If you need a cash loan, you should know that there are many personal loan options similar to Boost Finance. People use personal installment loans for all types of expenses. But according to CreditKarma, 34.09% of borrowers used their loan to consolidate debt in 2020.1
If you are interested in installment loans, learn about your options below.
Finding the Right Personal Loan
A personal loan may be able to help you get quick financial relief. Personal loans provide small to large lump sums that are repaid in monthly payments. The repayment length can vary, extending from a few months to several years.
Most banks, credit unions, and online lenders offer personal installment loans. The eligibility requirements vary depending on the loan amount and the lender you work with. Generally, borrowers with good credit get the best rates and terms.
Types of Personal Loans
If you want to work with personal lenders, consider what type of personal loan you want.
There are different types of installment loans to choose from. The best option for you depends on your budget and the type of repayment terms you want.
Unsecured Personal Loan
An unsecured loan does not require any collateral from the borrower. Most personal loans are unsecure. If you have a bad credit score, you may still qualify for unsecured personal loans, but you will have to spend time comparing lenders or looking for bad credit loans with good rates and terms.
Secured Personal Loan
A secured loan requires some form of collateral to secure funding. For example, title loans require the car title. The type of collateral you can use for secured loans varies depending on the lender. However, most borrowers use a car, house or savings account. If you are considering applying for a secured loan, keep in mind that you risk losing your asset if you default on the loan.
Fixed Rate Loan
A fixed interest rate remains constant throughout the repayment process. When you apply for a personal loan, you will receive your interest rate and repayment schedule. Your monthly payments will not change, which means you can easily add fixed-rate loans to your existing financial plan.
Variable Rate Loan
A variable rate is based on a benchmark interest rate or index, so it can change throughout the repayment process. Some borrowers prefer variable rates because it’s possible to save money on the loan if rates decrease. However, variable rates are risky because they can increase unexpectedly. Monthly payments will be different every month, which makes budgeting very challenging. And if you cannot afford to pay a higher monthly payment, you may have to pay a late charge and negatively affect your credit history.
How Is Personal Loan Eligibility Determined?
When a consumer submits a loan application, they consent to a credit check. A hard credit check allows the online lender to look at your credit file and make an approval decision. But what is your credit file and what information is on it?
In the United States, there are three major credit bureaus: TransUnion, Equifax, and Experian. Each of the three major credit bureaus collect your financial information and maintain a credit report. A credit report is a statement that allows you and other permissible businesses to view your payment history and other details.
Here’s a general outline of the information credit bureaus provide in a standard credit report:
| Section | Description |
| Personal Information | Your name, address, Social Security number, date of birth, and employment information. This information is used to identify you. |
| Credit Accounts | Details of your credit accounts, including credit cards, mortgages, car loans, and student loans. This section includes the type of account, the date opened, the credit limit or loan amount, the balance, and the payment history. |
| Credit Inquiries | A list of entities that have requested your credit report, such as lenders when you apply for a loan or credit card. There are two types: hard inquiries and soft inquiries. |
| Public Records | Information on bankruptcy, tax liens, court judgments, or other legal matters that are public record and relate to your financial status. |
| Collections | Accounts that have been turned over to a collection agency, typically due to non-payment. |
| Credit Score | Some credit reports may include your credit score, though this is not always the case. Your credit score is a numerical representation of your creditworthiness. |
Personal loan lenders usually prefer working with individuals that have a good credit history, as this indicates low financial risk. But if you have bad credit, you may still be eligible for a personal loan.
Many online lenders are willing to work with bad credit borrowers that have a steady source of income. Inquire with multiple lenders to find the best loan offer for your financial needs and budget.
Personal Loans vs. Payday Loans: Which Are Better?
A payday loan, also known as a cash advance loan or pay advance loan, is a single-payment loan option for bad credit borrowers. Bad credit may not disqualify you from getting a payday loan, as long as you have the ability to repay by your next payday.
Payday loans are infamous for having very short repayment terms. As the name suggests, a borrower must repay payday lenders by their next payday. If the payday loan is not repaid on time, it rolls over. A rollover is a renewal of the payday loan. While convenient, a rollover will increase the principal balance due to a late payment fee and other charges.
Unfortunately, due to excessively high interest rates, many payday loan borrowers end up struggling to repay. According to Senior Economic Education Specialist Jeannette Bennett, the average payday loan has a 391% APR! Many financial experts recommend borrowers to look for payday loan alternatives to avoid financial issues and predatory lenders.
To determine which personal installment loans are the best payday loan alternatives, it’s important to inquire with multiple lenders. Compare their loan amounts, rates, repayment lengths, and fees.
Loans Resembling Boost Finance: What You Need To Know
Boost Finance is an online lender that provides installment loans and deferred deposit transactions, also known as payday loans. Boost Finance products vary by state, so the type of loan and terms you can get depends on your state of residence.
If you are interested in working with Boost Finance, you must reside in one of the following states:
- Delaware
- Idaho
- Louisiana
- Missouri
- Texas
- Utah
- Wisconsin
Generally, loan amounts range from $200 to $2,400, and borrowers can repay their personal loans through multiple installments up to one year.
However, Texas residents will need to work with a third-party lender to get a personal loan because Boost Finance does not operate directly in Texas. Texas personal loans range from $200 to $1,200 and are repaid in multiple installments up to six months.
If you reside in a state that does not offer Boost Finance products, Boost Finance could help you find a loan with another organization. But if you prefer to work with a direct personal loan lender, then you will need to look for an alternative personal loan option.
Who Are They For?
Boost Finance loans are meant for individuals who need small dollar, short-term loans. Good credit is not typically required to qualify for a Boost Finance loan because they offer bad credit loans.
Unlike traditional lenders, Boost Finance uses non-traditional credit bureaus, such as Clarity, DataX and/or FactorTrust. But remember that Boost Finance may still review your credit attributes in order to determine your eligibility and ability to repay.
To apply, applicants must meet the following requirements:
- Be 18 years of age or older
- Be a U.S. citizen or permanent resident
- Be a resident of Delaware, Idaho, Louisiana, Missouri, Texas, Utah, or Wisconsin
- Have a verifiable, regular source of income
- Have a valid checking account in your name
- Have a valid phone number
- Have an active email address
How Will the Application Process Work?
To apply with Boost Finance, an interested applicant must complete and submit an online application. The application form will require personal information, such as your name, birthdate, and ID or Driver’s License number.
After submitting a loan application, the applicant will receive a notification of their approval status. If the applicant is eligible for an installment or payday loan, they will need to verify their information online or over the phone. After verification is complete, the qualified applicant can receive their money by the next business day.
What Can I Expect if I Get One?
Boost Finance is an expensive borrowing option and is not meant as a long-term financial solution. While Boost Finance does not provide interest rates on their website, they do offer an example of a $300 monthly loan.
In the example, the annual percentage rate is 775.83%. If you borrow $300 and pay it off in 5 monthly installments, your total finance charge would be $738. That means that your initial $300 loan amount would end up costing you $1,038!
This is a very high cost for personal loans. No matter how quickly you need money, consider how much you can afford to borrow and how much you’re willing to pay for a payday loan.
CreditNinja: How Does It Compare?
Since 2018, CreditNinja has been helping consumers across the United States get quick financial relief. We have helped over 275,000 customers get the cash they need for medical debt, car repairs, home repairs, and much more.
We currently have a 4.4 star rating on Trustpilot from 7,822 reviews. Our quality service is exceptional because we make customers our priority. Take a look at our online reviews for more information from current and past customers.
CreditNinja’s Installment Loans
CreditNinja offers unsecured personal installment loans for almost any emergency. We understand that not every situation is the same, that’s why we offer personalized loan terms for each customer.
At CreditNinja, we offer small to large loan amounts to help borrowers tackle all kinds of financial issues. Our repayment lengths are flexible, which allows borrowers to choose between short and extended repayment lengths. Our loans do not have prepayment penalty fees, so you can choose to make early payments whenever you want to save on interest.
How Does CreditNinja Stand Out?
CreditNinja offers exclusive perks that are meant to benefit you. Take a look at what you can expect from working with us:
- Easy Application — Our application process is quick and easy for your convenience. Use our mobile app or apply directly on the website. All you need to do is provide us with your desired loan amount and basic personal information.
- Online Process — Our application process is entirely online, so there’s no need for you to visit a store location or wait in line. You can apply at any time, from anywhere!
- Quick Funding — Eligible borrowers can get their money as soon as the same day!* If you need money as soon as possible, apply today!
- Competitive Rates — Our rates are competitive to better suit your financial needs. We know that borrowing can be expensive, so we aim to be one of the top lending choices.
- Exceptional Customer Service — Our customer service team provides exceptional service! Check out our online reviews to see what customers have said about our helpful staff.
Who Should Pick CreditNinja?
CreditNinja is an alternative to payday loans. If you need money quickly with bad credit, consider applying for a CreditNinja personal loan.
While other lenders focus on credit scores, we know that there are more important details. We offer flexible approval requirements because we understand that everyone has a unique credit history. We look at more than just your bad credit score, so inquire with us today!
FAQs About Loans Comparable to Boost Finance
Credit unions are known for offering member-focused services and potentially lower rates compared to traditional banks. But while a credit union may be more flexible with credit histories, they require membership.
Your credit history is like your financial CV. Lenders use it to decide your loan terms. A stronger history usually leads to better terms, like lower interest rates and more favorable repayment options.
Before applying for payday loans, consider the high interest rates and short repayment terms. Payday loans are handy for bad credit borrowers with immediate needs, but they can be costly in the long run.
You can manage high monthly loan payments by budgeting wisely and cutting unnecessary expenses. Sometimes, talking to your lender about restructuring your loan can also help.
Debt consolidation might simplify your life by combining multiple outstanding debts into a single loan with one monthly payment. Debt consolidation can make managing your finances easier and sometimes reduce your overall interest rate.
A Final Note From CreditNinja
There are many online lenders similar to Boost Finance that provide fast emergency cash. But the right option for you depends on your repayment preferences, desired loan amount, budget, and other factors. The best way to find the best loan for your situation is to make comparisons.
CreditNinja provides free resources online so consumers can get quick and accurate financial information. Check out the Dojo to learn the difference between a cashier’s check vs certified check, how to start budgeting with irregular income, and much more!
*Applications approved before 10:30 a.m. CT Monday-Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case the loan, if approved, will be funded the business day after such additional verification is completed.
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