Best Installment Loans in May 2022

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As of May 20, 2022

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What To Know First

What to know first:

An installment loan lets you borrow a fixed sum of money and pay it back over a set period of time. It can be an attractive choice if you want to finance a large-ticket purchase or need flexibility in the loan’s use. Installment loans often have lower interest rates than credit cards and can be a far better choice than payday loans, which tend to charge very high interest rates and fees. Plus, you typically need to pay back a payday loan the next time you get paid.

While the borrower requirements and application process might vary depending on the lender, you’ll generally follow these steps to apply for an installment loan:

Gather personal information such as your government-issued ID, proof of income and Social Security number.
If a lender offers prequalification, it will do a soft pull on your credit to find out which rates and terms you qualify for. This won't ding your credit score.
Compare loan rates and terms from multiple lenders.
Once you apply for a loan, a lender will do a hard pull on your credit and verify the information you submitted.
Receive a loan decision. If you’re approved, you could get your funds as soon as the next business day, depending on the lender.

Methodology

To select the top personal loan lenders, Bankrate considered factors that help consumers decide whether a lender is a good fit for them, such as credit requirements and minimum APRs. We sought lenders with low fees and a range of loan amounts for borrowers with varying budgets and credit profiles. We also looked for conveniences like online applications and fast funding.

In addition, the lenders featured here were evaluated for notable features like customer discounts and flexible repayment options.

What is an installment loan and how does it work?
What can I use an installment loan for?
Types of installment loans
Can I get an installment loan if I have bad credit?
How an installment loan affects your credit
Details: Best installment loans in 2022
How to find the best installment loan rates
Frequently asked questions about installment loans

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4.6 Bankrate Score	APR from 5.73%* with AutoPay	Loan Amount $5k- $100k* Term: 2-7 yr*	Min. Credit Not disclosed	See Offers o Lowest rate is with AutoPay and for excellent credit only o Loans from $5,000 - $100,000 o Same-day funding available (conditions apply) o We guarantee your best-funded loan experience ever Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rates range from 5.73% - 19.99% APR w/AutoPay. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are .50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 5.73% APR with a term of 3 years would result in 36 monthly payments of $303.00. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank. APR From 5.73% Loan Amount $5k- $100k Min Credit Not disclosed See Offers	Apply on partner site
4.8 Bankrate Score	APR from 5.94- 35.97% with AutoPay	Loan Amount $1k- $50k Term: 3-5 yr	Min. Credit 560	See Offers Personal loans up to $50,000 with low fixed rates that will never change Affordable monthly payments that fit your budget and no prepayment penalties Fast funding, money is sent to your bank account within a day of clearing any verifications No obligation and no impact to your credit score when you check your rate Use your loan through Upgrade to pay on high interest credit cards, make a large purchase, finish that home improvement project, or almost any life event! Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/. **Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. APR From 5.94% Loan Amount $1k- $50k Min Credit 560 See Offers	Check rate with Bankrate
4.7 Bankrate Score	APR from 5.99% 3 or 5 year term	Loan Amount $2k- $50k Term: 3-5 yr	Min. Credit 660	See Offers Get a personal loan up to $50,000 with a fixed APR from 5.99% to 35.99%,Get money in as little as one business day, upon approval and verification,Join more than 450,000 customers at a trusted company with an A+ BBB rating,Use it for almost anything: consolidate debt or other unexpected expenses DISCLOSURE UPDATE AS OF 07.2021 Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. "Best Egg" is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of "Best Egg" refer to "the Best Egg personal loan", "the Best Egg Secured Loan", and/or "Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan," as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank's policies. Loan amounts range from $2,000 - $50,000. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99% - 35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99% - 5.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. APR From 5.99% Loan Amount $2k- $50k Min Credit 660 See Offers	Check rate with Bankrate
4.6 Bankrate Score	APR from 6.99- 22.78% with AutoPay	Loan Amount $5k- $100k Term: 2-7 yr	Min. Credit Not disclosed	See Offers Personal loans from $5,000 to $100,000 Low fixed rates (with AutoPay) and no origination fees Checking your rate will not affect your credit score Simple online application and live customer support Fixed rates from 6.99% APR to 22.28% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 1/18/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. APR From 6.99% Loan Amount $5k- $100k Min Credit Not disclosed See Offers	Check rate with Bankrate
4.6 Bankrate Score	APR from 5.99%	Loan Amount $5k- $35k Term: 2-5 yr	Min. Credit 600	See Offers	Check rate with Bankrate
4.5 Bankrate Score	APR from 6.34- 35.89%	Loan Amount $1k- $40k Term: 3-5 yr	Min. Credit Not disclosed	See Offers We’ve helped over 4 million members start their journey out of debt Get your cash in as little as 48 hours 1  Check your rate with no impact to your credit score 2 Take advantage of unique offerings—balance transfer loans, joint applications, auto loans, and other member perks. A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states.  APR ranges from 6.34% to 35.89% and is determined at the time of application. Origination fee ranges from 2% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of 3/15/22 and are subject to change without notice.  1. Between July 2021 and September 2021, more than two-thirds of personal loans issued by LendingClub Bank were funded within 48 hours after loan approval. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. 2. Checking your loan rate generates a soft credit inquiry on your credit report, which is visible only to you. A hard credit inquiry, which is visible to you and others, and which may affect your credit score, only appears on your credit report if and when a loan is issued to you. Your loan APR will depend upon your credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and your credit usage and history.  Unless otherwise specified, all loans and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment.  Deposit accounts are subject to approval.  Only deposit products are FDIC insured.  “LendingClub” and the “LC” symbol, and “Radius” and the “R” symbol, are trademarks of LendingClub Bank.  © 2021 LendingClub Bank. All rights reserved. APR From 6.34% Loan Amount $1k- $40k Min Credit Not disclosed See Offers	Check rate with Bankrate
4.8 Bankrate Score	APR from 6.99- 19.99%	Loan Amount $3.5k- $40k Term: 3-6 yr	Min. Credit 660	See Offers No Fees. Ever. We don't deduct a sign-up fee from your loan amount. Loans from $3,500 to $40,000 and fixed rates from 6.99% to 19.99% APR. Only the most creditworthy applications qualify for the largest loan amounts and lowest rates. Discount when enrolled in Autopay You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details. APR From 6.99% Loan Amount $3.5k- $40k Min Credit 660 See Offers	Check rate with Bankrate
4.6 Bankrate Score	APR from 7.95- 35.99%	Loan Amount $2k- $40k Term: 3-5 yr	Min. Credit 560	See Offers More than $16 billion in loans funded 9 out of 10 customers would recommend Prosper to friends or family* Co-borrower option available. Applying with a co-borrower could help improve your rates Get your money in as few as 3 business days, your monthly payment stays the same For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC. APR From 7.95% Loan Amount $2k- $40k Min Credit 560 See Offers	Check rate with Bankrate
4.4 Bankrate Score	APR from 7.99- 35.99%	Loan Amount $2k- $25k Term: 2-5 yr	Min. Credit 600	See Offers “” * Applications submitted on this website may be funded by one of several lenders, including: FinWise bank, a Utah-chartered bank Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 60 months. Georgia loans have a minimum $3,500 loan amount. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 23.72% and origination fee of 6% will have a payment of $324.48 per month. (Actual terms and rate depend on credit history, income, and other factors.) Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled. APR From 7.99% Loan Amount $2k- $25k Min Credit 600 See Offers	Check rate with Bankrate
4.5 Bankrate Score	APR from 9.95- 35.99%	Loan Amount $2k- $35k Term: 2-5 yr	Min. Credit 550	See Offers Personal loans from $2,000 to $35,000 online. Competitive rates from 9.95% - 35.99% APR and terms from 24 to 60 months Checking your loan options has no impact to your credit score. Fast Decisions, see your loan options in minutes Funding as soon as next business day *A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC. APR From 9.95% Loan Amount $2k- $35k Min Credit 550 See Offers	Check rate with Bankrate
3.9 Bankrate Score	APR from 18.00- 35.99%	Loan Amount $1.5k- $20k Term: 2-5 yr	Min. Credit None	See Offers Personal and auto loans from $1,500-$20,000 (GA minimum $1,500 existing customers for new loans $3100 for others) A quick decision on your loan request Clear loan terms with no hidden fees and no prepayment penalties Apply online, by phone or at your local branch. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender. APR From 18% Loan Amount $1.5k- $20k Min Credit None See Offers	Check rate with Bankrate
	APR from 7.99- 35.99%	Loan Amount $1k- $35k Term: 1-3 yr	Min. Credit None	See Offers Stilt is a mission-driven fintech company focused on providing credit to international students, immigrants and the underserved. We build products to improve financial inclusion and democratize access to the credit through providing accessible and reasonable personal loans. Immigrants, international students, other visa holders and those underserved by the traditional banking system often encounter many struggles while trying to build credit, apply for personal loans and build their financial future. Stilt’s services allow them to take a step forward in their path to financial health by applying for a personal loan with a unique qualifying process like Stilt’s. Stilt is focused on improving financial inclusion and access to credit at reasonable rates. APR From 7.99% Loan Amount $1k- $35k Min Credit None See Offers	Check rate with Bankrate

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Bankrate's guide to choosing the best installment loan

Why trust Bankrate?

At Bankrate, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.

When shopping for an installment loan, compare APRs across multiple lenders to make sure that you’re getting a competitive rate. Also look for lenders that keep fees to a minimum and offer repayment terms that fit your needs.

Loan details presented here are current as of the publish date, but you should check the lenders’ websites for more current information. The installment loan lenders listed here are selected based on factors such as APR, loan amounts, fees and credit requirements.

Best installment loans of 2022


LENDER	EST. APR	LOAN TERM	LOAN AMOUNT	MIN CREDIT SCORE	BEST FOR
Marcus by Goldman Sachs	6.99%–19.99% (with autopay)	3–6 years	$3,500–$40,000	Not specified	Good credit
LendingClub	6.34%–35.89%	3 or 5 years	$1,000–$40,000	600	Peer-to-peer lending
Upstart	5.35%–35.99%	3 or 5 years	$1,000–$50,000	No minimum credit score requirement	Fair credit
LightStream	5.73%–19.99% (with autopay)	2–7 years	$5,000–$100,000	Not specified	Large loan amounts
Payoff	5.99%–24.99%	2–5 years	$5,000–$40,000	600	Credit card debt consolidation
SoFi	6.99%–22.28% (with autopay)	2–7 years	$5,000–$100,000	680	Unemployment protection
Avant	9.95%–35.99%	2–5 years	$2,000–$35,000	Not specified	Bad credit

Summary: Installment loans in 2022

What is an installment loan and how does it work?

Installment loans are financial products that let you borrow a fixed sum of money and pay it back slowly over time. These loans, which include personal loans, typically come with the benefit of fixed interest rates and fixed monthly payments, so you always know how much you owe each month and when your final payment will be due. Say you were to borrow $30,000 with a 10.99 percent APR and a 60-month repayment timeline. You would pay $652.12 a month for five years.

What can I use an installment loan for?

One of the attractive features of an installment loan is its versatility. You can get an installment loan to pay for a major purchase, such as a car or a home. A personal loan, which is a type of installment loan, can typically be used for a variety of purchases. They can be used to pay for:

A car.
A home.
Debt consolidation.
A wedding.
Home remodeling projects.
Emergency expenses.

Types of installment loans

There is a wide range of installment loans, all designed for specific purposes. Here are some of the most common:

Personal loan: A personal loan is a lump-sum loan that's usually repaid in two to five years. It's usually unsecured, and the money from the loan can be used in myriad ways: to consolidate debt, fund home improvement projects, pay for a wedding, cover emergency expenses, and more.
Mortgage: A mortgage is a secured loan that is used for a single purpose: to buy property, usually a house. The home serves as collateral and secures the loan, which is paid monthly over a long term, usually 15 or 30 years.
Auto loan: An auto loan is a secured loan that is used to buy a car, with the vehicle serving as collateral. The loan is paid monthly, typically in two to seven years. Use our auto loan calculator to determine what your monthly payment might be.

Can I get an installment loan if I have bad credit?

Installment loans for bad credit are certainly out there. But you’ll need to do your due diligence, shop around and compare several options. Every lender has different eligibility requirements, so check to see which you might qualify for with shaky credit. You can also expect your installment loan to have a higher interest rate, and possibly more loan fees, such as origination fees.

How an installment loan affects your credit

The strength of your credit impacts the loan amounts, rates and terms you qualify for. Once you get an installment loan, here's how it can impact your credit:

Making on-time payments could boost your credit score. As payment history makes up 35 percent of your score, being on time with your monthly payments can help your credit. On the flip side, being late or having missed payments could negatively impact your score.
Paying the loan in full can improve your credit. While paying the loan off on time and in full can bump up your score, paying it off early most likely won't have a huge impact over paying it off on the agreed-upon schedule.
It'll stay on your credit report for 10 years. Once your loan is paid off, it's considered a closed account. Closed accounts that are in good standing could do good for your credit, as they stay on your credit file for 10 years.

Details: Best installment loans in 2022

Marcus by Goldman Sachs: Best installment loan for good credit
LendingClub: Best peer-to-peer installment loans
Upstart: Best installment loan for fair credit
LightStream: Best installment loan for large loan amounts
Payoff: Best installment loan for credit card debt consolidation
SoFi: Best installment loan for unemployment protection
Avant: Best installment loan for bad credit

Marcus by Goldman Sachs: Best for good credit

Overview: Marcus by Goldman Sachs offers installment loans with competitive interest rates and no fees. You can borrow up to $40,000 with a fixed interest rate and fixed repayment timeline, making it easy to budget for your loan payments over time.

Why Marcus by Goldman Sachs is the best for good credit: While Marcus doesn't list any specific credit score requirements, it's likely that you'll need a score of at least 660 to qualify. Interest rates are low for consumers with good or excellent credit.

Perks: You can secure a 0.25 percent rate discount when you sign up for autopay. There are also no sign-up, prepayment or miscellaneous fees.

What to watch out for: Marcus doesn't allow co-signers, and it doesn't list any specific eligibility requirements, so it's hard to know if the lender is a good option for you.

LENDER:: Marcus by Goldman Sachs
BANKRATE RATING:: 4.8
MIN. CREDIT SCORE:: Not Specified
EST. APR:: 6.99%–19.99%
LOAN AMOUNT:: $3,500–$40,000
TIME TO RECEIVE FUNDS:: As few as 3 days
TERM LENGTHS:: 3 to 6 years
MIN. ANNUAL INCOME:: Not specified
FEES:: None
ADDITIONAL REQUIREMENTS:: N/A

Read Bankrate's expert Marcus by Goldman Sachs Review

LendingClub: Best peer-to-peer installment loan

Overview: LendingClub is a peer-to-peer lender, meaning you receive your loan funds from individual investors instead of from a traditional bank. You can borrow money for nearly any reason, ranging from debt consolidation to home improvement projects.

Why LendingClub is the best peer-to-peer installment loan: While other peer-to-peer lenders have lower rates or higher borrowing limits, LendingClub has a lower minimum credit score than SoFi and a lower maximum origination fee than Upstart.

Perks: LendingClub makes it easy to get prequalified online and without a hard inquiry on your credit report.

What to watch out for: LendingClub installment loans can come with an origination fee of 3 percent to 6 percent of your loan amount.

LENDER:: LendingClub
BANKRATE RATING:: 4.3
MIN. CREDIT SCORE:: 600
EST. APR:: 6.34%–35.89%
LOAN AMOUNT:: $1,000–$40,000
TIME TO RECEIVE FUNDS:: 48-hours from loan approval to funding
TERM LENGTHS:: 3 to 5 years
MIN. ANNUAL INCOME:: Not specified
FEES:: Origination fee: 3% to 6%; Late fee: greater of 5% or $15
ADDITIONAL REQUIREMENTS:: Minimum debt-to-income ratio (DTI): 40 for individual applications, 35 for joint applications

Read Bankrate's expert LendingClub Review

Upstart: Best for fair credit

Overview: Upstart is an online installment loan lender that offers competitive loan products to borrowers with good or even fair credit. You can apply for your loan online and get your money as soon as the next business day.

Why Upstart is the best for fair credit: Upstart has no minimum credit score requirement.

Perks: Upstart looks at more than your credit score when approving you for a personal loan. It also considers your education, area of study and job history.

What to watch out for: Upstart’s interest rates can be on the high side for consumers with imperfect credit, with rates capping at 35.99 percent APR. Also watch out for origination fees as high as 8 percent of your loan amount.

LENDER:: Upstart
BANKRATE RATING:: 4.5
MIN. CREDIT SCORE:: No minimum credit score requirement
EST. APR:: 5.35%–35.99%
LOAN AMOUNT:: $1,000–$50,000
TIME TO RECEIVE FUNDS:: As soon as 1 business day
TERM LENGTHS:: 3 to 5 years
MIN. ANNUAL INCOME:: Not specified
FEES:: Origination fee: 0% to 8%; Late fee: greater of 5% of the amount due or $15; Returned check fee: $15; One-time paper copies fee: $10
ADDITIONAL REQUIREMENTS:: N/A

Read Bankrate's expert Upstart Review

LightStream: Best for large loan amounts

Overview: LightStream offers installment loan amounts up to $100,000, as well as some of the lowest interest rates for consumers with excellent credit. You can also apply online and have access to your funds within the same day.

Why LightStream is the best for large loan amounts:You can borrow considerably more with this lender than you can with some competitors — up to $100,000.

Perks: LightStream offers a discount on your APR when you sign up for autopay, and its loans also come with no fees.

What to watch out for: While LightStream's website doesn't list specific eligibility requirements, it does mention that LightStream borrowers typically have several years of credit history with a variety of accounts, such as credit cards, auto loans and mortgages. If you don't fit this profile, LightStream may not be the best fit.

LENDER:: LightStream
BANKRATE RATING:: 4.6
MIN. CREDIT SCORE:: Not disclosed
EST. APR:: 5.73%–19.99%
LOAN AMOUNT:: $5,000–$100,000
TIME TO RECEIVE FUNDS:: As soon as the same day
TERM LENGTHS:: 2 to 7 years
MIN. ANNUAL INCOME:: Not disclosed
FEES:: None
ADDITIONAL REQUIREMENTS:: Loan amount must be $25,000 or more for a loan term longer than 7 years

Read Bankrate's expert LightStream Review

Payoff: Best for credit card debt consolidation

Overview: Payoff is an online lender that gears its installment loans toward consumers who need to consolidate high-interest credit card debt. Interest rates start at just 5.99 percent APR, and these loans don’t come with common fees like prepayment fees, application fees or even late fees.

Why Payoff is the best for credit card debt consolidation: Because Payoff offers loans solely for credit card debt consolidation, borrowers can focus on repaying existing debt and boosting their credit scores.

Perks: Borrowers can take advantage of free FICO score updates, cash flow assessments, quarterly check-ins during the first year and more.

What to watch out for: Payoff installment loans can charge an origination fee of up to 5 percent of your loan amount. Payoff is also not the right choice for anyone looking to use a loan for anything other than credit card debt consolidation.

LENDER:: Payoff
BANKRATE RATING:: 4.5
MIN. CREDIT SCORE:: 600
EST. APR:: 5.99%–24.99%
LOAN AMOUNT:: $5,000–$40,000
TIME TO RECEIVE FUNDS:: 3 to 6 business days
TERM LENGTHS:: 2 to 5 years
MIN. ANNUAL INCOME:: Not disclosed
FEES:: Origination fee: 0% to 5%
ADDITIONAL REQUIREMENTS:: Debt-to-income ratio (DTI) of 50% or less, at least 3 years of good credit history and at least 2 open lines of credit on which you've made on-time payments

Read Bankrate's expert Payoff Review

SoFi: Best for unemployment protection

Overview: While SoFi is mostly known for its popular student loan refinancing products, it also offers installment loans with long repayment timelines.

Why SoFi is the best for unemployment protection: SoFi offers unemployment protection that allows you to temporarily pause your monthly payments for a total of up to 12 months in the event that you lose your job.

Perks: SoFi installment loans don’t charge any fees, and you may be able to borrow up to $100,000 depending on your income and other factors.

What to watch out for: These loans are geared toward consumers with good credit, so you’ll need to have a credit score of at least 680 to get approved.

LENDER:: SoFi
BANKRATE RATING:: 4.6
MIN. CREDIT SCORE:: 680
EST. APR:: 6.99%–22.28%
LOAN AMOUNT:: $5,000–$100,000
TIME TO RECEIVE FUNDS:: Within a few days
TERM LENGTHS:: 2 to 7 years
MIN. ANNUAL INCOME:: Not specified
FEES:: None
ADDITIONAL REQUIREMENTS:: Residents in Arizona, Massachusetts and New Hampshire have a minimum loan amount of $10,001; in Kentucky, the minimum loan amount is $15,001. SoFi loans are not available in Mississippi.

Read Bankrate's expert SoFi Review

Avant: Best for bad credit

Overview: Avant focuses on installment loans for consumers with fair and poor credit, so it may be a good option if your score falls in this range. Interest rates start at 9.95 percent APR, so it’s possible to get a reasonable rate and save money on debt consolidation or any other loan purpose.

Why Avant is the best for bad credit: Avant’ minimum FICO credit score is 580, the lowest among the lenders profiled on this page.

Perks: Avant lets you get prequalified online without a hard inquiry on your credit report. It also serves a wider range of credit scores than many other lenders.

What to watch out for: Watch out for administration fees, late fees and dishonored payment fees. Interest rates can also be high for consumers with the lowest credit scores, peaking at 35.99 percent.

LENDER:: Avant
BANKRATE RATING:: 4.5
MIN. CREDIT SCORE:: 580 FICO, 550 Vantage
EST. APR:: 9.95%–35.99%
LOAN AMOUNT:: $2,000–$35,000
TIME TO RECEIVE FUNDS:: As soon as the next business day
TERM LENGTHS:: 2 to 5 years
MIN. ANNUAL INCOME:: Not specified
FEES:: Administration fee: up to 4.75%; Late fee: $25; Dishonored payment fee: $15
ADDITIONAL REQUIREMENTS:: N/A

Read Bankrate's expert Avant Review

How to find the best installment loan rates

Finding an installment loan with the best rates largely hinges on factors such as your credit and finances. It's also a matter of knowing what to look for when shopping. Here's what you can do to find the installment loans with the most favorable rates:

Check your credit. Review your credit to make sure there aren't any errors. Certain types of discrepancies, such as whether you were late on a payment, could ding your score.
Practice healthy habits for maintaining a good score. If your credit file is thin or you're working on building good credit, be sure to make on-time payments, keep your debt-to-income ratio low and consider having a mix of credit.
Research eligibility requirements: While your credit score is one of the most important factors in determining your eligibility, lenders may also look at your income and debt-to-income ratio. If your credit is fair or bad, look for lenders that don't weigh credit scores as heavily and that might look at your income to determine your creditworthiness.
Look at repayment terms: Most personal loan lenders set repayment terms at two to five years, although some offer terms as long as 10 years. Choosing a shorter repayment term will increase your monthly payment but will decrease the interest you’ll pay overall. If you can't snag the best interest rates because of your credit score, shortening the time you take to pay your loan off could help you save money.

Read our reviews of personal loan lenders to see which lender might be right for you.

Frequently asked questions about installment loans

Are there no-credit-check installment loans?

There are lenders that offer long-term installment loans with no hard pull on your credit report. But note that obtaining financing from a lender that doesn't check your credit isn't typically a good idea. Without credit checks, lenders can't gauge your creditworthiness and ability to repay.

No-credit-check lenders may bill themselves as alternatives to other last-resort sources of cash, such as payday loans and car title loans, but consumers should proceed with great caution. "Applicants who are looking for lenders who aren't going to check their credit are doing so because they either have lousy credit or they have no credit," says John Ulzheimer, an Atlanta-based expert on credit reports and identity theft. "Either way, they're high-risk borrowers. As such, the terms they'll be paying are going to be punitive when compared to normally underwritten installment loans."

He continues: "If lenders cannot access your credit reports and scores, then they're going to subsidize their risk some other way. That means lower loan amounts and higher rates." If you have your credit checked with a mainstream lender, you'll likely find higher loan amounts, longer repayment timelines and better rates.

Are installment loans secured or unsecured?

The installment loans we profiled here are unsecured, meaning you don’t have to provide any collateral to qualify. With that being said, secured loans, which require collateral, are also available and may be your best option if you have poor credit.

How do installment loans work for debt consolidation?

Installment loans are popular for debt consolidation due to the fact that they tend to offer lower interest rates than credit cards. For example, if you have multiple lines of credit card debt at an 18 percent APR, you can save money by transferring that debt to an installment loan at a 9 percent APR. That way, you pay less in interest and can focus on paying one fixed bill instead of several.

How are installment loans different from payday loans?

Payday loans are secured by your paycheck. When you get a payday loan, you give the lender a postdated check to deposit on your next payday, or the lender may require authorization to directly withdraw the money from your bank account after you get paid. Payday lenders charge exorbitant fees and can send the borrower into an endless cycle of mounting debt.

Can you have multiple installment loans?

Having multiple installment loans is not only possible, but also fairly common. If you're paying a mortgage and making car payments, that's already two installment loans.

What happens if I default on an installment loan?

If you default on an installment loan, your credit score will take a hit. When your credit score tumbles, lenders see you as being riskier. In turn, you might not qualify for the most favorable rates and terms on future loans — if you can even qualify for another loan. If you happen to secure your installment loan with something of value, the lender may have the ability to seize the collateral you provided.