Installment loans vary significantly from one company to the next. In fact, payday loans and installment loans are two kinds of credit that have some of the widest variations in terms of interest rates. You’ll also see differences in things like term lengths, types of interest rates, and fees.
Another important variation is how the company makes its lending decisions. Some installment loan lenders don’t require a credit check whereas others look at your credit. Each company puts different amounts of weight on your credit score, so just because one company has turned you down for an installment loan doesn’t mean other companies will.