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. Facts verified by Michael Rosenston Michael Rosenston We choose the top products through an independently reviewed process and advertising does not influence our selections. We may earn compensation if you do business with a partner that we recommend. Read our advertiser disclosure for more info. An installment loan is a loan that enables you to borrow typically between $5,000 and $50,000 and then repay in monthly installment payments. The length of the term can range from three or six years the majority of instances, however there are some that run for 12 years. These types of loans are also referred to as personal loans and are utilized to fund expenditures like home repairs purchasing a car consolidating your debts from multiple credit cards, as well as to cover medical expenses, just to name just a few. Be cautious when choosing an installment loan. They can vary widely with the length of their terms, charges and APRs. If, for instance, your credit score is in the low 600s and high 500s, chances are that the rates you receive could be as high as 30 percent or more. We evaluated 12 installment loan companies to determine the best six that can be trusted to recommend. We scrutinized each one’s history including rates, fees and other terms, and can recommend reputable and less expensive suppliers. Discover the best six installment loans to discover which is the best match for your requirements. Best Installment Loans of 2023 Credit Score Amount of Loan Company APR Credit Score est. Amount of Loan More Information Best Overall Marcus 4.4 APR With Autopay Discount 6.99% – 24.99% Not disclosed The lender isn’t revealing its credit scores minimum specifications. $3,500 – $40,000 Read More Check Rates Best 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 For more details, click here. Check Rates The best option for Excellent Credit Best Egg! 4.1 APR Range 8.99% – 35.99% 600 This lender does not reveal its minimum credit score specifications. $2,000 – $50,000 Check out the Details Check Rates The best option for early repayment SoFi 4.9 APR with Autopay Discount 7.99% – 23.43% Not disclosed The lender has not disclosed its minimum credit score requirements. $5,000 – $100,000 Check out the Details Check Rates Best for Bad Credit Avant 3.7 APR Range 9.95% – 35.99% 550 This lender does not disclose the minimum credit score requirements. $2,000 – $35,000 For more details, click here. Check Rates Great for Debt Consolidation Discover 4.2 APR Range 6.99% – 24.99% 660 This lender doesn’t reveal it’s minimum credit standards. $2,500 – $35,000 See Details Check Rates Why Trust Us 38 Lenders reviewed 40 Loan features considered 1,520 Data points and their analysis 112 Primary sources of data utilized Investopedia has gathered key data points that came from a variety lenders in order to determine the most crucial factors for the borrowers. We utilized this information to evaluate each lender’s fees accessible, repayment terms and other factors to give you unbiased, detailed reviews that help our readers get the right loan according to their needs. Check out our full Methodology Best Installment Loans Our Top Picks Marcus LightStream Best Egg SoFi Avant Discover Explore More (3) Compare Providers The Bottom Line FAQs Can an Installment Loan hurt Your Credit? Which Is Better: A Payday loan or an Installment Loan? What Happens If You Pay off an installment loan late? Methodology Best Overall Marcus the Rating of Investopedia 4.4 Marcus was created by Goldman Sachs logo APR Variation: 6.99% to 24.99 Percent Time to Receive Loan 1 day The Loan Amount: $3500 – $40,000 Check Rates Why We Decided to Choose It When it comes to the balance of the rates charged, loan boundaries, limits, and other conditions Marcus Goldman Sachs is the best. Goldman Sachs is the best of all personal loan competition. Pros Numerous repayment term options Lower interest rates than most lenders There are no fees Option to defer a payment Cons Funding may take up to four working days. Maximum six-year loan terms Only phone customer support available With its lenient requirements and excellent terms, including zero origination, prepayment or late fees, Marcus by Goldman Sachs has our approval as the best overall in installment loans. Goldman Sachs is one of many of the most recognized names in the investment banking sector of Wall Street. The company began offering consumers banks under the name of Marcus Goldman Sachs Goldman Sachs in 2016 and currently offers a range of financial products that include personal loans. The loans are available in sizes ranging from $3,500 to $40,000. Marcus’ loans Marcus have a fixed rate rates of 6.99 percent to 24.99% APR . It could be reduced by 0.25 percent when you choose to sign up for auto-pay.1 There are no signing-up fees and no prepayment penalty. 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 will accept applications from anyone across the 50 states as well as Washington, D.C., and Puerto Rico. There are certain age requirements however. You must have at least 18 years old (19 in Alabama 21, 21 or older in Mississippi or Puerto Rico), with a valid U.S. bank account and Social Security or Individual Tax I.D. number. The users with the Marcus app developed by Goldman Sachs app can track their financial obligations and credit. An added benefit of working with Marcus is that once you have made 12 consecutive regular loan repayments, customers are able to postpone one repayment, which is essentially extending the loan period by one month. Review your Full Marcus Personal Loans Review Ideal for long repayment terms LightStream Investopedia’s Rating 4.0 LightStream APR The range is 6.99% to 23.99 The APR range is 6.99% to 23.99 How Long It Takes To Receive The Loan 1 day Maximum Loan: $5,000 – $100,000 Check Rates In the 8th of August, 2022, LightStream will no more offer terms that exceed 12 years for home renovation loans. The Reasons We Pick It With terms ranging from 2 months to 12 for house improvement loans and two to seven years to types of loans, LightStream is our top recommendation for those who are looking to benefit from favorable loan terms and longer repayment terms. Pros Credit terms as high as 12 years* No cost for origination, prepayment or late fee Funds in your account in the shortest time possible on the same day, but conditions apply. Cons The loan should be used to pay for what you selected in the application The loan cannot be used to provide another LightStream loan or for education funds LightStream offers high loan limits of upto $100,000. They can have repayment terms as high than 12 years, the company was named our best lender, with lengthy repayment terms.2 The company is an online consumer lending division which is part of Truist Bank, one of the top companies in financial services. The rates of interest offered by LightStream are generally fixedand range between 5.99 percent and 23.99 percent. If auto installments are used, you benefit from an additional 0.50 percent rate reduction.3 For applicants, they can get loans between $5,000 and $100,000, with times ranging from twenty years in the case of home improvement loans between two and 12 years for boat, aircraft or RV loans, and two to seven months for loans for other loans. One of the primary benefits is that there are zero late payment penalties, origination fees and late payment costs in the case of using LightStream as a lender. There are some limitations, however. LightStream is a requirement for applicants be residents of within the U.S. and applicants can apply from any of the 50 states. The loan must be used for the specific purpose that you choose in the application . It can’t be used to fund another LightStream loan or education funding. Other restrictions are: You can’t get a loan to pay for your income from the marijuana industry No higher education A loan is only granted to individuals, not businesses Refinance without cash out is not an option. No loans to buy bonds, stocks, or options on stocks No loan can be used toward retirement, life insurance, or education savings plan More than 21,000 customers have left 5 star reviews for LightStream and the median review is 4.9.4 The majority of people give the LightStream a high rating for an easy application process, speedy money-making, and reasonable prices, but criticize it for its long approval process. If you’re unsatisfied with your experience, you can contact customer support of LightStream to maybe receive a $100 Loan Credit for the experience. Check out all about it. Full LightStream Personal Loans Review Very Best for Excellent Credit. Egg Its Rating by Investopedia 4.1 Best Egg Logo Investopedia APR Variation: 8.99% between 35.99 percent How Long It Takes To Receive The Loan 1 day Loan Amount: $2,000 – $50,000 Check Rates Why We Choose It If you’re blessed with a high credit score and are looking to get a personal loan in a highly favorable manner, Best Egg is the company you should turn to. Pros Minimum loan minimum amount No prepayment penalties High satisfaction levels Cons The loan maximum is lower loan limit than other lenders Caters for those with more credit or in better finances. A minimum income of $100,000 will be eligible for the lowest rate People who have a good financial position and who require a top assessed personal loan provider should definitely consider making a move to Best Egg. Best Egg loans were first made available in 2014 , with the aim to assist people in paying back their debt in a timely manner through programs that work with their lifestyles. The loan amounts can range between $2,000 and $50,000. APRs could range from 7.99% to 35.99%. This comprises an interest charge as well as an origination fee of 0.99 percent to 5.99% of your loan amount. The origination fees for loans that last more than four years is 4.99 percent at a minimal. The minimum period is 36 months and the maximum is 60 months.5 Best Egg loans are repaid at any time without any fee. A candidate must have a credit score of 700, and an year income of $100,000 to be evaluated for the best rates. Although the loan minimum is $2,000 for the majority of states but there are certain minimums for specific states. Residents of Massachusetts can avail a loan amount of $6,500, the threshold in New Mexico and Ohio is $5,000. The minimum in Georgia is $3,000. If you’re trying to get a second loan in the meantime, your current loan amount can’t exceed $50,000. Reviewers on Trustpilot give Best Egg an average of 4.6 out from 5 stars. Based on over 6000 reviews. 89% of reviewers rated Best Egg with 5 stars.6 Read the full The Best Egg Personal Loans Review Best Option for Early Repayment SoFi The Rating of Investopedia 4.9 SoFi APR Range: 7.99% – 23.43% Time to Receive Loan 0 days Loan Amount: $5,000 – $100,000 Check Rates Why We Decided to Choose It While several installment loan programs have strict conditions and terms for early repayments, SoFi provides no fees or penalties fees for early repayments. They also are offering larger loan amounts than others for up to seven consecutive years. Pros The amount of the loan maximum amount Zero fees and penalties There is a mobile application that lets you keep track of as well as manage your loan Cons Higher loan minimum amount than some lenders Customers can apply for loans that can reach $100,000, with term terms that range from seven to seven years without the need to pay any kind of fee or penalties for early repayments, making SoFi the best option if the possibility of early repayment is important to you.7 SoFi was founded in 2011 by Stanford Business School students in 2011 to provide a method of connecting recent grads with the alumni who have been part of their community. In the beginning, they were an educational loan refinancing company however, they soon expanded their capabilities to include a plethora from personal loans. SoFi customers can get loans with terms that range from the two to seven-year mark. The loan amount ranges from $5,000 to $100,000 with the APR ranging from 7.99% to 23.43% , depending on the applicant’s credit score.7 SoFi has no charges and there are no late repayment penalty, origination or hidden fees. To be qualified to receive a SoFi loan applicants must be creditworthy enough to satisfy SoFi requirements. They must also be a U.S. citizen, permanent resident, or visa holder, be 18 years or older, and reside in one of those 49 states which are eligible for personal loans. They must also be employed, earn sufficient income from other sources or have an employment offer that will begin within the next 90 days. SoFi has an average rating of three stars out of five from customers who left reviews on ConsumerAffairs.8 Some of SoFi’s additional benefits are a mobile app, career coaching, financial planning, and estate planning. Read the Full SoFi Personal Loans Review Great for Credit with Bad Credit Avant Investopedia’s Rating 3.7 Avant-logo APR Variation: 9.95 Percent to 35.99% Time To Receive Loan: 1 day Amount of Loan: $2,000 – $35,000 Check Rates What Motivated Us to Choose It Most of Avant’s customers have credit scores between 600 and 700.9 A few customers might have scores less than 600, which makes Avant our suggestion for an installment loan especially if you have bad credit. Pros Accepts credit scores up to 600 or less, and maybe lower. Minimum loan amount is low. loan amount Offers secured loan options Cons Maximum loan amount: Low loan amount Higher fees than most lenders There is no co-signer or joint loan option Most installment loan companies require for a credit score that is at minimum 650. However, our option for those with poor credit is Avant. It’s more lenient. Many customers have scores between 600 and 700.9 It means that minority of people with scores less than 600 may also be accepted. The company is based in Chicago, Illinois, Avant was established in the year 2012 to offer personal loans and a personal credit card to applicants who need the loan or wish to improve their credit.10 They are able to lend anywhere from $2,000 up to $35,000 and at rates that range from 9.95 percent to 35.99 percent APR. It also offers loan durations of between two and five years.11 Avant charges an origination fee of up to 4.75 percent although it isn’t least expensive, but not comparable to other lenders’ fees for origination of 10 percent. Avant costs $25 for late or missed payments and also an Honored Payment Fee of $15 charged if your monthly payment is rejected. Avant can work with applicants who are able to offer their vehicle or any other asset to be eligible for a lower APR, or a greater loan amount. Avant has more than 19,000 reviews on Trustpilot, with an average score on the scale of 4.7 out of 5 stars for all their services combined.12 Explore this review. Full Avant Personal Loans Review Best for Debt Consolidation Discover The Rating of Investopedia 4.2 Discover Bank APR Variation: 6.99% APR Range: 6.99% – 24.99% When to Receive the Loan: 1 day The loan amount is $2,500. $35,000 Check Rates Why We Decided to Choose It If you’re looking to cut down on loan costs and also establish a flexible repayment term, Discover Personal Loans offers the best option for consolidating several loans. Pros You can choose to alter the loan amount and duration Flexible terms for repayment There are no fees as long as the payment is made on time In return, you must repay loan is due within thirty days. don’t pay fee for Free Credit Scorecard to show YOUR FICO Credit Score Cons No rate discount for autopay No co-signed, joint, or secured loan options May charge late fees Discover Personal Loans’ debt consolidation program stands out from it’s competitors due to its flexible repayment options, customized loan terms, and because the company pays the creditor directly. Discover was established in the year 1985. The company began with Discover cards , and later expanding into a wide array of financial products. Its name is widely recognized throughout the world of finance and is trusted by millions of customers.13 Your APR is set between 6.99 percent and 24.99 percent, with no charges for origination and flexible repayment timeframes of 36, 48 60, 72 or 84 months.14 Customers can also choose to repay the loan in 30 days without having to incur any penalty or charges. Discover does not have any limitations on location on your installment loans for customers within the U.S. and lends between $2500 to $35,000. Discover Personal Loans will also require you to: You must be at least a U.S. citizen or permanent resident Be at least 18 years old Are able to have a minimum family income of not less than $25,000 Their website states Discover’s Personal Loans are rated 4.9-stars from around 19,000 reviews.14 It is possible to apply, examine your application, and then respond directly to an offer online. In addition to this, Discover has a 30-day money-back guarantee through which applicants can cancel their loans without having to pay any fees or interest. Take a look at this review 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 Loan Amount 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 my thing! LightStream 4.0 It is the best choice for terms that require a long repayment 6.99% – 23.99% 0.00% $0.00 0 days $5,000 – $100,000 120 months Check Rates Hide, not to me! Best Egg 4.1 Ideal for Excellent Credit 8.99% – 35.99% 0.99% – 8.99% $0.00 1 day $2,000 – $50,000 60 months Check Rates Hide, no, not for me! SoFi 4.9 Best Option for Early Repayment 7.99% – 23.43% 0.00% $0.00 0 days $5,000 – $100,000 84 months Check Rates Hide, but 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 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 of some companies include discounts for automatic payment or bank customers who are already customers. The Bottom Line When shopping for an installment loan choosing the one with the lowest APR is critical, but there are other aspects to take into consideration. For example that different lenders have their own loan maximums and minimums. Check that your loan application fits within the loan maximums. Examine term length well. Are you seeking a lengthier period that will allow you to make lower payments? Find loan programs within the 7-12 year range, which are the longest durations you’ll find. Then, make sure you check for signing-up or origination fee, early payment fees, late fees, and bounce fees. These are not all lenders’ charges. In fact, a few of the ones we’ve listed don’t have fees at all, for instance, Marcus By Goldman Sachs and SoFi. Frequently Asked Questions Can an Installment Loan hurt Your Credit? Installment loans will not hurt your creditscore so long as you make your monthly payments in time. According to Experian’s research, each loan that you report on your credit improves your credit history. Regularly paying your bills can improve your credit score because it shows you are able to manage the debt responsibly.15 Before you get thrilled, it is important to realize that these credit reports will not improve your score overnight, and certainly not significantly. When a lender looks up an account on your credit, you’ll probably notice an initial decline in your score of just a few points. However, the higher ratio of debt-to-income could make your score drop by additional scores at first. In other words, increasing your score with timely installment loan payments could take a few months. Which Is Better: A Payday Instalment Loan or a Loan? A installment loan generally comes with better terms for the individual requesting it than one that is a payday loan. Whereas installment loans are repaid over time with smaller monthly payments, payday loans are usually repayable in one lump-sum payment. Installment loans can also loan larger sums of cash over payday loans and have lower costs and rates of interest. Payday loans should only be considered for emergencies when you’re faced with a short-term cash shortage between paydays. What Happens If You Pay off an Installment Loan early? Based on InCharge Debt Solutions, a 501(c)(3) non-profit credit counseling service and an affiliate of the National Foundation for Credit Counseling The main reason to pay off an installment loan in advance is to save on interest payments.16 As long as you continue to carry out your installments on a regular basis to InCharge Debt Solutions, the more interest will be paying over the course of time. If you pay off an installment loan late may not improve the credit rating of your. Credit bureaus are more likely to notice that you have multiple open, old accounts that you must pay on time. When you pay your loan early will remove that loan on your report. An important caveat when your credit score is down due to a very high debt-to income ratio, you may benefit from paying off some of your financial obligations as soon as you are able to. Be sure that the installment loan doesn’t come with penalties for late payment. These fees are intended to allow the lender can recoup the fees in the event you pay off your loan off early. How to Choose the Most Effective Installment Loans We looked into 12 installment loan providers and evaluated each based upon the lender’s company history and customer reviews so that we can convince your of its trustworthiness. We investigated the specifics of their loan terms, which included rates, term lengths and conditions, to understand their pros and cons. Also, in order to fully be aware of their costs, identified whether they carried charges for signing up or origination, or prepayment penalties. Lastly, we’ve explained the ways you can qualify for their installment loans in addition to the restrictions they might be subject to, and what added perks they offer as an added benefit to your loan service. *Lightstream Disclosure *Lightstream Disclosure loan terms, including APR could differ depending on the loan intention, amount, term lengthand credit profile. Excellent credit is required to qualify for lowest rates. Rates are quoted with AutoPay discount. AutoPay discount is only available in advance of loan funding. Rates that do not include AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. The rates and terms advertised can change at any time without notice. Example of payment: Monthly payments for one $1000 loan at 4.99% APR with an interest rate of 3 years will mean 36 monthly payments totaling $300.00. Best-installment-loans-5112059 Getty Images / Natali_Mis Article Sources Related Articles Personal Lender Rating Methodology Reviews Personal Lender Rating Methodology A young woman browses the installment loan offer. 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