Top 5 Reasons to Choose Explore Credit Installment Loans

Here at MoneyFor, our goal is to help you make informed financial decisions. We are committed to accuracy and impartiality in all our content. It’s important to note that articles may reference products from our partners who compensate us. This influences which products we feature and their presentation on our site, not our evaluation.

Key takeaways

Explore Credit offers installment loans with flexible repayment terms. Borrowers can choose options that best fit their financial needs and repayment capabilities.
The application process is quick and easy, enabling applicants to apply online and receive a decision promptly, which is ideal for those in need of fast financial assistance.
Explore Credit offers a Loyalty Point Program that allows borrowers to earn points for every dollar they pay towards their loan.

With numerous borrowing options available, it can be challenging to determine the best fit for your financial needs. How do you choose the right loan? How can you be sure of approval? If you’re considering a personal loan, Explore Credit installment loans could be the solution you need.

Their application process is quick and straightforward, allowing you to find out if you’re approved in just minutes. You have the flexibility to select your repayment dates, and once approved, you’ll receive your funds rapidly. When unexpected expenses arise, and you need fast funding, Explore Credit can provide a convenient and efficient option.

Let’s dive into what loans Explore Credit offers and the top five reasons you should consider one.

What are Explore Credit installment loans?

Explore Credit offers short-term installment loans ranging from $250 to $2,000, providing a lump sum of money upfront that you repay over a set period. This flexible option allows you to choose your repayment schedule, whether weekly, bi-weekly, monthly, or semi-monthly, so you can select a plan that fits your budget.

Their loans come with competitive interest rates and no hidden fees, ensuring you always understand the cost and terms of your loan. This transparency and flexibility make Explore Credit a convenient option for managing your short-term financial needs, giving you peace of mind and control over your repayments.

Why choose Explore Credit?

1. One lump sum

When you get an installment loan from Explore Credit, you receive the entire loan amount upfront, which is ideal for covering large bills, making major purchases, or consolidating debt. This lump sum distribution simplifies financial planning and ensures immediate access to the necessary funds.

Explore Credit offers fixed interest rates, which provide the benefit of predictable, consistent payments throughout the loan term. This stability makes the loan easier to manage and budget for, as you always know what your monthly payment will be. With clear terms and no hidden fees, Explore Credit helps you stay on top of your finances with confidence and ease.

2. Fast funding

Time is of the essence when it comes to financial emergencies, and Explore Credit understands this urgency. Their streamlined application process and efficient approval system are designed to provide you with the funds you need swiftly. In many cases, you can receive the money as soon as the next business day. This rapid response can be crucial when dealing with unexpected expenses, allowing you to address your financial needs without delay. Whether it’s for a medical emergency, urgent home repairs, or other unforeseen costs, Explore Credit’s quick and reliable funding process ensures you won’t be left waiting when time matters most..

3. No collateral required

Secured loans require you to put up an asset, such as a house or car, as collateral. If you default on the loan, the lender can seize this asset, putting your valuables at risk. Thankfully, Explore Credit installment loans are unsecured, meaning you don’t need to risk any personal assets to obtain the money you need.

The approval for these loans is based on your creditworthiness and ability to repay rather than on collateral. This makes the process less stressful and more accessible, especially for those who do not have significant assets to put up. By focusing on your financial stability and repayment capacity, Explore Credit provides a safer borrowing option.

4. Flexible split payments

The beauty of installment loans lies in their structured repayment system, which alleviates the stress of repaying a large sum all at once. Explore Credit allows you to split your loan into manageable weekly or monthly payments, making it easier to fit repayments into your budget. Additionally, if you need to change your due date, they are flexible and willing to work with you to find a suitable solution.

This predictability and flexibility in repayment schedules make budgeting simpler and reduce the overall stress associated with loan repayments. Moreover, you have the option to repay the entire loan early. If you can manage an early repayment, do so, as it will save you on interest charges. Many lenders penalize you with an early prepayment penalty, but not Explore Credit. They understand that repaying the loan early is in everyone’s best interest.

5. Join the Loyalty Points Program

What sets Explore Credit apart from other lenders is its unique Loyalty Points Program. For every dollar you pay towards your loan, you earn one loyalty point. Once you accumulate 1,500 points, Explore Credit automatically applies a $25 discount to your next payment. This program is designed to reward borrowers for their timely repayments, offering a tangible benefit that can help reduce the overall cost of the loan. It’s a customer-centric approach that not many other lenders offer, providing an added incentive to stay on top of your payments while potentially saving money in the process. This distinctive feature enhances the overall borrowing experience with Explore Credit, making it more rewarding and supportive for its customers.

Fast and simple 👌 convenient

“Explore credit made my experience very simple and fast . Will definitely refer them or use them again.”

Victor Lopez

Been turned down for loans in the past?

Find the best loans for bad credit and get the money you need when you need it.

How to get Explore Credit installment loans?

Applying for an installment loan with Explore Credit is straightforward and entirely online through its customer portal. The application process is streamlined, requiring minimal paperwork. You do need to provide some basic information, including your:

Social Security Number
Permanent address
Driver’s license or other government issued ID
Details about your current employer
Bank account information

It’s the same information you would need to provide any other lender. Explore Credit prioritizes the security of your personal information, utilizing industry-standard security protocols to ensure that all your data is kept safe.

The entire application process only takes a few minutes to complete via the online portal, and you’ll receive a response quickly.

This ease of application, combined with robust security measures, makes borrowing from Explore Credit a convenient and secure option.

Pros and cons of Explore Credit installment loans

Pros

Flexible repayment terms: Explore Credit offers installment loans with various repayment terms, allowing borrowers to choose a schedule that best fits their financial situation.
Fast approval and funding: The application process is typically quick, with approvals and funding often occurring within a short time frame, which is ideal for those needing immediate financial assistance.
No prepayment penalties: Borrowers can pay off their loans early without incurring additional fees, potentially saving on interest costs.
Credit building: Timely payments on installment loans can help improve a borrower’s credit score, making it easier to obtain credit in the future.
Fixed interest rates: Installment loans from Explore Credit often come with fixed interest rates, providing predictable monthly payments and making it easier for borrowers to budget.
Online application process: The convenience of an online application process allows borrowers to apply from the comfort of their own home, anytime.
Transparent terms: Explore Credit provides clear and transparent loan terms, helping borrowers understand their obligations and avoid unexpected charges.

Cons

Higher interest rates: Compared to traditional bank loans, installment loans from online lenders like Explore Credit can come with higher interest rates, especially for borrowers with poor credit.
Potential for Debt Cycle: If not managed properly, borrowers may find themselves in a cycle of debt, especially if they take out additional loans to cover existing debts.
Limited availability: Explore Credit may not operate in all states, limiting access for some potential borrowers.
Fees and charges: There may be additional fees associated with the loan, such as origination fees, late payment fees, or processing fees, which can increase the overall cost of the loan.
Income requirements: Borrowers need to meet certain income requirements to qualify for a loan, which can exclude those with irregular or insufficient income.

By weighing these pros and cons, borrowers can make a more informed decision about whether Explore Credit installment loans are the right choice for their financial needs.

Is Explore Credit legit?

Explore Credit is a legitimate lending company, but it has received mixed reviews and significant customer complaints. The company, owned by the Oglala Sioux Tribe, offers unsecured installment loans and operates with transparency regarding its terms and fees. However, its Better Business Bureau (BBB) profile shows an average rating of 1.12 out of 5 stars based on 163 customer reviews, and it has closed 306 complaints in the last three years. While Explore Credit provides a convenient and quick loan application process with fast funding, potential borrowers should be cautious and thoroughly review the loan terms and customer feedback before proceeding.

Frequently asked questions

1. What credit score do you need for an installment loan with Explore Credit?

Explore Credit does not explicitly state a minimum credit score requirement for their installment loans. However, they consider various factors, including creditworthiness and ability to repay, during the application process. This suggests that while a higher credit score may improve approval chances, those with less-than-perfect credit may still qualify based on other financial factors. For more details, it’s best to visit their official website or contact their customer service directly.

2. How much does an installment loan cost?

The cost of an installment loan from Explore Credit varies based on the loan amount, term, and the borrower’s credit profile. Typically, these loans come with competitive interest rates and no hidden fees. Borrowers should expect to pay back the principal amount plus interest, which can significantly affect the overall cost. For specific rate details and personalized quotes, it is best to visit Explore Credit’s official website or contact their customer service directly.

3. What’s the typical repayment term for an installment loan?

The typical repayment term for an installment loan from Explore Credit ranges from several months up to a few years. The exact term depends on the loan amount, the borrower’s credit profile, and the lender’s policies. Borrowers can often choose from flexible repayment schedules such as weekly, bi-weekly, monthly, or semi-monthly payments, allowing them to tailor the loan to their financial situation. For specific terms, it is best to visit Explore Credit’s official website or contact their customer service directly.

4. Can I take out two loans at once?

Generally, most lenders, including Explore Credit, do not allow borrowers to have more than one active loan at a time. This policy helps to manage risk and ensures borrowers are not overextended. For specific policies regarding multiple loans, it’s best to check directly with Explore Credit’s customer service or refer to their official website.

Bottom line

Explore Credit’s installment loans provide fast funding when you need it most, making them essential for handling unexpected expenses or large bills without overdrawing your bank account. With Explore Credit, you can quickly and easily secure the loan you need, free from hidden fees. The application process is straightforward, but it’s crucial to be realistic about your finances and ensure you can repay the loan. Simply visit their secure online portal for a fast and easy loan application.

Explore Credit will be there for you whenever you need an installment loan, offering a reliable solution to your urgent financial needs.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

7. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

8. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

9. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

10. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

11. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

12. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

13. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

14. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

16. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

17. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

18. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

19. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

21. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

22. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

23. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

24. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

25. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

26. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

27. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

28. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

29. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

30. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

31. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

32. Tipping or not tipping has no impact on your eligibility for SpotMe®.

33. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

34. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

35. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

36. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

37. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

38. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

Top 5 Reasons to Choose Explore Credit Installment Loans

Key takeaways

Jump to:

What are Explore Credit installment loans?