Top 3 Online Installment Loan Services In 2023 With High Approval Rates

Online Installment Loan

Whenever an unexpected emergency or expense strikes, you may find that your financial security is being threatened, especially if you don’t have a rainy-day fund or any savings to fall back on. It could be that your car suddenly broke down or that you suddenly find yourself in hospital with a huge medical bill that you are unable to pay.

Whatever the reason, if you are in urgent need of a fair amount of money, then a good option that is always worth considering is to get installment loans online. However, the real challenge lies in being able to find a reliable online lender, especially one that is willing to approve funding for borrowers with poor credit scores.

Luckily, there are a few online lending services that you can rely on to help you connect with an installment loan provider that can offer you the most favorable lending rates and terms for your situation. In this respect, check out our top 3 picks below and read on to learn more about why they are the best on the market today.

1. US Installment Loans – Best overall choice for securing favorable installment loans

2. WeLoans – Has the largest network of online lenders for bad credit

3. CocoLoan – Offers the highest approval rates for online loans for bad credit

Now, let’s break down each one of these platforms to see what makes them so special!

1. US Installment Loans

Online Installment Loan

When it comes to securing an installment loan online, the first place you should always head to is US Installment Loans. The company’s lending network specializes in providing these types of loans to borrowers, even if they have a less-than-stellar credit history.

This is because their partner lenders are usually more interested in assessing your level of affordability than your creditworthiness. This means that as long as you can prove you are capable of paying your monthly instalments on time, there is a high chance that you will get the funds you need.

In this regard, you can typically access installment loans that range from as low as $100 to $35,000, with all loans processed within 24 hours of approval. However, the best part about this service is that they don’t charge users a cent for it. The service is completely free, so you never have to pay any hidden fees or even sign up for any membership.

In this respect, Owen Wilcox, co-founder of US Installment Loans, recently said, “Our main focus is to provide borrowers with access to more financial options. As such, we have no intention of asking them to pay to see what the lending market can offer them.”

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Also, given that all their partner lenders are fully vetted, you can rest assured that you won’t ever have to deal with any unscrupulous or dishonest lending practices. Plus, the platform utilizes bank-level encryption to provide full data privacy and confidentiality on any personal and financial information that you submit.


  • High loan limits
  • Provides same-day funding
  • No hidden charges or fees


  • Interest rates can be high
  • Some lenders may conduct hard credit checks

2. WeLoans


WeLoans is one of the most reputable online credit services on the market. It has an extensive lending network of over 100 loan providers, all of whom are open to considering those with bad credit.

The service also provides access to a wide variety of loan packages, such as payday loans, installment loans, personal loans, and even title loans. Furthermore, all loans from this platform are processed within 24 hours of approval, with borrowers able to access up to $35,000, depending on their credit score and income level.

On top of that, the loan application process is designed to be fairly simple and straightforward, as it only takes a few minutes to complete. You don’t even need any excess documentation, as the only information you have to provide is a US government ID, proof of income, and bank details.

Once the online pre-approval form is submitted, you can expect to be presented with a number of offers from different lenders. However, the best part about using WeLoans is that you can also apply for a loan at any time, and their partner lenders will process your loan request even outside of normal business hours.


  • Excellent business reputation
  • Has the largest lending network
  • Multiple loan products


  • Restricted to US citizens only

3. CocoLoan


CocoLoan’s biggest strength is the fact that it offers some of the highest approval rates of any other online lending service on the market. They also have multiple loan products on offer, so whether you are looking for a title loan or an installment loan, CocoLoan can help you.

In terms of loan limits, CocoLoan allows potential borrowers to apply for loans of up to $35,000, even those with a bad credit history. Aside from that, the site also comes with a user-friendly interface that is secured with bank-level encryption to ensure complete data protection.

Moreover, you can expect a decision on your loan application almost instantly, with all approved loans deposited in your account in as little as 24 hours. Furthermore, the lenders in their network are well-known to offer flexible repayment terms, with their interest rates being highly competitive to boot.

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Also, given that CocoLoan has been in the industry for a very long time, its services can be relied upon, and it even makes a point to exclude any loan providers that have a history of questionable lending practices. Plus, it has a reliable customer support team that is available 24/7.


  • Highest approval rates
  • Fully vetted lending network
  • Competitive interest rates and flexible terms


  • Lenders may report late payments


Are These Online Lending Services Safe?

While it is true that things can go wrong if you don’t have the help of a trusted website, the fact is that all the lending services we have reviewed on this list are 100% trustworthy. After all, none of them requires you to pay any fees, they all ensure complete data security, and they all have a positive reputation among past borrowers. So you can rest assured that you have nothing to worry about.

Is It Easy to Secure A Bad Credit Loan?

It is usually easier to secure a loan with bad credit from an online lender compared to a traditional loan. This is because most online lenders are more concerned with your ability to repay your loan on time than your credit score. As a result, they are less stringent with their loan requirements and more open to approving loan requests from those with a less-than-stellar credit rating.

However, it is always a good idea to address any ongoing debt issues before you apply for an online installment loan because it will help to ensure that you secure more favorable interest rates and terms.


If you need an installment loan and want to avoid having to waste time and effort reaching out to individual lenders, you should absolutely consider using one of the lending services on this list.

These three companies are genuinely in the best position to help you connect with legitimate lenders and secure the funds you need almost immediately, even with a bad credit history.

That said, it is always important that you avoid applying for a loan if you are not confident enough in your ability to make your repayments on time. This will help you avoid the risk of falling into bad debt and also ensure that you do not end up damaging your credit score even further.

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About the Author: Nicky Bella

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