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Education News Simulator Your Money Advisors Academy Credit & Debt Buy Now Pay Later Best Installment Loans Lump-Sum Personal Financing Solutions By Brian Carmody Updated February 03, 2023. The truth is verified by Michael Rosenston Michael Rosenston We recommend the best products using an impartial review procedure, and advertising does not influence our recommendations. We might receive compensation if our partners recommend that you visit. Read our advertiser disclosure for more info. One type of installment loan is a loan that allows you to borrow typically between $5,000 and $50,000. You pay it back in monthly installment payments. They can last from three through six months the majority of instances, however there are some which last for 12 years. These types of loans are also called personal loans which are used for things like home improvement such as buying a car, consolidating debt from multiple credit card accounts, or covering medical expenses, just to name just a few. Take your time when selecting the best installment loan. They aren’t the same as the length of their terms, charges and APRs. In fact, if you’re credit score is in the low 600s or high 500s, there is a chance that your rates will be at least 30 percent or more. We scrutinized 12 installment loan firms to choose the top six we feel confident in recommending. We reviewed each company’s background in terms of rates, fees as well as their terms, so we can suggest reliable, lower-cost companies. Review the six top installment loans to determine which are the best fit for your requirements. The most effective installment loans of 2023 Credit Score The Loan Amount Company APR Credit Score est. Amount of Loan More Information Overall, the Best Marcus 4.4 APR Discount With Autopay 6.99% — 24.99% Unknown The lender doesn’t disclose it’s minimum credit criteria. $3,500 — $40,000 Read More Check Rates The best option for long repayment terms LightStream 4 APR Range 6.99% — 23.99% 660 This lender isn’t revealing its minimum credit score criteria. $5,000 — $100,000 Learn More Check Rates The best option for Excellent Credit Best Egg 4.1 APR Range 8.99% — 35.99% 600 This lender has not made public their minimum credit standards. $2,000 — $50,000 Read More Check Rates Best for Repayment Options with Early Start SoFi 4.9 APR With Autopay Discount 7.99% — 23.43% Not disclosed This lender isn’t revealing the minimum credit score criteria. $5,000 — $100,000 Check out the Details Check Rates Best for Bad Credit Avant 3.7 APR Range 9.95% — 35.99% 550 The lender does not provide its minimum credit score standards. $2,000 — $35,000 See More Details Check Rates It is the best choice for consolidating debt. Discover 4.2 APR Range 6.99% — 24.99% 660 The lender has not disclosed it’s minimum credit standards. $2,500 — $35,000 Check out the Details Check Rates Why do you believe in us? 38 Lenders reviewed 40 Loan features considered 1,520 Data points are studied 112 Primary sources of data used Investopedia has gathered key data points across a range of lenders to find those factors that are most important to the borrowers. We used this information to analyze each lender’s charges and accessibility, repayment terms and other factors to provide objective, comprehensive critiques that allow our readers to make the right borrowing decision for their particular needs. Read our Full Methodology Best Installment Loans Our Top Picks Marcus LightStream Best Egg! SoFi Avant Discover Check Out More (3) Compare Providers The Bottom Line FAQs Does an installment loan harm Your Credit Score? Which is better: a Payday Or an Installment? What Happens If You Pay Off an Installment Loan In the Early Years? Methodology Overall Best Marcus the Rating of Investopedia 4.4 Marcus and Goldman Sachs logo by Goldman Sachs logo APR Range: 6.99% • 24.99% Time to Receive Loan: 1 day Total Loan: $3,500 $40,000 Check Rates Why We Decided to Choose It In terms of the balance of rates and costs, loan guidelines, restrictions, and other conditions Marcus by Goldman Sachs sits above all personal loan competitors. Pros Numerous repayment term options Lower interest rates than the majority of lenders Absolutely no cost Option to defer a payment Cons The procedure can take upto four days. Maximum of six-year loan conditions Only customer support via phone available With its lenient requirements and excellent terms, including none of the prepayment or origination charges, for late payments, Marcus is owned by Goldman Sachs is a top choice overall in installment loans. Goldman Sachs is one of the most famous names in Wall Street’s banking industry, specifically in the investment sector. The company first began offering customer banking services under the name of Marcus and Goldman Sachs in 2016 and currently offers a range financing products that include personal loans. The loans are available in a range of values between $3500 and $40,000. Marcus’ loans Marcus are fixed-interest loans with a percentage of 6.99% to 24.99 percent APR. The APR could be reduced by 0.25 percent if you sign up for auto-pay.1 There aren’t any sign-up charges and there are no penalties for prepayment. The loans are available with repayment terms of 36 to 72 months.1 For those with credit scores higher than the average will be eligible for lower rates. Marcus accepts applications from customers in all 50 states plus Washington, D.C., and Puerto Rico. There are age-required requirements, however. You must be over 18 (19 in Alabama and 21 or older in Mississippi or Puerto Rico), with a valid U.S. bank account and Social Security or an Individual Tax I.D. number. Users on the Marcus created by Goldman Sachs app can track their debt and financials. A further benefit that comes with working with Marcus is that once you have made an average of 12 monthly loan payments, customers can defer one installment, which will extend the loan timeframe by one month. Learn the Full Marcus Personal Loans Review The Best Option for Long Repayment Terms LightStream Its Rating by Investopedia 4.0 LightStream APR Range: 6.99% Between 6.99% and 23.99 percent When you can receive your loan: 7 days Credit Amount: $5,000 — $100,000 Check Rates As of 8/15/2022 LightStream will no longer provide terms exceeding 12 years for home renovation loans. What made us choose it With terms ranging from two 12-years* in home renovation loans and two or seven years in all types of loans, LightStream is our preferred choice for those who want to benefit from attractive loan terms as well as longer repayment timeframes. Pros Amounts of loans from 12 years* There is no charges for prepayments, origination fees nor late payment penalty Accounts are credited as soon as the same day. However, certain conditions must be met. Cons The loan must be used only for what you have specified in the application. The loan cannot be used finance another LightStream loan or education-related funding LightStream has high loan limits up to $100,000. They have terms for repayment as long twelve years* being named our top lender due to its long repayment terms.2 The company is an online consumer lending division that is part of Truist Bank, one of the top firms for financial services. The rates of interest offered by LightStream are usually fixed, ranging between 5.99% and 23.99 percent. If automatic payments are made, customers also receive a 0.50% rate reduction.3 Customers can obtain loans up to $500,000, with terms ranging between two to 20 years on home renovation loans and two to twelve years for vehicle/aeronautical/boat loans, and two to seven years with everything else loans. One of the primary benefits is that there are zero fee for origination or prepayment, or late payment fees for using LightStream as a lender. The downside is that LightStream must have applicants be citizens of the U.S. and applicants can apply from any of the 50 states. The loan is to be used towards the specific purpose that you choose in the application . It isn’t used to fund a second LightStream loan or education funding. Other restrictions include: It’s not possible to get a loan when your earnings come from the marijuana industry No higher education They are only given to individual only, not to companies No refinance for cash-out purposes. There aren’t any loans to buy stocks, bonds, or stock options No loan will be able to be used towards life insurance, retirement, or an education savings program Over 21,000 people have posted 5-star reviews for LightStream and the average score is 4.9.4 Many users rate it a very high score due to the speedy application process, easy payment, and the affordability, but criticize it for the long approval time. If you’re unhappy with your experience, you can contact customer support of LightStream to maybe receive a $100 Loan Experience compensation. Find this review Full LightStream Personal Loans Review Great for excellent credit Best Egg «Investopedia’s Rating 4.1 Best Egg Logo Investopedia APR Variation: 8.99% The range is 8.99% to 35.99% The Loan Receiver’s Time: 1 day The loan amount is $2,000 to $50,000 Check Rates The reason we choose it If you’ve got a fantastic credit score and want to get a personal loan at very favorable terms, Best Egg is the company to turn to. Pros Very low loan minimum amount No prepayment penalties High satisfaction rates Cons A lower loan maximum than other lenders. Caters more towards people with greater credit scores or financial conditions. A minimum income of $100,000 will be eligible for the lowest rates Those with a solid financial situation and looking for a highly graded personal loan provider should definitely think about choosing Best Egg. Best Egg loans were initially offered in 2014 with the intention of helping people pay back their debt quickly with plans that suit their lifestyle. The loan amount can vary between $2,000 and $50,000. APRs can range between 7.99% to 35.99 percent, and that includes equally the amount of the loan as well as an origination cost of 0.99 percent up to 5.99% of your loan amount. The fee for origination on loans that last longer than four years is 4.99% , with a minimum of. The minimum term is 36 month, and the maximum period is 60 months.5 Best Egg loans are repaid at any time and without any form of penalty. They must have a credit score of 700 as well as an earnings of $100,000 in order to be considered for the lowest rates. While the loan minimum is $2,000 for many states, there’s specific state-specific requirements. Residents of Massachusetts have a minimal loan amount of $6500. the threshold for New Mexico and Ohio is $5,000, while the minimum amount in Georgia is $3,000. If you’re applying for another loan to pay off your existing loan balance must not exceed $50,000. Reviewers on Trustpilot rate Best Egg an average of 4.6 out of 5 stars , based on over 6,000 reviews. 89% of reviewers rated Best Egg with 5 stars.6 Check out the complete Good Egg Personal Loans Review The best options for early repayment SoFi the Rating of Investopedia 4.9 SoFi APR Range: 7.99% — 23.43 percent Time to Receive Loan Zero days Credit Amount: $5,000 — $100,000 Check Rates Why We Decided to Choose It While numerous installment loan programs have strict terms and conditions concerning early repayments. SoFi does not charge penalties or fees for early repayments, and is offering larger loan amount than other options for upto seven years. Pros The amount of the loan maximum amount Zero fees and penalties Has a mobile app to track or manage your loan Cons A higher loan minimums than those of other lenders Candidates can qualify for loans that can reach $100,000, with the option of terms as long as seven years and without any type of fees or penalties for late repayments. This makes SoFi our top choice if flexible repayment terms are important to you.7 SoFi was created with the help of Stanford Business School students in 2011 as a way of connecting recent graduates with the alumni who have been part of their community. When they first started, they were an educational loan refinancing service, they quickly expanded their service to provide a range types of private loans. SoFi customers get loans in terms that vary between 2 and 7 years. Amounts of loans can be as low as $5,000 to $100,000 and have an annual percentage rate (APR) of 7.99% up to 23.43 percent, based upon the candidate’s financial score.7 SoFi has no charges that include no early repayment penalties, originationfees, or hidden charges. To be qualified to receive a SoFi loan applicants must possess a credit score enough to satisfy SoFi that they are U.S. citizen, permanent resident or visa holder, be aged 18 or over, and reside in one or more of the 49 states that are eligible for personal loans. They should not be unemployed, have an income that is sufficient from other sources, or have an offer of employment with a start date within the next 90 days. SoFi is rated with an average of three stars from customers who left reviews on ConsumerAffairs.8 A few of SoFi’s added benefits are a mobile app that offers career coaching financial planning, estate planning. Go through the SoFi Personal Loans Review The Best Option for Bad Credit Avant Its Rating by Investopedia 3.7 Avant-logo APR Indicative Range: 9.95 Percent — 35.99% The Loan Receiver’s Time: 1 day Total Loan: $2,000 $35,000 Check Rates What Motivated Us to Choose It Most customers of Avant’s have credit scores between 600 to 700.9 A few customers might have scores even lower than 600, making Avant our top recommendation for an installment loan to those with poor credit. Pros Accepts credit scores of 600 or less, and maybe lower. Low minimum loan amount Provides secured loan options Cons Loan amount with a low maximum loan amount Higher fees than most lenders There is no cosigner joint loan option The majority of installment loan providers require an credit score of at most 650. However, our selection for applicants with bad credit, Avant, is more accommodating. Most of our customers score between 600 to 700.9 This means that minority of people with scores less than 600 can also be approved. The company is based in Chicago, Illinois, Avant was founded in 2012 in order to provide personal loans as well as their own credit card to applicants who need an loan or want to build their credit.10 Candidates are eligible to borrow between $2,000 and $35,000 with rates that vary from 9.95 percent to 35.99 APR of 1% and loan durations of between two and five years.11 Avant charges an origination fee of up to 4.75 percent This is not as low but isn’t much higher than other lenders’ origination fees of 10%. Avant costs $25 for late or missed payments along with a Dishonored payment fee of $15 that is charged when your monthly installment fails. Avant can work with applicants who may offer a car or other property as collateral to obtain a lower interest rate or a higher loan amount. Avant has over 19,000 reviews on Trustpilot, with an average rating in the range of 4.7 out of five stars for all their services combined.12 Learn more about The Full Avant Personal Loans Review Ideal for Debt Consolidation «Investopedia’s Rating 4.2 Discover Bank APR Variation: 6.99% • 24.99 percent Time to Receive Loan: 1 day Loan Amount: $2,500 — $35,000 Check Rates Why We Chose It For those looking to cut down on loan costs and also establish an easy repayment plan, Discover Personal Loans offers the best option for consolidating multiple loans. Pros You can choose to alter the loan size and duration Flexible terms for repayment No cost as long as the payment is made on time Refund loan funds within 30 days and do not pay any charges for interest. Free Credit Scorecard with that FICO Credit Score Cons No rate discount for autopay Co-signing, joint or secured loan options May charge late fees Discover Personal Loans’ debt consolidation program is distinct from its competition due to its flexible repayment options, individualized loan terms, and because the company will pay the creditor directly. Discover was founded in 1985. It started out with just Discover cards , and later expanding into a wide array of financial products. Today, its name is well-known across the financial world , and is utilized by millions customers.13 Your APR will range between 6.99 percent to 24.99 percent. There are no initial fees or charges and flexible repayment periods of 36,48, 60, 72, or 72, or 84 months.14 Customers can also decide to repay the loan in 30 days and not have to make any payments or pay interest. Discover does not have any restrictions on geography for repayment of its installment loans within the U.S. and lends between $2,500 and $35,000. It is also required for you to: Have to be you are a U.S. citizen or permanent resident At least 18-years-old old Minimum household income of not less than $25,000 On their official website that they offer, Discover’s Personal Loans have a rating of 4.9-stars with over 19,000 reviews.14 You can apply, confirm the status of your application, then respond to an email completely online. In addition to this, Discover has a 30-day money-back promise that allows users can cancel their loans without having to pay any interest or fees. Find more about the Full Discover Personal Loans Review Compare the Best Installment Loans of 2023 Overall Rating Best For APR Range Average Origination Fee Late Fee Date To Receive Loan The amount of the loan New Repayment Reset All Marcus 4.4 Best Overall 6.99% — 24.99% 0.00% $0.00 1 day $3,500 — $40,000 72 months Check Rates Hide, not for me! LightStream 4.0 Best for Terms for Repayments with Long Term 6.99% — 23.99% 0.00% $0.00 0 days $5,000 — $100,000 120 months Check Rates Hide, not for me! Best Egg 4.1 The best option for Excellent Credit 8.99% — 35.99% 0.99% — 8.99% $0.00 1 day $2,000 — $50,000 60 months Check Rates Hide, not for me SoFi 4.9 Most effective for early repayment options 7.99% — 23.43% 0.00% $0.00 0 days $5,000 — $100,000 84 months Check Rates Hide, not for me Avant 3.7 Best for Bad Credit 9.95% — 35.99% 0.00% — 4.75% $25.00 1 day $2,000 — $35,000 60 months Check Rates Hide, not my thing! Discover 4.2 Best for Debt Consolidation 6.99% — 24.99% 0.00% $39.00 1 day $2,500 — $35,000 84 months Check Rates Hide, but not for me! *APR ranges for certain businesses include discounts for automatic payments and current bank customers. The Bottom Line When looking for an installment loan Finding the lowest APR is crucial, however there are other elements to consider as well. For example there are different lenders with different loan minimums and maximums. Check that your loan request is within the loan limits. Think about term length as well. Do you want a longer time frame that can mean lower interest rates? Check out loan programs in the sevento 12 year period, which are the longest terms you’ll find. Finally, check for signup or origination fees, as well as early payment fees, late charges as well as bounce fees. There are a few lenders that charge these fees. In fact, a few of the ones we’ve listed don’t have them, such as Marcus and SoFi. Goldman Sachs and SoFi. Frequently Asked Questions Will an Installment loan hurt Your Credit? Installment loans do not impact your creditscore, as they’re paid back in monthly payments punctually. According to Experian, each loan listed on your credit history helps you build your credit history. The timely payment of your debt will help your credit score because it shows that you’re able manage your debt responsibly.15 Before you get too happy, bear in mind that they won’t increase your score overnight, or by much. When a creditor pulls the credit reports of yours, you will probably notice an initial dip in your credit score of a few points, and the increased ratio of debt-toincome may reduce your score by points at first. In other words, increasing your score with punctual installment loan payments may take a couple of months. Which is better: a Payday Or an Installment? A installment loan will typically have more favorable conditions for the applicant as compared to the typical payday loan. In contrast, while installment loans are paid back over time in smaller monthly installments, payday loans are usually made in one lump-sum payment. Installment loans can also loan larger sums of money over payday loans and have lower fees and interest rates. Payday loans should only be considered for situations where you’re confronted with a short-term financial crisis between paychecks. What happens if you have to pay on an installment loan in the early part of the term? According to InCharge Debt Solutions, a 501(c)(3) non-profit credit counseling business and part of the National Foundation for Credit Counseling the main reason to repay an installment loan early is to cut down on interest payments.16 The longer you take to carry out your term-payments as they are due, the greater amount of interest you will be paying over the course of time. In the end, repaying an installment loan late may not improve the credit rating of your. Credit bureaus like to see your account balances are a mix of open and old accounts that keep on top of your payments. Making payments on your loan on time will cancel the loan on your report. A caveat to this is the case that your credit score may be being harmed due to a excessive ratio of debt-to-income, you might benefit from paying off certain debts as soon as possible. Be sure that your installment loan isn’t accompanied by penalties for prepayment. This type of fee is constructed so that lenders could recoup any costs of interest they’ll incur in the event of paying your loan early. How do we choose the best Installment loans We investigated 12 installment loan providers and evaluated each lender based on its track record and customer reviews so that we can convince you about the trustworthiness of the lender. We delved into the details of their loan conditions, including rates, term lengths and other terms, to understand their advantages and disadvantages. For a better understanding of their costs, we learn about their costs, learned if the loans had registration or origination charges or prepayment penalties. Then, we explained how you may be eligible for installment loans which are subject to limitations that they might be subject to, and the extra benefits they have for those loan service. *Lightstream Disclosure The loan terms, including the APR may differ depending on loan reason, amount term lengthand credit profile. An excellent credit score is required in order to qualify for the lowest rates. Rate is quoted using AutoPay discount. AutoPay discount is only available after loan funding. Rates that do not include AutoPay are 0.50 points higher. Subject to credit approval. Certain conditions and limitations apply. Terms and rates can changing without notice. Example: Monthly payment for one 10,000 loan at 4.99 percent APR over a term of three years would equal 36 monthly payments of $300.00. 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