Top 10 Installment Loans For Bad Credit in 2023 With No Collateral Required

Every now and then, you may find yourself stuck in a situation where you need to make a purchase or pay a bill but can’t afford to pay for it in full. And even if you can, this is not always a good idea because it could end up negatively compromising your financial situation. You can visit lear more about

In such cases, taking out an installment loan can often come in handy. You can get the funds you need and make small repayments over time without leaving a huge dent in your bank account. Luckily, there are several platforms that can help you secure installment loans online in just a few minutes and even get your approved funds by the next day.

  1. US Installment Loans – Best choice for installment loans with guaranteed approval
  2. WeLoans – Has an extensive lending network for installment loans
  3. CocoLoan Offers competitive installment loan rates and terms
  4. UnityLoan – Access no credit check loans with fast approval
  5. HonestLoans – Very trustworthy online lending platform
  6. NerdWallet – Extremely simple online loan application process
  7. CreditNinja – Highly reputable online loan service for consumers
  8. Speedy Cash – Facilitates extremely fast loan processing times
  9. RISE – Specializes in providing online loans quickly
  10. Avío Credit – Offers multiple loan products to borrowers

If you’re thinking about applying for an installment loan but are still feeling indecisive, then make sure to check out our reviews of our top 5 choices below. So, let’s get started!

1. US Installment Loans

US Installment Loans is an online lending marketplace that specializes in providing borrowers with access to installment loans. The company isn’t a direct lender, however, but rather works as an intermediary that effectively matches lenders with qualified applicants.

With this credit service, borrowers can typically access installment loans that range from $100 to $35,000. What’s more, most of the lenders that the company works with are more than willing to approve unsecured installment loans for applicants with a credit rating of 600 or less.


On top of that, their site is extremely user-friendly, and their loan application process is also fairly straightforward. Owen Wilcox, the co-founder of US Installment Loans, went on to add, “You only need to fill out a pre-approval form with your personal and financial details, enter your desired loan amount, and simply let us work our magic!”

Most of the time, you can expect your loan to be approved and the money deposited in your account within 24 hours. Furthermore, accessing their network of lenders is completely free, so you never have to worry about dealing with hidden fees or service charges.


  • User-friendly interface
  • Caters to borrowers with bad credit
  • Straight-forward loan application process
  • Fast loan processing


  • Only accessible to US citizens.
  • Lenders may charge high interest rates, especially for people with bad credit.

2. WeLoans

WeLoans’ biggest strength lies in the fact that they have an extensive lending network that spans over 100+ loan providers, most of whom cater to those with bad credit. As a result, they are able to offer access to multiple loan products beyond just installment loans, such as payday loans, title loans, and more.

Consumers are able to borrow from as low as $100 up to $35,000 in installment loans. The interest rates from their lending network are also designed to be reasonable, which makes it a great option for those who may have been denied by traditional lenders.

Furthermore, the sign-up process is also quick and simple, with the platform even allowing borrowers to access their lenders after business hours. On top of that, their credit check process is very relaxed, so your chances of securing approval are usually high.

WeLoans also vets all their lenders, which means you can rest assured that you will only be matched with reputable and honest loan providers with transparent loan terms.


  • Caters to bad credit borrowers
  • Extensive lending network
  • Multiple loan products
  • Legitimate and trustworthy lenders


  • Need an active bank account
  • Late fees can be high.

3. CocoLoan

When it comes to securing competitive loan rates and terms, CocoLoan should be a top choice. The online credit service makes it easy to shop around for lenders that can offer you lower interest rates and higher acceptance rates.

The site also offers a quick application process and serves loan applicants of all credit backgrounds, boasting a 97% approval rate. It is also one of the few online lending networks that allows bad credit borrowers to access loan amounts that can go as high as $35,000.

You also have the freedom to use the funds you borrow for any reason of your own choosing such as debt consolidation, unexpected medical bills, home remodeling, etc.

There are also no hidden charges or membership requirements to use the service, let alone any minimum credit score requirements. Aside from that, their eligibility requirements are fairly basic, as all you need to qualify is to be over the age of 18, have a steady income stream, be a permanent US resident, and have an active bank account.

In addition, the site is also designed to be simple to navigate and even utilizes high-end encryption to ensure that your personal and financial information remains confidential.


  • Extremely competitive loan rates and terms
  • No hidden charges or membership required
  • High loan approval rates


  • Some lenders may conduct hard credit checks.
  • Limited to US residents/citizens only.

4. UnityLoan

UnityLoan is an online loan service that is specifically designed to provide potential borrowers with access to no credit check loans in a fast and simple manner. The lending platform can help you borrow an installment loan of up to $5,000 in as little as 24 hours.

Furthermore, UnityLoan also accepts applicants of all credit backgrounds, with loan approval, loan amounts, and interest rates often depending on the applicant’s monthly income, credit score, and debt-to-income ratio.

When it comes to loan terms, these typically range from 60 days to 72 months, with the entire loan process being easy enough for even a first-time borrower to navigate. Once completed, your application is instantly distributed to their lending network, so you can even expect a loan offer within minutes.

That said, you should keep in mind that there is no guarantee that you will qualify for the full $5,000 if you have a bad credit score. Still, if you need a quick and easy loan to handle an urgent financial emergency, UnityLoans is an excellent choice.


  • Simple loan application process
  • Speedy loan approval
  • Long loan terms


  • Maximum loan limit of $5,000
  • High-interest rates on bad credit loans

5. HonestLoans

HonestLoans is well-known in the industry as one of the most trustworthy lending platforms that seeks to offer affordable loans for borrowers with bad credit. You can instantly get connected to a panel of lenders that will be willing to let you borrow up to $5,000 on poor credit.

However, what makes HonestLoans unique is that this limit can potentially grow as you continue to build a history of paying back your loans promptly. The website is also very user-friendly and utilizes SSL encryption to ensure complete data security.

You also don’t need any collateral when applying for a loan through the HonestLoans lending network, and their lenders will only conduct soft credit checks when verifying your application. This should make it easy for you to secure a loan without having to worry about it hurting your credit score.

The lending service is also available to use 24/7, so you can feel free to apply for a loan at any time. This also makes it an ideal service for anyone who needs to quickly deal with an unexpected financial emergency like a car breakdown or home repair.


  • User-friendly platform
  • High-end data security
  • Soft credit checks only
  • Trustworthy lending network


  • Loans are limited to $5,000
  • High interest-rates
  • High late payments fees and charges.


As you can see, there are several places where you can access installment loans, even with bad credit, and all from the comfort of your own home. Furthermore, most of the lenders we have listed above have been in the industry for quite some time.

As such, you can rest assured that you will not have to worry about dealing with any unscrupulous lending practices. Also, none of these sites conduct lengthy application processes, so you won’t need to wait more than a day or two to get your funds if approved.

In short, if you are considering getting an installment loan, don’t hesitate to apply for one from any of the sites listed above today!