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Education News Simulator Your Money Advisors Academy Credit & Debt Buy Now and Pay Later Best Installment Loans Lump-Sum Personal Financing Solutions By Brian Carmody Updated February 03, 2023 Truth checked by Michael Rosenston Michael Rosenston We provide the best products through our independent reviews process, and advertisers don’t influence our picks. We could earn a commission if you do business with a partner that we recommend. Read our advertiser disclosure for more info. In the case of an installment loan, a loan is an loan which allows you to obtain a loan that is typically between $5,000 — $50,000. You can repay the loan in monthly installment payments. The length of the term can range from three for up to six in most instances, however there are a few that run for 12 years. These types of loans are also referred to as personal loans and are used for the cost of home improvements purchasing a car consolidating debt from multiple credit cards, or covering medical expenses, just to name just a few. Be careful when you shop for the best installment loan. They can vary widely with their terms, fees, and APRs. In fact, if your credit score is between the low 600s and high 500s, your rate could be at least 30% or more. Then, we analyzed 12 installment loan firms to choose the top six that we feel comfortable recommending. We looked into each company’s history and rates, fees and termsso that we can suggest reliable, lower-cost suppliers. Review the six top installment loans to discover which are the most suitable for your requirements. Best Installment Loans 2023 Credit Score Loan Amount Company APR Credit Score est. Loan Amount More Details Best Overall Marcus 4.4 APR with Autopay Discount 6.99% — 24.99% Not disclosed The lender doesn’t disclose it’s minimum credit criteria. $3,500 — $40,000 Read More Check Rates Most suitable for long-term repayment terms LightStream 4 APR Range 6.99% — 23.99% 660 This lender doesn’t reveal the minimum credit score specifications. $5,000 — $100,000 Learn More Check Rates Ideal for Excellent Credit Best Egg! 4.1 APR Range 8.99% — 35.99% 600 This lender does not disclose its minimum credit score criteria. $2,000 — $50,000 Learn More Check Rates Best Options for Early Repayment SoFi 4.9 APR With Autopay Discount 7.99% — 23.43% Not disclosed The lender has not disclosed its credit scores minimum specifications. $5,000 — $100,000 Learn More Check Rates Best for Bad Credit Avant 3.7 APR Range 9.95% — 35.99% 550 This lender is not able to disclose what its minimal credit criteria. $2,000 — $35,000 Read More Check Rates It is the best choice for consolidating debt. Discover 4.2 APR Range 6.99% — 24.99% 660 This lender is not able to disclose its credit scores minimum requirements. $2,500 — $35,000 Check out the Details Check Rates We are the best! 38 Lenders reviewed 40 Loan features considered 1,520 Data points that are analyzed 112 Primary sources of data employed Investopedia found key data items from multiple lenders to discover the most important elements for borrowers. This data was used to analyze each lender’s charges availability, accessibility, repayment terms and other attributes to provide unbiased, comprehensive reviews to help our users make the right decision about borrowing for their specific needs. See our full methodology Best Installment Loans Our Top Picks Marcus LightStream Best Egg SoFi Avant Discover Find More (3) Compare Providers The Bottom Line FAQs Do Installment Loans Hurt Your Credit? Which Is Better: A Payday Loan or an Installment Loan? What Happens If You Pay off an installment loan in the early part? Methodology Overall, Best Marcus Investopedia’s Rating 4.4 Marcus and Goldman Sachs logo by Goldman Sachs logo APR The range is 6.99% — 24.99 Percent When to Receive the Loan: 1 day Loan Amount: $3500 — $40,000 Check Rates The Reasons We Picked It When it comes to the balance of costs, loan rates, limitations, including conditions Marcus Goldman Sachs is the best. Goldman Sachs stands out from all personal loan rivals. Pros A wide range of repayment term options Lower interest rate than most lenders No charge Option to defer a payment Cons The process can take up to four days. Maximum of six-year loan terms Support for customer service is only available by phone. With easy requirements and great terms, with no prepayment, initiation, (or late) fees. Marcus by Goldman Sachs gets our top spot as the best overall for installment loans. Goldman Sachs is one of the most well-known brands in Wall Street’s financial sector. The company began offering consumer service in banking under the name of Marcus by Goldman Sachs in 2016 and currently offers various financing products, including personal loans. The loans can be obtained in the range from $3,500 to $40,000. Marcus loans Marcus come with a fixed fee of 6.99 percent to 24.99 APR, which are reduced 0.25 percent if you choose to sign up for auto-pay.1 There aren’t any sign-up fees and no prepayment penalties. The loans can be repaid with times of between 36 and 72 months.1 For those with credit scores that are higher are eligible to receive the lowest rates. Marcus accepts applications from people from all 50 U.S. states as well as Washington, D.C., and Puerto Rico. There are certain age requirements however. You must be 18 or older (19 in Alabama, 21 or older in Mississippi in Mississippi and Puerto Rico), with a valid U.S. bank account and Social Security or Individual Tax I.D. number. Users using the Marcus created by Goldman Sachs app can track their debt and finances. Another benefit having a relationship with Marcus is that, after completing 12-consecutive regular loan repayments, customers are able to defer one installment, which means that they can extend their loan timeframe by one month. Explore The Full Marcus Personal Loans Review Ideal for long repayment terms LightStream Investopedia’s Rating 4.0 LightStream APR Range: 6.99% — 23.99 APR Range: 6.99% — 23.99 Date To Receive Loan There are no days Loan Amount: $5,000 — $100,000 Check Rates As of 8/15/2022 LightStream is no longer offering rates that go beyond 12 years for home improvements loans. Why We Chose It With terms ranging from two up to twelve years* on home improvements loans and between two or seven years in all types of loans, LightStream is our most recommended choice for customers who would like to enjoy attractive loan terms and longer repayment timeframes. Pros Amounts of loans from 12 years* There is no charges for prepayments, origination fees Late payment or origination fee You can access your funds within the same day. However, certain conditions must be met. Cons The loan should be used to pay for the purpose you specified in your application. The loan cannot be used make a new LightStream loan or education-related funding LightStream offers high loan limits of upto $100,000. They offer repayment terms as long in excess of 12 years, the company was named our best lender, with long repayment terms.2 LightStream is an online consumer lending division owned by Truist Bank, one of the leading companies for financial services. The interest rates provided by LightStream are generally fixed, and can range from 5.99 percent to 23.99 percent. If automated payment is made, the customers are eligible for an additional 0.50 percent rate reduction.3 The applicants are able to get loans anywhere between $5,000 and $100,000 and terms that range from two to 20 years to repay home improvements loans between two and 12 years for vehicle/aeronautical/boat loans and up to seven years in the case of everything else loans. One of the main positives is that there’s no penalty for prepayment, origination fees, or late payment fees for using LightStream as a lender. Although, LightStream demands that any applicants be citizens of The U.S. and applicants can apply from all 50 states. The loan should be used for the purpose you select in the application . The loan cannot be utilized to pay for a different LightStream loan or to provide education funds. Other restrictions are: There is no way to qualify for a loan on your income if it comes from marijuana. No higher education They are only given to individual Not businesses. Refinance without cash out is not an option. No loans to purchase stocks, bonds, or options on stocks The loan can be applied to retirement, life insurance or an education savings or retirement plan More than 21,000 users have left a 5-star review for LightStream as well as the average review is 4.9.4 Most users give it a very high score due to an easy application process, speedy payment, and the affordability, but criticize it due to the lengthy approval process. If you’re unhappy with your experience, you can get in touch with LightStream’s customer care to have a chance to receive a 100-dollar Loan Compensation for your experience. Check out all about it. Full LightStream Personal Loans Review Best for Excellent Credit Best Egg The Rating of Investopedia 4.1 Best Egg Logo Investopedia APR Band: 8.99% The range is 8.99% to 35.99 percent When to Receive the Loan: 1 day Loan Amount: $2,000 — $50,000 Check Rates Why We Pick It If you’ve got an outstanding credit score and you want to get a personal loan at very favorable terms, Best Egg is the firm to contact. Pros Low loan minimum amount No prepayment penalties High satisfaction rates Cons Low loan maximum amount is lower than other lenders Caters for those with more credit or in better financial standing. An income of $100,000 or less is needed to qualify for the lowest rates Someone who is in a great financial situation and looking for a highly rated personal loan company should definitely think about going to Best Egg. The Best Egg loans were launched in 2014 with the goal to assist people in paying back their debt quickly through programs that match their lifestyle. The loan amount can vary between $2,000 and $50,000. The APR can be as high as 7.99 percent to 35.99 percent, and that includes each interest fee as well as an origination cost of 0.99% up to 5.99 percent of the loan amount. The origination fee on loans which have terms more than four years will be 4.99 percent, at a minimum. The minimum length is 36months while the maximum length is 60 months.5 Best Egg loans can be repaid anytime, without any type of penalty. The applicants must have a credit score of 700 as well as an salary of $100,000 in order to be assessed for the lowest rate. While the loan minimum is $2,000 for most states, there exist certain requirements specific to each state. Residents of Massachusetts have a mandatory loan amount of $6,500. the threshold in New Mexico and Ohio is $5,000, while the minimum in Georgia is $3,000. If you’re seeking a second loan or a new loan, your total loan amount must not exceed $50,000. Reviewers on Trustpilot rate Best Egg an average of 4.6 out five stars on the basis of more than 6000 reviews. 89% of the reviewers gave Best Egg with 5 stars.6 Read the full The Best Egg Personal Loans Review Ideal for Options for Early Repayment SoFi Its Rating by Investopedia 4.9 SoFi APR The range is 7.99% Between 23.43 percent Time To Receive The Loan: 1 day Limit of Loan: $5,000 $100,000 Check Rates Why We Choose It While several installment loan programs have strict rules and conditions concerning early repayments. SoFi includes no fines or charges for early repayments. The company is also they offer higher loan amounts than other programs for up to seven years. Pros Very high loan maximum amount Zero fees and penalties Have a mobile app that can keep track of as well as manage your loan Cons Higher loan minimums than many lenders Applicants can get loans for up to $100,000 over conditions up to seven years and without any type of fees or penalties for early payments, which makes SoFi the most suitable option for you if earlier repayment options are important to you.7 SoFi was established in 2011 by Stanford Business School students in 2011 to provide a method of connecting recent graduates to members of their alumni community. When they first started, they were an educational loan refinancing provider but they quickly expanded their services to include a broad array different personal loans. SoFi customers can take out loans which have terms ranging from one and seven years. The loan amounts are from $5k to $100,000 with APRs of 7.99% to 23.43 percentage, contingent on the applicants credit score.7 SoFi has no charges that include no early repayment penalties, originationcosts, or hidden charges. To be qualified for a SoFi loan, applicants should be creditworthy enough to satisfy SoFi, be a U.S. citizen, permanent resident, or a visa holder, at least 18 years old, and be in one of the 49 states with the ability to get personal loans. They should also be employed, have enough income from other sources, or have an offer of employment to start within the next 90 days. SoFi has an average rating of three five stars from customers who left a review on ConsumerAffairs.8 Some of SoFi’s additional benefits include a smartphone app for career coaching, financial planning, and estate planning. Check out the full SoFi Personal Loans Review Best for bad Credit Avant Its Rating by Investopedia 3.7 Avant-logo APR Indicative Range: 9.95 Percent to 35.99 percent When to Receive the Loan: 1 day Loan Amount: $2,000 — $35,000 Check Rates Why We Chose It Most of Avant’s customers have a credit score between 600 and 700.9 There are some customers who score lower than 600, which makes Avant our recommendation for an installment loan especially if you have bad credit. Pros Accepts credit scores of 600 and possibly lower Low minimum loan amount Offers secured loan options Cons Minimum maximum loan amount Fees higher than those of the majority of lenders. There is no cosigner joint loan option The majority of installment loan providers require the credit score to be at the minimum of 650. Our alternative for people with low credit is Avant. It’s more flexible. The majority of customers score between 600 to 700.9 This means that handful of applicants with scores below 600 are also eligible. The company is based in Chicago, Illinois, Avant was created in 2012 to offer personal loans as well as their own credit card to customers who need an loan or want to build their credit.10 They are able to lend anywhere from $2,000 up to $35,000 and at rates that range from a 9.95% to 35.99 percent APR. They also offer loan lengths of two to five years.11 Avant charges an origination fee of up to 4.75 percent but this isn’t necessarily low, but it’s comparable to other lenders’ fees for origination of 10 10%. Avant costs $25 for late or missed payments and also a Dishonored payment fee of $15 when your monthly installment fails. Avant will assist applicants who are able to offer their vehicle or other asset as collateral to receive a lower interest rate or a larger loan amount. Avant has more than 19,000 reviews on Trustpilot which has an average score at 4.7 out of 5 stars for all their services combined.12 Learn more about and review the Full Avant Personal Loans Review The Best Debt Consolidation Strategy «Investopedia’s Rating 4.2 Discover Bank APR Variation: 6.99% to 24.99% When to Receive the Loan: 1 day The loan amount is $2,500. $35,000 Check Rates Why We Chose It If you’re looking to cut down on loan costs and set up an easy repayment plan, Discover Personal Loans offers the most efficient option for consolidating multiple loans. Pros The option to modify the loan amount and duration Flexible repayment terms No fees as long as you pay everything on time Pay back loan for funds up to 30 days, and make no payments on charges for interest. Free Credit Scorecard that includes you FICO Score Cons No rate discount for autopay No co-signed, joint, or secured loan alternatives May charge late fees Discover Personal Loans’ debt consolidation plan stands out from other programs due to its flexible repayment terms, flexible repayment options and customized loan terms, and because the company pays the debtor’s creditors directly. Discover was founded in 1985, starting with only Discover credit cards. They later expanded to offer a wide range of financial products. Today, its name is well-known around the world of finance and utilized by millions customers.13 Your APR can range from 6.99 percent to 24.99 per cent, with no charges for origination and flexible repayment timeframes of 36 to 48 60, 72 or 84 months.14 Customers can also choose to pay back the loan the funds in 30 days without needing to make any payments or pay interest. Discover does not have any limitations on location for it installment loans within the U.S. and lends between $2,500 and $35,000. They also require you to: You must be one of the U.S. citizen or permanent resident You must be at least 18 years old Have a minimum household income of at least $25,000 According to their website that they offer, Discover’s Personal Loans are rated 4.9-stars with over 19,000 reviews.14 It is possible to apply, examine your eligibility, and even respond directly to an offer online. Furthermore, Discover has a 30-day money-back warranty that allows customers can return their loans without the need to pay any fees or interest. Read The Full Discover Personal Loans Review Find the Top installment loans of 2023. Overall Rating Best For APR Range Average Origination Fee Late Fee Time to Receive Loan The Amount of the Loan Last 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 me! LightStream 4.0 The best option for long repayment terms 6.99% — 23.99% 0.00% $0.00 0 days $5,000 — $100,000 120 months Check Rates Hide, but 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 my thing! SoFi 4.9 Best Options for Early Repayment 7.99% — 23.43% 0.00% $0.00 0 days $5,000 — $100,000 84 months Check Rates Hide, not 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, but not for me! Discover 4.2 The best option for debt consolidation 6.99% — 24.99% 0.00% $39.00 1 day $2,500 — $35,000 84 months Check Rates Hide, not for me *APR ranges for certain businesses include discounts for automatic payment or current customers of banks. The Bottom Line When you are looking for an installment loan to get the best rate, getting the lowest APR is vital, but there are other things worth focusing on as well. For instance, different lenders have different loan minimums and maximums. Be sure that your loan application fits within the loan limit. Look at term length as well. Do you want a more lengthy term that allows you to pay lower monthly payments? Try looking for loan programs within the sevento 12 year range, which are the longest durations are available. Finally, check for signup or origination fees, early payment fees, late fees and bounce fee. Certain lenders will not have these charges. In fact, a few on our list don’t include any, like Marcus to Goldman Sachs and SoFi. Frequently Answered Questions Does an Installment Loan Hurt Your Credit? Installment loans do not hurt your creditscore as they are paid in monthly payments punctually. According the Experian report, each loan reported on your credit file will give you a stronger credit history. Paying on time can help improve your credit score since it indicates that you have the ability to manage the debt responsibly.15 Before you get thrilled, it is important to realize it won’t improve your score immediately, nor significantly. When a creditor pulls their credit history, you’ll likely experience a slight dip in your credit score of only a few points. Moreover, the increased ratio of debt-toincome may affect your score by an additional points initially. So , boosting your score using regular installment loan payments may take a couple of months. Which is Better: A Payday Or an Installment? A installment loan usually comes with more favorable conditions for the individual requesting it as compared to a payday loan. In contrast, while installment loans are repaid over time, in smaller monthly payments, payday loans are usually reimbursed in one lump-sum payment. Installment loans can also loan larger sums of money than payday loans and have lower fees and interest rates. Payday loans should be used only in emergency situations when you’re confronted with a short-term cash crunch between paychecks. What Happens If You Pay off an installment loan late? Based on InCharge Debt Solutions, a 501(c)(3) non-profit credit counseling organization that is a member of the National Foundation for Credit Counseling, the best reason to pay off an installment loan early is to save on interest payments.16 If you wait to carry out your installments on a regular basis in the future, the higher interest rate you have to pay over time. In the end, repaying an installment loan late may not improve your credit score. Credit bureaus would like to see you have a variety of open, older accounts that you can pay in a timely manner. By paying off your loan early will remove that loan on your credit report. The only caveat to this is in the event that your credit rating is at risk due to your large ratio of debt to income, you might be able to get rid of some of your dues as soon as it is possible. Check that the installment loan does not include prepayment penalties. This kind of fee is designed to ensure that the lender can recoup the fees when you pay the loan off in advance. How Do We Choose the Best Installment loans We looked into 12 installment loan providers and rated every one of them on the basis background and reviews from customers to provide a clear picture to you about its credibility. We delved into the details of their loan conditions, including the rates, lengths of terms and other terms, to gain a better understanding of their pros and cons. To better understand the costs involved, we determined if they had signing or origination fees, or penalty penalties for prepayment. Lastly, we’ve explained the ways you may be eligible for installment loans along with any limitations they might be subject to, and the additional benefits they give to go along with this loan service. *Lightstream Disclosure *Lightstream Disclosure loan terms, including the APR might differ based on loan goal, amount, duration of the loan, as well as your credit score. Good credit is required in order to qualify for low rates. Rates are calculated with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates that do not include AutoPay are 0.50 points higher. Subject to credit approval. The terms and conditions are subject to change. Prices and terms of the offer can changing without notice. Example: Monthly payment for a $ 10,000 loan at 4.99 APR at a 3 year term would result in 36 monthly payments totaling $300.00. 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