Heidi Rivera is a student loans writer for Bankrate. She began her journey in the personal finance space in 2018 and is passionate about collecting data and creating content around higher education and student loans.
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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 item, an unexpected car repair or if you just need flexibility in the loan’s use.
Installment loans often have lower interest rates than credit cards, so they’re more affordable. They are also a far better choice than payday loans, which tend to charge excruciatingly high interest rates and fees, and must be repaid once you receive your next paycheck.
If you decide that an installment loan is right for your situation, you would follow these steps:
Determine how much you need.
Calculate how much money you need, and factor in any origination fees that may be deducted from your loan proceeds.
Check your credit score.
The higher your credit score, the better APR you'll receive. Consider a co-signer if you have fair or bad credit for more favorable rates.
This lets you check your rates with multiple lenders without hurting your credit score.
Compare rates and loan terms.
Look at a variety of lenders, including banks, credit unions and online lenders to see which offers you the best deal.
Complete the application process.
You’ll need to submit documents such as pay stubs, tax returns and personal identification.
It is a good idea to compare several lenders before deciding on one. When looking for an installment loan, consider the following:
Each lender has its own requirements for loan approval. They consider your credit score, debt-to-income ratio and overall financial health. Some lenders also consider other factors like your area of study and job history. If you have below-average credit, it’s a good idea to look for lenders with lower minimum credit requirements.
The lowest advertised interest rate is never guaranteed. Make sure to incorporate any added fees the company charges when calculating your interest rate.
Make sure the lenders you consider offer the amount of money you need to borrow. Some lenders offer loan ranges better suited for small purchases, while others offer loans up to $100,000.
Personal loan lenders typically offer several different repayment term options. If you are borrowing a larger sum of money, it makes sense to choose a longer repayment period to decrease your monthly payment. If you take out a smaller loan, a shorter repayment period makes sense to cut down on the overall interest.
Keep an eye out for perks offered by lenders, such as introductory APRs, discounts and online financial tools.
Different lenders provide different levels of customer service. If you are more comfortable with in-person service, make sure to choose a lender that offers that. Many lenders have online chat features and daily customer support phone hours.
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Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.97%. All personal loans have a 1.85% to 8.99% 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 17.59% APR (which includes a 13.94% 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 $341.48. Over the life of the loan, your payments would total $12,293.46. 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 bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
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*Trustpilot TrustScore as of December 2022. 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 sc¬ore, 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 ; Ohio, $5,000; and Georgia, $3,000. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Joseph Walsh – Operations Manager, Email: email@example.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-82-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–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%–8.99% 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. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. 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. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.
All loans available through Achieve Personal Loans (NMLS ID #227977) are originated by Cross River Bank (a New Jersey state chartered commercial bank) or Pathward, N.A. (Equal Housing Lenders) and may not be available in all states. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Minimum loan amounts vary due to state-specific legal restrictions – please call an Achieve Personal Loans consultant for further details. Loan amounts generally range from $5,000 to $50,000 including origination fees, and are offered based on loan purpose and underwriting conditions. Repayment periods range from 24 to 60 months. APRs range from 7.99% to 35.99% APR and include applicable origination fees. Example loan: four-year $20,000 loan with a rate of 15.49% and corresponding APR of 18.34%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 7.99% APR loan, a borrower will need excellent credit, a loan amount for $12,000.00 or less, and a term of 24 months. Loan origination fees vary from 1.99% to 6.99%. Adding a co-borrower with sufficient income; using at least 85% of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Average interest savings for personal loans range from 0% - 6% based on closed loans that qualified for one or more of our rate discounts in July 2022. †Times noted are estimates and can vary for a loan request from Achieve Personal Loans (NMLS #227977). Same day approvals assume that a fully completed application with all required supporting documentation is provided early enough on a day that our offices are open. Achieve Personal Loans consultants are available Monday–Friday 6AM to 8PM MST and Saturday–Sunday 7AM to 4PM MST.
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Overview: Happy Money (formerly Payoff) offers low APRs of 10.50 percent to 29.99 percent, making it an ideal lender for borrowers trying to consolidate credit card debt at a lower interest rate. This lender also offers free monthly FICO updates and reports payments to major credit bureaus in order to help borrowers build credit.
This offer does not constitute a commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to verify your identity, income, assets, or financial condition. The rate and terms you may be approved for will be shown to you during the application process. Loans subject to an origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements. Only loans applied for and issued on or after January 23, 2023, are covered under the TruStage™ Payment Guard Insurance Policy. Please refer to the certificate of insurance, provided to you with your loan origination documents, for terms and conditions of the coverage. Some exclusions apply. Claims must be submitted for review and approval to CUMIS Specialty Insurance Company, Inc. TruStage™ Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc and not by Happy Money. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. Please refer to the Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705.
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Overview: LendingClub allows borrowers to add co-signers to their loans, making this a good fit for those who may not be able to qualify for a loan on their own, or who haven’t had a chance to build up their credit history yet
Personal and auto loans from $1,500-$20,000 (GA minimum $1,500 existing customers for new loans $3100 for others)
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You must apply for this offer and continue to meet the criteria used to select you for this offer. 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). OneMain charges origination fees where allowed by law. 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 $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. 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 cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Current OneMain Customers: The above offer assumes that you do not have a current loan with OneMain or one of its affiliates. If you apply for the offer, a OneMain representative will discuss options available for current customers.
Additional conditions for secured loans: Secured loans require a first lien on a motor vehicle that meets our value requirements, titled in your name with valid insurance. Active duty military, their spouse or dependents covered by the Military Lending Act may not pledge any vehicle as collateral. If you are covered by the Military Lending Act, you are not eligible for secured offers.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Competitive rates from 9.95% - 35.99% APR and terms from 24 to 60 months
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Overview: Avant is a popular lender for borrowers with fair to poor credit. Its minimum credit score requirement is 580 FICO and 550 Vantage, lower than many other lenders. Avant is also a good choice for borrowers who haven’t built up much credit yet.
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A debt relief program can help you pay off your debts through
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Please Note: JGW Debt Settlement, LLC does not offer loans. They provide debt resolution services. You must have $10,000 in unsecured debt to qualify. Not all debts are eligible for enrollment. This service is not provided in all states and is subject to additional terms and conditions.
Overview: LendingClub is a peer-to-peer lender, meaning you receive your loan funds from individual investors instead of from a traditional bank.
Why LendingClub is the best peer-to-peer installment loan: LendingClub’s loans can be used for any purpose, ranging from debt consolidation to home improvement projects. The lender’s origination fees are lower compared to other peer-to-peer lenders and funding is relatively fast.
Optional joint applications
Flexible loan amounts
Few loan terms to choose from
High APR caps
No discount for automatic payments
Who it’s for:
Borrowers with good to excellent credit that can secure the best APR
Borrowers that need to fund a small to midsize expense
15-day grace period
Option to change your payment date
Origination fee of 2% to 6%
Late payment fee of $15 or 5%, whichever is greater
$15 insufficient funds fee
Time to receive funds: 24 to 42 hours after approval.
Requirements: Borrowers need good credit to qualify.
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. The lender evaluates other factors for approval, such as your field of study or job history, so you could still secure a competitive rate with less-than-perfect credit.
No prepayment penalty
Custom payment dates
Alternative scoring used for approval
Limited repayment terms
No discount for autopay
Who it’s for:
Borrowers with fair credit who may not qualify with other lenders
Borrowers with little-to-no credit history
Check your rate in 5 minutes or less
Those with insufficient credit may apply
Online financial resources
Origination fee of up to 10%
Late payment fee of 5% of the past due or $15, whichever is greater
$15 check refund fee
$10 paper copy fee
Time to receive funds: Next business day after approval.
Overview: LightStream’s installment loans feature 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. Lightstream also offers flexible repayment options of up to seven years, to make payments more manageable.
Fast approval and funding
Low minimum APR
No prequalification for a soft credit check
You can’t change your payment date
You need good to excellent credit
Who it’s for:
Borrowers with good to excellent credit
Borrowers looking to finance a big expense
AutoPay rate discount of 0.5%
Loans for a variety of purposes
Time to receive funds: Same day if approved by 2:30 p.m. ET.
Requirements: Borrowers must have good to excellent credit.
Overview: Happy Money is an online lender that gears its installment loans toward consumers who need to consolidate high-interest credit card debt.
Why Happy Money is the best for credit card debt consolidation: Happy Money offers loans solely for credit card debt consolidation, with competitive starting APRs. The lender doesn’t charge any prepayment penalties, application or late fees, so borrowers can focus on getting out of debt and boosting their credit scores.
Low minimum credit score
Borrower requirements are transparent
Free FICO score updates
Limited loan uses
Funding can take up to 6 days
Who it’s for:
Borrowers with fair to excellent credit
Borrowers looking to consolidate high-interest credit card debt
Flexible payment dates
Free money management tools
Get your rate in 2 minutes or less
Fees: Origination fee of up to 5%.
Time to receive funds: Funds are sent within 3 to 6 business days after approval.
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.
Loan amounts up to $100,000
Prequalification with soft credit check
High minimum loan amount
Higher credit requirements
Not available in every state
Who it’s for:
Borrowers with excellent credit
Borrowers looking to fund a large expense
0.25% autopay discount
Member rewards and perks
Time to receive funds: Same day funding available if approved by 7:00 p.m. ET.
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.
Why Avant is the best for bad credit: Avant’s minimum FICO credit score is 580, the lowest among the lenders profiled on this page. Interest rates start at 9.95 percent APR, so it’s possible to get a reasonable rate and save money on debt consolidation or a personal loan.
Low credit score requirement
Fast approval and funding
Prequalification with a soft credit check
Interest rates up to 35.95%
No cosigners or coborrowers
Who it’s for: Borrowers with poor to fair credit looking to finance a small to midsize expense.
Range of customer support hours
Get approved in minutes
Credit app available
Administration fee of up to 4.75%
$25 late payment fee
$15 dishonored payment fee
Time to receive funds: Next business day after approval.
Have a minimum FICO score of at least 580
Borrowers must submit checking or savings account details
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 11 percent APR and a 60-month repayment timeline. You would pay about $652 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. Personal loans, which are a popular type of installment loan, can be used for multiple purposes, including the following:
Debt consolidation. Debt consolidation loans are personal loans intended to combine multiple high-interest debts into a single loan, typically with a lower interest rate. The goal of debt consolidation loans is to make your payments more manageable, while allowing you to pay off your debt faster.
A wedding. Personal installment loans can be used to finance major expenses such as a wedding. However, you should consider other options before taking out a loan to finance your wedding.
Home remodeling projects. Both personal loans and home equity loans can be used to finance home improvement projects.
Emergency expenses. Installment loans can also be used to cover emergency expenses — such as a car or home repair. There are loans specifically intended to cover emergencies, typically with quicker funding times and lower borrowing amounts.
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 one to seven 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.
Student loan: A student loan is a type of unsecured loan that can be used to pay for education expenses, such as tuition, fees and room and board. These can be obtained through the federal government or through private lenders and have repayment terms ranging from five to 20 years.
Pros and cons of installment loans
You can get the funds rather quickly — even the same day you’re approved, in some cases.
There are no surprises, as they have fixed terms and interest rates.
Interest rates tend to be lower than those of other credit products, such as credit cards.
You can use installment loans to cover just about any expense, from home renovations to emergency expenses.
If you have less-than-stellar credit, you may end up with a double-digit interest rate.
Some lenders may charge origination fees as high as 10 percent.
Your credit score could take a hit if you miss a payment.
Some lenders may charge a prepayment penalty for paying off your loan early.
Where to get installment loans
You can get an installment loan from almost any type of lender. These include banks, credit unions, online lenders and peer-to-peer lenders.
If you have good to excellent credit, banks are usually the best choice as they tend to have lower interest rate caps than other lenders. Banks also tend to offer autopay and loyalty discounts, which may help you further reduce your rate.
On the other hand, If you have fair credit, credit unions and online lenders may be the better option as they tend to be more lenient with their credit requirements. Peer-to-peer lenders also tend to lend to those with less-than-stellar credit. However, they often charge origination fees of up to 10 percent and interest rates as high as 36 percent.
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.
How to compare installment loans
Comparing installment loans is key to ensuring you get the best terms and interest rates available for your financial situation. Here are some steps to follow when shopping for the best installment loan:
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. If you find any mistakes, you can always dispute them with the credit bureaus to get them corrected.
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 one to seven years, although some offer terms as long as 12 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.
Prequalify: Many lenders offer prequalification tools, so you know what terms and interest rates you may be eligible for, without hurting your credit. When comparing installment loans, make sure you get prequalified with at least three lenders, as this will increase your chances of getting the best offer.
Alternatives to installment loans
If, after evaluating your options, you’re still wary about applying for an installment loan, here are some alternatives you can explore to get the funds you need:
Credit cards: Depending on the size of your expense, using a credit card to fund could be a great option. Credit cards offer quick funding and longer-than-average repayment terms. That said, they tend to have some of the highest interest rates in the market. If possible, try applying for a 0 percent introductory rate credit card, as this will give you more room to pay off your balance without accruing interest.
Money from your savings: If you have enough money saved to fund your expense without cutting yourself short, then this is a good option to explore. By using your savings, you avoid spending money on interest and fees. Additionally, you’re protecting yourself from potential credit damages that may result from late payments or defaulting on a loan.
Tap into your retirement account: Although not ideal, withdrawing money from an IRA or a 401k is another choice to consider. That said, you could be facing a higher tax bill by doing this, plus you may fall behind on your retirement savings.
Help from family or friends: If you only need to borrow a small amount, you can ask a family member or a friend to lend you money until you can get back on your feet.
FAQs about 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.
"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.
The installment loans we profiled here are unsecured, meaning you don’t have to provide any collateral to qualify. That said, secured loans, which require collateral, are also available and may be your best option if you have poor credit.
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.
However, debt consolidation loans are only a good idea if you can save on interest. If you have a fair or poor credit score, you may want to consider boosting your score before you apply. That way, you’ll be able to qualify for the best rates available and maximize your savings.
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 loans can have three-digit APRs, with exorbitant fees that can send borrowers into an endless cycle of mounting debt.
Interest rates on installment loans, on the other hand, are usually capped at 36 percent. Many of them are also unsecured, so you don’t have to worry about putting up any collateral. Finally, unlike payday loans — which have to be repaid in a matter of days — installment loans feature flexible repayment terms of up to seven years.
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.
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, as that’s how lenders mitigate the risk of lending to someone with less-than-perfect credit.
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.
To select the top installment loan lenders, Bankrate considered factors that help consumers decide whether a lender is a good fit for them, such as credit requirements and APR ranges. 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.
The lenders featured here were also evaluated for notable features like customer discounts, flexible repayment options, free access to financial tools and more.