Best Installment Loans of September 2024
Online installment loans are loans that are paid back over time. An installment loan is a loan that is paid back in equal monthly installments over time. It’s essential to keep in mind that there are various installment payday loans available today, but you should avoid them.
We’ve compiled a list of the best installment loans of September 2024, not only those with bad credit, so you can compare your options and find the right one. The best installment loans have low APRs and fees, flexible terms, and accessible customer service. These loans offer between $100 to $250,000, with APRs ranging from 5.99% to 35.99%.
Best Installment Loans of September 2024
| Lender: | Loan Amount: | APR: | Min. Credit Score: | Terms: | Best for: |
|---|---|---|---|---|---|
| SoFi | $5,000 – $100,000 | 7.99-23.43% | 680 | 3 – 72 months | No-fee personal loans |
| Upgrade | $1,000 – $50,000 | 8.49% – 35.99% | 560 | 24 – 84 months | Fast Funding |
| LendingPoint | $2,000 – $36,500 | 7.99% – 35.99% | 580 | 24 – 72 months | $35,000 annual income earners |
| BestEgg | $2,000 – $50,000 | 7.99% – 35.99% | 700 | 36 – 60 months | Wide range of credit scores |
| LendingClub | $1,000 – $40,000 | 8.30% – 36.00% | 600 | 24 – 60 months | Good credit scores, low DTI ratios |
| LightStream | $5,000 – $100,000 | 6.99% – 21.49% | 660 | 24 – 84 months | Strong credit profiles |
| Prosper | $2,000 – $35,000 | 6.38% – 35.36% | 640 | 36 – 60 months | Obtaining multiple personal loans |
| Discover | $2,500 – $35,000 | 6.99% – 24.99% | 660 | 36 – 84 months | Debt consolidation |
| Wells Fargo | $3,000 – $100,000 | 5.99% – 21.74% | 700 | 12 – 84 months | Wells Fargo customers |
| PenFed | $600 – $50,000 | 7.74% – 17.99% | 580 | 12 – 60 months | Debt consolidation |
| Affirm | Up to $17,500 | 0% – 30% | 0 | 1 – 48 months | Clothing, electronics, and furniture purchases |
Our Marketplace
Our marketplace evaluates all lenders and narrows them down to the best of the best. The best installment loans in our marketplace have low APRs, flexible terms, and accessible customer service.
Our writers and editors evaluate lenders on various criteria before adding them to our marketplace. We assess each lender’s fees, eligibility requirements, loan terms, and more. We also consider customer service ratings and reviews when making our decisions.
So, we are a one-stop shop for all your loan needs!
Best Installment Loans of September 2024: Key Findings
Installment loans are unsecured loans between $100 to $250,000 with a repayment period of between 1 month to 10 years.
The APR varies between 5.99% to 35.99%. Your chosen APR depends on your credit score, DTI Ratio, income, work, and others.
You can get an installment loan with bad credit these days. However, we don’t recommend this because you will pay higher fees, get approved for a lower amount, and will get overall worse terms.
Our advice: You should wait for some time and work on your credit score. Get a loan when you increase it.
People with credit scores between 300 and 629 usually get an APR of 15% to 35.99%.
People with a credit score between 630 and 689 usually get an APR of 10% to 15%.
People with a credit score between 690 and 719 usually get an APR of 5% to 10%.
Why Trust ElitesPersonalFinance?
At ElitesPersonalFinance, we want to give you the tools you need to take charge of your finances. We’ve researched and surveyed several banks to help you locate the most suitable products. Our award-winning editorial staff never allows advertising to have any say in what they publish by adhering to a strict set of criteria. Moreover, all of our content is meticulously reported and edited for precision.
APRs vary widely between lenders, so it’s essential to browse for the best rate when looking for an installment loan. You could also shop for loan companies with reasonable interest rates and flexible payment plans.
The information contained herein is accurate as of the date of publication; however, for the most up-to-date information, please visit the websites of the participating lenders directly. Considerations such as annual percentage rates (APRs), loan amounts, fees, and minimum credit scores were used to compile this list of providers offering installment loans. In addition, we considered the reputation of each lender’s reputation and user reviews to get a better sense of customer satisfaction.
SoFi
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| Loan Amount: | $5,000 – $100,000 |
| APR: | 5.74% – 20.28% |
| Min. Credit Score: | 680 |
| Approval: | 1 – 7 Days |
| Terms: | 3 – 72 months |
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| Best For: | No-fee personal loans |
| Check rates | |
SoFi is an excellent alternative if you need a no-fee high loan amount. Loan amounts range from $5,000 to $100,000. The maximum loan amount you qualify for depends on your state of residence. If you have good credit (minimum 650) and a steady income (minimum $45,000), you may qualify for a loan from SoFi, and the repayment period might be anywhere from two to seven years.
Joint applications from potential borrowers are also accepted by SoFi, while co-signers are not allowed.
In addition, SoFi provides unsecured personal loans with fixed interest rates and no credit checks to residents of all states except Mississippi.
Approved borrowers receive attractive interest rates. Additionally, unlike many other personal loan providers, SoFi does not impose any origination fee, late fee, or prepayment penalty on its borrowers.
However, it’s good to note that if you get a debt consolidation loan from SoFi, the lender will not pay your other creditors directly. Thus, the money from the loan will be transferred into your account, and you will be responsible for repaying each of the other lenders separately. Customers can adjust their payment due date for free once a year and get unemployment protection as a bonus.
Pros:
- No origination fees
- No late payment fees
- No closing fees
- No prepayment fees
- Can get a loan from $5,000 to $100,000
- APRs from 5.74% to 20.28% are available
- A $10 bonus is available if you open a SoFi Money account
Cons:
- Higher minimum credit score requirement than other lenders
- May have higher underwriting standards than the average lender
- The minimum loan amount is $5,000, which cuts off many borrowers
The Impact of Covid-19:
SoFi’s Special Handling Team supported borrowers who had trouble keeping up with their loan payments. If you’re in a similar bind, you may find out more about your alternatives by calling SoFi at 1-855-456-7634.
Upgrade
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| Loan Amount: | $1,000 – $50,000 |
| APR: | 8.49% – 35.99% |
| Min. Credit Score: | 560 |
| Approval: | 1 Day |
| Terms: | 2 – 7 Years |
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| Best For: | High DTI ratios |
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Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% – 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. The 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. The 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.
Upgrade is best for borrowers who need funds quickly and have a credit score of at least 560. However, you must have an annual income of $78,000 and a maximum DTI ratio of 75% to qualify. Additionally, the lender offers no prepayment fees, an excellent perk for those who want to pay off their loans early.
Upgrade offers installment loans of $1,000 to $50,000 with APR ranging from 8.49% to 35.99%. The lender offers repayment terms of 2 to 7 years and charges an origination fee of 1.85% to 9.99%. Late payments are subject to a cost of $1 after a 15-day grace period, and insufficient funds incur a fee of $10. However, Upgrade does not charge prepayment fees.
Upgrade is unique to most lenders as they do fast funding and offer no prepayment fees. Additionally, they have a low minimum credit score requirement of 560, making them an excellent option for those with less-than-perfect credit. However, their underwriting standards may be higher than average, and the minimum loan amount is $1,000, which could cut off some borrowers.
Upgrade installment loans are available in all states of the U.S. except West Virginia, Lowa, and Washington, DC. Additionally, the lender has a unique handling team for borrowers who have trouble keeping up with their loan payments, making them a good option for those affected by the COVID-19 pandemic.
Pros:
- You can apply and get a decision on your loan within one day
- The interest rate on your loan will be fixed, so your monthly payments won’t change
- There are no prepayment fees if you pay off your loan early
- Allows co-signer applications
Cons:
- You likely won’t be able to access your loan funds until the next business day
- The late payment fee is relatively high at $10
- You may only be offered a single repayment period
- Charges origination fees of between 1.85% to 9.99%.
The Impact of Covid-19:
Those who had trouble making ends meet during the pandemic could secure loans because of Upgrade. Upgrade also offers to check into your account to chat with a natural person if you’re still having trouble. In addition to calling 1-844-319-3909, you may also contact Upgrade by emailing support@upgrade.com.
LendingPoint
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| Loan Amount: | $2,000 – $36,500 |
| APR: | 7.99% – 35.99% |
| Min. Credit Score: | 580 |
| Approval: | 1 – 7 Days |
| Terms: | 2 – 7 Years |
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| Best For: | $35,000 annual income earners |
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LendingPoint is a great lender for borrowers with a slightly lower credit score of 580 and an annual income of at least $35,000. The lender offers loan amounts ranging from $2,000 to $36,500 with APR between 7.99% and 35.99%.
In addition, the lender requires borrowers to have a valid social security number, a valid photo I.D., and a bank account in their name. LendingPoint offers terms of 2 to 7 years and charges an origination fee ranging from 0% to 7% (depending on your state). Late payments incur a fee of up to $30, and insufficient funds fees are $20.
LendingPoint stands out because it offers a fast approval process and flexible qualification criteria. LendingPoint lends money to borrowers directly and not through a third party, making their loans more secure. However, they only offer installment loans and do not have other options, such as personal lines of credit or credit cards.
Even better, applying for a loan at LendingPoint does not impact your credit score. And this allows borrowers to shop for the best rates without fear of decreasing their credit scores. It is important to note that LendingPoint does not currently offer loans in Nevada or West Virginia.
Pros:
- Flexible qualification criteria.
- Fast approval process.
- Direct lender (not through a third party).
- It does not impact your credit score when applying for a loan.
Cons:
- Not available in Nevada or West Virginia.
- LendingPoint charges a loan origination fee of 0% to 7%.
- LendingPoint charges a late payment fee of up to $30.
- LendingPoint charges an insufficient funds fee of $20.
The Impact of Covid-19:
LendingPoint does not mention any hardship policies. But if you want to talk about alternatives, you can reach the lender at 1-888-969-0959 or contact them at customerservice@lendingpoint.com.
BestEgg
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| Loan Amount: | $2,000 – $50,000 |
| APR: | 7.99%–35.99% |
| Min. Credit Score: | 700 |
| Approval: | 1 Day |
| Terms: | 3 – 5 Years |
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| Average Borrower Profile: | BestEgg doesn’t disclose average installment loan statistics |
| Best For: | Wide range of credit scores |
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Best Egg is an excellent lender for borrowers with a wide range of credit scores as long as they have at least a 700. The lender offers loan amounts ranging from $2,000 to $50,000 with APR between 7.99% and 35.99%. However, the smallest loans available to residents of Massachusetts are $6,500, $5,000 in New Mexico and Ohio, and $3,000 in Georgia.
In addition, the lender requires borrowers to have a DTI ratio that doesn’t exceed 35% – 43% and to have some form of recurring employment income or government benefits. Best Egg offers terms of 3 to 5 years and charges an origination fee ranging from 0.99% to 8.99%. Late payments cost $15, and insufficient funds fees are also $15.
Best Egg stands out because it has a quick and easy online application process, and its funds can be available as soon as the next day. The lender offers competitive rates and charges no prepayment fees.
Even better, this lender offers installment loans to all 50 states. However, the minimum income requirement for Best Egg is higher at $100,000 compared to LendingPoint’s $35,000.
Pros:
- Quick and easy online application process.
- Funds are available as soon as the next day.
- Best Egg offers installment loans in all 50 states.
- No prepayment fees.
Cons:
- Minimum income requirement of $100,000.
- Higher maximum DTI ratio compared to LendingPoint.
- It would be best if you had a high credit score to be approved for the most significant loans.
- BestEgg includes costs for late payments and non-sufficient funds.
The Impact of Covid-19:
BestEgg does not provide information on COVID-19 relief efforts. However, a BestEgg installment loan representative is available by phone at 1-855-282-6353 or via email at Loan assistance@mybestegg.com should you need to discuss your circumstances with a live person.
LendingClub
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| Loan Amount: | $1,000 – $40,000 |
| APR: | 8.30% – 36.00% |
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