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Best installment loans in November 2022

Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans. Book What to know first Menu List On this page Bankrate logo The Bankrate promise

What To Know First

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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 , 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. 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. Collapse

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Founded in 1976 as the , a print publisher for the banking industry, Bankrate has a long track record of helping people make smart financial decisions. We've maintained this reputation over four decades by prioritizing facts and experience over hype and hearsay, and quickly responding to economic trends that offer our users a more relevant experience.

Advertiser DisclosureThe listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.Definition of terms Account for all personal income, including salary, part-time pay, retirement, investments and rental properties. You do not need to include alimony, child support, or separate maintenance income unless you want it to have it considered as a basis for repaying a loan. Increase non-taxable income or benefits included by 25%.Apply

Check Your Personal Loan Rates

Answer a few questions in two minutes or less to see which personal loans you pre-qualify for. It's free and will not impact your credit score.Bankrate’s scores for personal loan lenders evaluate 11 data points related to loan costs and terms, as well as customer experience.The annual percentage rate (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing.The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. 4.6Bankrate ScoreAPR from6.99- 21.49with AutopayLoan Amount$5k- $100kTerm: 2-7 yrMin. Credit Offer DetailsLender InfoBankrate's ViewLowest rate is for excellent credit only. Rates 6.99% - 21.49% APR w/autopay.*Loans from $5,000 - $100,000Same-day funding available (conditions apply)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. 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 6.99% APR with a term of 3 years would result in 36 monthly payments of $308.73. 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.Apply on partner site4.8Bankrate ScoreAPR from7.96- 35.97with AutoPayLoan Amount$1k- $50kTerm: 2-7 yrMin. Credit Offer DetailsLender InfoBankrate's ViewPersonal loans up to $50,000 with low fixed rates that will never changeAffordable monthly payments that fit your budget and no prepayment penalties Fast Funding —You should receive your funds within a day of clearing verifications†No obligation and no impact to your credit score when you check your rateUse 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 Annual Percentage Rates (APRs) of 7.96%-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/. Check rate with Bankrate4.6Bankrate ScoreAPR from7.99- 35.99Loan Amount$2k- $50kTerm: 3-4 yrMin. Credit Offer DetailsLender InfoBankrate's ViewGet a personal loan up to $50,000 with a fixed APR from 7.99% to 35.99%Get money in as little as one business day, upon approval and verificationJoin more than 450,000 customers at a trusted company with an A+ BBB ratingUse it for almost anything: consolidate debt or other unexpected expensesDISCLOSURE UPDATE AS OF 08.2022 *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 7.99%–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 600 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. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.Check rate with Bankrate4.6Bankrate ScoreAPR from8.99- 29.99Loan Amount$5k- $40kTerm: 2-5 yrMin. Credit Offer DetailsLender InfoBankrate's ViewNo prepayment penalties, application fees, late fees, or hidden fees. Because no one wants to do thatYou can consolidate all your credit card payments down to one monthly, affordable, fixed-rate payment between 5.99% and 24.99% APR"This does not constitute an actual commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to enable us to verify your income, assets, and financial condition. Your interest rate and terms for which you are approved will be shown to you as part of the online application process. Most applicants will receive a variety of loan offerings to choose from, with varying loan amounts and interest rates. Borrower subject to a loan origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements."Check rate with Bankrate4.8Bankrate ScoreAPR from6.99- 24.99Loan Amount$3.5k- $40kTerm: 3-6 yrMin. Credit Offer DetailsLender InfoBankrate's ViewNo Fees. 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 24.99% APR. Only the most creditworthy applications qualify for the largest loan amounts and lowest rates. Discount when enrolled in AutopayYou may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debtYour loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. 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 and our evaluation of your creditworthiness. 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. 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 detailsCheck rate with Bankrate4.4Bankrate ScoreAPR from7.99- 35.99Loan Amount$2k- $37kTerm: 2-6 yrMin. Credit Offer DetailsLender InfoBankrate's View“”* 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 7% 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 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 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. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.Check rate with Bankrate4.3Bankrate ScoreAPR from8.30- 36.00Loan Amount$1k- $40kTerm: 3-5 yrMin. Credit Offer DetailsLender InfoBankrate's ViewWe’ve helped over 4 million members start their journey out of debtGet your cash in as little as 48 hours 1 Check your rate with no impact to your credit score 2Take 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. 2022 LendingClub Bank. All rights reserved.Check rate with Bankrate4.5Bankrate ScoreAPR from9.95- 35.95Loan Amount$2k- $35kTerm: 1-5 yrMin. Credit Offer DetailsLender InfoBankrate's ViewPersonal loans from $2,000 to $35,000 online.Competitive rates from 9.95% - 35.99% APR and terms from 24 to 60 monthsChecking your loan options has no impact to your credit score.Fast Decisions, see your loan options in minutesFunding as soon as next business daynullCheck rate with Bankrate3.8Bankrate ScoreAPR from18.00- 35.99Loan Amount$1.5k- $20kTerm: 2-5 yrMin. Credit Offer DetailsLender InfoBankrate's ViewPersonal 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 requestClear loan terms with no hidden fees and no prepayment penaltiesApply 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.Check rate with Bankrate4.6Bankrate ScoreAPR from7.99- 29.99Loan Amount$12k- $50kTerm: 2-5 yrMin. Credit Offer DetailsLender InfoBankrate's ViewBorrow $10,000 to $40,000Rates as low as 5.99% APR - terms applyNo prepayment fees everA+ rated from the BBBAll loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank or MetaBank, N.A., Members FDIC, Equal Housing Lenders. 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. Terms and conditions apply. Loans are not available to residents of all states. Minimum loan amounts vary due to state-specific legal restrictions – please call a FreedomPlus representative for further details. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 7.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four-year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. *To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Loan origination fees vary from 1.99% to 4.99%, though most loans will have a loan origination fee of 4.99%. ** Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.Check rate with Bankrate

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Bankrate s guide to choosing the best installment loan

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 6.99%–24.99% (with autopay) 3–6 years $3,500–$40,000 Not specified Good credit 8.30%–36.00% 3 or 5 years $1,000–$40,000 600 Peer-to-peer lending 5.60%–35.99% 3 or 5 years $1,000–$50,000 No minimum credit score requirement Fair credit 6.99% – 21.49% (with autopay) 2–7 years $5,000–$100,000 Not specified Large loan amounts 8.99%–29.99% 2–5 years $5,000–$40,000 640 Credit card debt consolidation 7.99%-23.43% (with autopay) 2–7 years $5,000–$100,000 680 Unemployment protection 9.95%–35.95% 2–5 years $2,000–$35,000 Not specified Bad credit Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 6.99% –24.99% Loan amount: $3,500– $40,000 Term lengths: 3 to 6 years Min. annual income: $35,000 Overview: 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.

Pros & Cons

Pros

0.25% discount with autopay No fees Option to directly pay creditors

Cons

No cosigners allowed Requires higher credit scores Specific eligibility requirements are not listed

Eligibility & More

Time to receive funds: One to five business days after approval. Fees: There are no fees for these loans. Additional requirements: None are specified. Additional perks: Borrowers who have made their payments on time and in full for twelve consecutive months can skip a month of payments. No interest will be added, and the loan term will be extended for one month. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 8.3% –36% Loan amount: $1,000– $40,000 Term lengths: 3 to 5 years Min. annual income: $0 Overview: 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.

Pros & Cons

Pros

Offers loans to people with fair credit and above Online prequalification Optional joint applications

Cons

Few loan terms to choose from High APRs No discount for automatic payments

Eligibility & More

Time to receive funds: Funds generally arrive within five business days. Fees: LendingClub has an origination fee. The amount will depend on the borrower's credit rating and is subtracted from the total funding the borrower receives. Origination fees can range from three to six percent of the total loan amount. Borrowers are also charged late fees, which are 5% of the late payment amount or $15, whichever is more. Additional requirements: Applicants must submit proof of income. Additional perks: Borrowers who have good standing with LendingClub can change their payment due date. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 5.6% –35.99% Loan amount: $1,000– $50,000 Term lengths: 3 to 5 years Min. annual income: $12,000 Overview: 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.

Pros & Cons

Pros

AI system able to approve loans instantly Custom payment dates More than credit score used to determine eligibility

Cons

AI system able to approve loans instantly Custom payment dates More than credit score used to determine eligibility

Eligibility & More

Time to receive funds: Loans are generally funded the next business day, but there are exceptions based on the loan purpose and time of loan approval. Fees: Upstart can charge origination loans up to eight percent. The fee is deducted from the loan amount before the funds are delivered. Late payments result in a late fee of 5% of the payment due or $15, whichever is greater. Additional requirements: Upstart uses several criteria to determine if someone is eligible for a loan. The platform will consider factors such as the borrower's debt-to-income ratio, bankruptcies, delinquent accounts, credit inquiries and income level. Additional perks: Borrowers can apply for a temporary suspension of loan payments during a time of financial difficulty such as the loss of a job. However, interest does still increase during the payment suspension. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 6.99% –21.49% Loan amount: $5,000– $100,000 Term lengths: 2 to 7 years Min. annual income: $50,000 Overview: 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.

Pros & Cons

Pros

Fast approval and funding No fees Rate discount with autopay

Cons

Loan uses are limited No prequalification for a soft credit check No payment date option

Eligibility & More

Time to receive funds: Same-day or next-day funding is available in many cases. Fees: LightStream doesn't charge any fees. Additional requirements: Borrowers need several years of credit history with more than one type of account and stable income. Income from the marijuana industry is not counted. Additional perks: If the borrower received another loan offer from a competitor that has a lower APR than what LightStream offers, LightStream will beat the competitor's rate by 0.1%. Borrowers who are unhappy with their loan experience in the first 30 days may be eligible for $100 by filling out a survey. Check rate with Bankrate Min. credit score: 640 Fixed APR From: 8.99% –29.99% Loan amount: $5,000– $40,000 Term lengths: 2 to 5 years Min. annual income: $30,000 Overview: Happy Money 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 8.99 percent APR, and these loans don't come with common fees like prepayment fees, application fees or even late fees. Why Happy Money is the best for credit card debt consolidation: Because Happy Money offers loans solely for credit card debt consolidation, borrowers can focus on repaying existing debt and boosting their credit scores.

Pros & Cons

Pros

Borrower requirements are transparent Flexible payment dates Free FICO score updates

Cons

$40,000 maximum loan amount Funds cannot be used for home improvements, large purchases or emergency expenses Origination fee

Eligibility & More

Time to receive funds: Borrowers generally get the loan money within two to five business days. Fees: Happy Money doesn't charge most fees, but it does charge zero to five percent as an origination fee. Additional requirements: Borrowers can't have any delinquencies on their credit report and must have at least three years of credit history. Additional perks: Borrowers have the option to change their payment date once every 12 months. Borrowers also get free monthly FICO updates and other free financial tools. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 7.99% –23.43% Loan amount: $5,000– $100,000 Term lengths: 2 to 7 years Min. annual income: $30,000 Overview: While 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.

Pros & Cons

Pros

High loan amounts up to $100,000 No fees Prequalification with soft credit check

Cons

Cosigners are not allowed Higher income requirements May be hard to qualify

Eligibility & More

Fees: SoFi does not charge fees. Additional requirements: Borrowers must have at least $45,000 of income a year, and it is preferred that they have at least $1,500 in cash flow every month. SoFi prefers higher income levels and a strong debt-to-income ratio. Additional perks: Borrowers can change their payment due date once a year and apply for forbearance if they prove that they are receiving unemployment benefits and are looking for a new job. During the forbearance, interest still applies. Borrowers can have three months of forbearance at a time up to twelve months in total over the lifetime of the loan. Check rate with Bankrate Min. credit score: 580 Fixed APR From: 9.95% –35.95% Loan amount: $2,000– $35,000 Term lengths: 1 to 5 years Min. annual income: $14,400 Overview: 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's minimum FICO credit score is 580, the lowest among the lenders profiled on this page.

Pros & Cons

Pros

Low credit score requirement Lower minimum credit score requirements than many competitors Prequalification with a soft credit check

Cons

Interest rates up to 35.95% No cosigners or coborrowers Several fees

Eligibility & More

Time to receive funds: Loans are typically funded the next business day. Fees: There is an administration fee up to 4.75%, a $25 late fee (except for Idaho and Oregon) and a $15 fee for dishonored payments. Additional requirements: Borrowers need an income of at least $20,000, although Avant prefers to lend to people with higher incomes. Avant will consider alimony and child support as income. Additional perks: None.

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 , 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 . Home remodeling projects. .

Types of installment loans

There is a wide range of installment loans, all designed for specific purposes. Here are some of the most common: 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. A 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. An 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 to determine what your monthly payment might be.

Can I get an installment loan if I have 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 .

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: As , 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. 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. 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 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: 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 your credit file is thin or you're working on building good credit, be sure to make on-time payments, keep your low and consider having a mix of credit. 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. 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 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 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 . 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. may bill themselves as alternatives to other last-resort sources of cash, such as payday loans and , 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 

The installment loans we profiled here are unsecured, meaning you don't have to provide any collateral to qualify. With that being said, , 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 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

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 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.

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