you must meet their minimum requirements; you must be over 18 years old, prove that you earn at least $1,000, and be a citizen of the US. In some cases, you may be required to prove that you’re employed by submitting your payslip.
Pros
- Fast application process
- Same-day payouts
- People with poor credit backgrounds are also allowed to apply
cons
- Only people earning $1,000 or more can apply for the loans
Conclusion
Knowing that you have a loan option within reach of your phone can be an incredible feeling. We often find ourselves in tight spots, and going through the in-store loan application procedure might be a long shot in an attempt to finance an emergency. Therefore, having loan apps can ease our lives significantly.
However, this also exposes us to great temptation. Unlike in the traditional loan system, where you’ve got time to think things through before taking a loan, the new app option gives you the luxury of completing a loan application with just a few clicks. Some people, especially spendthrifts, might end up in debt cycles.
