Top 10 Installment Loan Providers in 2024 for Excellent and Poor Credit
Installment loans are short-term personal loans. These loans let customers repay them within a set time frame. Borrowers make equal installments monthly on loans. Lenders charge interest on the outstanding balance until it’s paid off. The amount of money borrowers get depends on their credit score and income level. They may qualify for installment loans with no credit check for more than 5000, even with bad credit. The best part about them is that borrowers don’t need to provide any collateral. It means there are no upfront fees or costs associated with applying.
Borrowers must evaluate a few things when choosing these loans. They must first look at the loan interest rates. Lower interest rates mean that borrowers get affordable loans. The second factor to consider is the loan terms. Longer terms mean that borrowers get the time to repay their loans. Another factor to consider is fees.
Specific creditors demand prepayment fines or origination fees. These fees add to the cost of the loan, so it is vital to compare costs before picking a loan. Excellent installment loans offer adjustable repayment terms and reasonable loan interest rates. Borrowers must be able to repay it without incurring extra debt. Some creditors charge significant interest rates when borrowers use other forms of financing. It makes them less attractive options. The following are the best three installment loans.
Main Points
- Borrowers must have a credit score of at least 600 to get a loan from LendingClub.
- Borrowers can apply for a Happy Money loan application in person or online and must provide basic information about themselves.
- If you need cash quickly, an installment loan from Upstart could be a good choice.
- To get a LightStream loan, borrowers must have a credit score that is good to excellent.
- There are no fees when you get or pay back an Avant loan.
1. Marcus by Goldman Sachs (Best for Good Credit)
Please note that starting a loan application with Marcus by Goldman Sachs is simple and can be done online for your convenience.
Marcus by Goldman Sachs is a financial institution that offers online installment loan services. They are one of the most popular and well-known companies in this industry. It makes them an excellent choice for many people who need cash fast. The company has been around since 1999. They have become one of the largest providers of installment loans in the United States. People with good credit find it the best installment loan provider.
Marcus by Goldman Sachs is a great option for those with good credit. Marcus’s minimum credit score requirement is 660, and the fixed APR is 5.99%. Loan amounts range from $3,500 to $40,000, with 36 or 60 months term lengths. To qualify for an installment loan, borrowers must have a minimum annual income of $40,000. Marcus is a good option for those needing a personal loan for a large buy or consolidating debt.
Pros
- Goldman Sachs is a well-established and reputable financial institution.
- Marcus by Goldman Sachs offers various banking products and services, including financial products.
- Customers enjoy the company’s extensive financial resources, expertise, and user-friendly online lending platform.
Cons
- Several financial scandals in recent years have embroiled Goldman Sachs.
- Marcus by Goldman Sachs is a new entrant to the consumer banking market.
- Some customers may prefer to bank with a more traditional bank or credit union.
It takes ten business days for borrowers to receive their Marcus by Goldman Sachs funds. Fees apply when borrowers wire money out of their accounts. There are limits on how much borrowers withdraw from their accounts daily. Opening an account requires being at least 18 years old and a US citizen or permanent resident.
2. SoFi (Best for Unemployment Protection)
SoFi is a company that offers personal installment loans with n installments over a set period. Unemployed individuals have a high chance of getting a loan from the company. Borrowers use the loans for various purposes. These include debt consolidation loans, financing a large purchase, or covering unexpected expenses. Sofi offers a variety of installment loan options. Borrowers have the freedom to choose the one that best fits their needs. They offer Bad credit personal loans guaranteed approval of $5 000 and are repaid over 2 to 7 years. Borrowers must complete an online application to apply for a Sofi installment loan. They provide basic information about themselves and their finances. Once Sofi approves the loan, borrowers choose the loan amount and repayment term. Sofi funds the loan, and borrowers start using it immediately.
The minimum credit score for a Sofi loan is 640, and the fixed APR is from 5.99%-16.99%. Loan amounts range from $5,000 to $100,000, with 24 to 84 months term lengths. The minimum annual income requirement for a Sofi loan is $60,000.
Sofi installment loans are a great option for borrowers with good credit who need a large loan and have good credit. Loan amounts range from $5,000 to $100,000, with 24 to 84 months term lengths. The minimum credit score for a Sofi loan is 640, and the fixed APR is from 5.99%-16.99%. In addition to these criteria, a minimum income requirement is $60,000 for a Sofi loan. Borrowers who have a credit score of 640 or higher and a yearly income of $60,000 or more qualify for a Sofi loan.
Pros
- Sofi offers competitive rates that save borrowers money on interest charges.
- Sofi funds its loans quickly, often within a few days. It is a major advantage if a borrower needs immediate access to funds.
- Sofi loans have few fees and no prepayment penalties, making them more affordable than other loans, especially for those who meet the minimum income requirement.
Cons
- Sofi loans are only available to borrowers with excellent credit. Borrowers with bad credit loans cannot qualify for a Sofi loan.
- Sofi loans are only available in some states. Borrowers who live in states that Sofi does not service cannot get a loan from them.
- Sofi loans typically have high minimum loan amounts. Borrowers looking for small amounts do not find Sofi as a reliable lender.
The time to receive funds from Sofi is usually within 24 hours. No fees are associated with the loan, and the requirements are typical for the customer to have a good credit score and a steady income.
3. LendingClub (Best for Online Loans and Peer-to-Peer Lending)
Lendingclub is an online lender offering these loan types to borrowers. The company provides loans with terms of 3 to 5 years. Lendingclub is a good option for borrowers who need a loan for a specific purpose. These loan types include house repairs or a significant purchase. The company provides competitive rates and terms. Applying online is quick and easy. It works by matching customers with creditors willing to fund their loans. It does not fund loans itself. It makes money by charging customers an origination fee and servicing fee.
Lendingclub offers installment loans to customers with credit profile scores of at least 600. Fixed APRs start at 9.95%; loan amount brackets are 00 to $40000. Its term lengths are 24 to 60 months. There is no minimum yearly income requirement. Lendingclub is a good option for borrowers who need a loan for a large purchase. Those with poor credit profiles need loans with fair interest rates than most credit cards qualify. Borrowers must be aware that they must make regular payments over several years to repay the loan.
Pros
- LendingClub offers competitive installment loan rates, starting as low as 6.95% APR.
- Loan amounts range from $1,000 to $40,000, and terms range from 24 to 60 months.
- Borrowers can check their rates without impacting their credit profile scores.
- There are no prepayment penalties.
Cons
- LendingClub is not available in all states.
- Borrowers are only eligible for a loan with a high credit score.
- More than loan amounts may be required for some borrowers based on their financial situation.
- The application process is time-consuming, but it assesses various loan offers.
LendingClub funds loans within five business days. It charges origination fees ranging from 1% to 6% of the loan amount. To qualify for a LendingClub loan, borrowers must have a minimum credit score of 600. They must have a maximum debt-to-income ratio of 40% and a steady income.
4. LendingPoint
LendingPoint is an installment loan provider. The company provides bad credit installment loans to individuals with bad credit. They are the best for borrowers who need a small loan and can’t qualify for a traditional bank loan. Installment loan lenders like LendingPoint have a fixed APR from 19.99% to 35.99%, and borrowers repay the loan over 24 to 48 months. The minimum credit score to qualify for a LendingPoint loan is 580. LendingPoint offers an easy online application process and quick approval decisions. Loan funds are deposited into a borrower’s bank account before the next business day. LendingPoint has a flexible repayment schedule, which is tailored to a borrower’s individual needs.
LendingPoint offers installment loans with loan amounts from $2,000 to $25,000. Term lengths are 24, 36, 48, or 60 months. The minimum annual income for eligibility is $20,000.
Pros
- No prepayment penalties
- Competitive personal loan rates
- Flexible terms
- The fast and easy application process
Cons
- An origination fee of 2.99% – 4.99%
- A minimum credit score of 600
- A maximum debt-to-income ratio of 40%
LendingPoint is a good option for borrowers who need extra money and have a good credit score. The application process is fast and easy, and the personal loan rates are competitive. However, there is an origination fee, and borrowers must have a minimum credit score of 600. LendingPoint funds its loans the next business day after approval. The company charges an origination fee of 2.99% – 6.99% of the loan amount. There are no other hidden fees or charges.
To qualify for a LendingPoint personal loan, borrowers must have a minimum credit score 580. They need a minimum annual income of $20,000 and an active checking account.
5. Happy Money
Happy Money is an installment loan company that is best for people who need a small amount. They use it to cover unexpected expenses. Borrowers apply for a Happy Money loan online or in person and must provide basic details about themselves. Once approved, they must sign a loan contract, and the company deposits the money into their account. Borrowers must repay the loan in full, with interest, within a certain period. The minimum credit score for a Happy Money loan is 640, and the fixed APR is from 10.99% to 35.99%. The time to receive funds from this company is quick, and the fees are reasonable. The requirements to qualify for a loan from this company are reasonable. They make it a good option for those who need money quickly.
The company offers installment loans with loan amount limits (loan brackets) of $2,600 to $5,000. Term lengths are 24 to 48 months. The minimum annual income required is $18,000.
Pros
- They offer a variety of loan amount brackets and term lengths to choose from.
- They have a low minimum annual income requirement.
Cons
- They do not offer pre-qualification for loans, so borrowers only know if they are approved once they apply.
- Each application results in a credit inquiry on the borrower’s credit report.
6. Upstart
An upstart loan is an installment loan that is best for borrowers with limited credit history. Upstart loans have a fixed APR from 5.99% to 35.99%, and borrowers receive their funds as soon as one business day after approval. The minimum credit score for an upstart loan is 620.
To apply for an upstart loan, borrowers must complete an online application. Once the application is complete, Upstart uses its proprietary underwriting model to assess the borrower’s creditworthiness. The model considers factors such as education and employment history and a credit inquiry for evaluation. Once approved, the borrower receives their loan funds within one business day.
The loan amount bracket is 00 to $50,000 with 3 to 36 months term lengths. Borrowers need a minimum Annual Income of $12,000 to qualify.
Pros
- Once approved, borrowers get their loan before the next business day.
- Upstart reports borrowers’ payments to credit bureaus, helping them build their credit history.
- Flexible payments: Borrowers choose their monthly payment date and even pay off their loans early without penalty.
Cons
- Origination fee: Upstart charges a one-time origination fee of 2% to 8% of their loan amount
- High APRs. Upstart’s APRs are much higher than those of traditional lenders. Borrowers pay more in interest if they take out a loan with them.
- Upstart is a good option if borrowers need to get a loan quickly and have a bad credit score. However, be aware that having a bad credit score may result in higher interest rates and potential loan rejection.
An installment loan from Upstart may be a good option for borrowers needing quick funding. They deposit funds within one business day without hidden fees or prepayment penalties. To qualify, borrowers need a regular income source and a checking account. Upstart and installment loans are available from $1,000 to $50,000, with three to five years of repayment terms.
7. LightStream
LightStream is an online lender that offers consumers a type of installment loan. These loans are best for people with good to excellent credit who need money for a major purchase or project. LightStream offers fixed APRs from 5.99% to 19.99%, and loans are for as much as $100,000. Borrowers need a good to excellent credit score (720 or above) to apply for a loan. Once approved, they’ll choose a loan amount and repayment term. LightStream then deposits the quick funding into their account, and they use it for whatever they need.
Repayment terms are flexible, and they make biweekly or monthly payments. There’s no prepayment penalty, so borrowers pay off their loans early.
Upstream loan amounts range from $5,000 to $100,000, with two to seven years term lengths. The minimum annual income for LightStream loan applicants is $24,000.
Pros
- There are no origination fees or prepayment penalties.
- Borrowers choose their loan terms, including the length of the loan and the monthly payment amount.
- Borrowers get their money as soon as the same day they apply.
Cons
- Since they are unsecured loans, they have a higher interest rate than secured ones.
- Borrowers need a strong credit history to qualify.
- LightStream is only available in some states.
Borrowers receive their funds as soon as the next business day. To qualify for a LightStream loan, borrowers must have a good to excellent credit score. They must have a minimum income of $24,000 per year. There are no minimum credit scores or income requirements for co-applicants. It’s recommended to consult with a financial advisor if you have any questions regarding your financial situation.
8. Upgrade
The Upgrade is a website that offers installment loans to consumers. These loans are designed for various purposes. They include consolidating debt, financing a large purchase, or paying for unexpected expenses. Installment loans from Upgrade.com have a fixed APR of 5.99% – 35.89%. Borrowers choose to repay their loan over 3 to 60 months. No minimum credit score is required to apply for a loan from Upgrade.com, and the website offers a soft credit check option to help borrowers get pre-qualified. This allows potential borrowers to see their eligibility without affecting their credit score.
Installment loans from Upgrade.com have a fixed APR, which means that the monthly payments stay the same for the life of the loan. Borrowers choose to repay their loan over 3 to 60 months, and no minimum credit score is required to apply. Upgrade.com offers installment loans with loan brackets of $500-$5,000. Term lengths range from 3-36 months, with the minimum monthly income required being $18,000.
Pros
- There are no origination fees.
- Borrowers get their money as soon as the next day.
Cons
- APRs are on the high end.
- Late payment fee of $15.
It takes up to three business days to receive the funds from an installment loan through Upgrade. The fees for taking out the loan are disclosed before agreeing. Requirements for taking out a loan through Upgrade include having a regular source of monthly income and a checking account.
9. Avant
Installment loans from Avant are excellent for customers with moderate credit scores (600-700) and even those with fair credit. They offer amounts ranging from $2,000 to $35,000 and 24 to 60 months terms. Loans from Avant have a fixed APR of 9.95% to 35.99%, and customers get their funds within one business day. To be eligible for an installment loan from Avant, customers need a minimum credit score of 580. They need a full debt-to-income percentage of 50. There is no set yearly earnings condition to get a loan from Avant.
Pros
- Avant loans help to help improve credit scores. They report payments to the credit bureaus, and making timely payments helps to build a borrower’s credit history and improve their credit score, especially for those with fair credit.
- Borrowers use the funds for any purpose – there are no restrictions on how they use the loan funds.
Cons
- The interest rates on Avant loans are higher than those offered by other lenders, particularly for those with fair credit rates.
- Avant only offers loans in some states.
After a loan request has been approved, receiving the funds from an Avant loan takes up to three days. There are no fees for taking out or repaying an Avant loan, making the loan funding process smooth. The requirements for taking out an Avant loan are that the borrower must be 18. They must have a regular source of income and a checking account.
10. Universal Credit
Universal Credit offers installment loans for individuals who need help covering unexpected expenses. It is a flexible loan used for a variety of purposes. It does not require a minimum credit score. The fixed APR from Universal Credit is 6%, and the loan is repaid over up to 12 months. The fixed APR from Universal Credit is 6%, and the loan is repaid over up to 12 months. No minimum credit score is required to qualify for Universal Credit.
Universal Credit offers installment loans with loan request brackets of $500 to $5,000. The term lengths for these loans are between 6 and 60 months. The minimum annual income for these loans is $18,000.
The loan funding process at Universal Credit is designed to help individuals manage their finances effectively.
Pros
- The loans are available to people with bad credit,
- The loans have the lowest interest rates.
- The loans have flexible repayment options.
Cons
- The loans have high fees.
What is an Installment Loan?
An installment loan is a type where borrowers repay lenders in periodic installments. These include weeks, months, or years. The repayment schedule may be weekly, biweekly, monthly, or other. The term of the loan may be a few months to several years.
Borrowers use installment loans to purchase big-ticket items. These include automobiles, boats, RVs, or home improvements. The borrower makes a down payment on the purchase, and the lender finances the rest. The borrower then repays the lender in installments, typically over the years. Installment loans have the lowest interest rates than revolving credit products. Such products include credit cards. They allow the borrower to build up equity in the property or item purchased with the loan.
What are the Best Installment Loans for New Borrowers?
There are a few things to consider when looking for the best installment loans for new borrowers. The first is the interest rate. Many lenders offer different interest rates. It’s important to compare before choosing a loan, considering even tribal loans. The second is the repayment schedule. Some loans have a longer repayment period than others. Choosing a loan on which a borrower comfortably makes payments is important. The last thing to consider is the fees. Some lenders charge origination fees or prepayment penalties. It’s important to read the fine print before choosing a loan and consider any administration fees.
Here is a top selection list of the best installment loans for new borrowers:
- SoFi Personal Loans: SoFi is a personal loan lender that offers competitive interest rates and flexible repayment terms. There are no origination fees or prepayment penalties. This is an excellent option for consolidating high-interest credit card debt.
- Prosper Personal Loans: Prosper is another personal loan lender that offers competitive interest rates and flexible repayment terms. It can be a good option for paying off high-interest credit card debt. There are no origination fees or prepayment penalties.
- Avant Personal Loans: Avant offers competitive interest rates and flexible repayment terms. There are no origination fees or prepayment penalties. This personal loan lender is ideal for borrowers with bad credit trying to consolidate high-interest credit card debt.
- LendingClub Personal Loans: LendingClub is a personal loan lender that offers competitive interest rates and flexible repayment terms. There are no origination fees or prepayment penalties. This can be a great choice for those looking to pay down high-interest credit card debt.
What are the Best Installment Loans for Bad Credit?
There are a few different types of installment loans for bad credit. The best type of loan for a borrower depends on their credit score, income, and other factors.
Here are a few installment loans that might be a good fit for you:
- A personal loan from a credit union. Credit unions are a good option for people with bad credit. They typically have more flexible lending criteria than banks. Personal loans from credit unions have lower interest rates than other types. They are a good option if customers borrow more money.
- A short-term loan from a payday lender. Payday loans are short-term loans that are good if borrowers need cash quickly. These loans have high-interest rates. Borrowers must only consider them if they repay the loan on time.
- A long-term loan from a lending company. Long-term loans from lending companies have lower interest rates than payday loans. Lending companies have more flexible lending criteria than banks, and they may also offer auto loans for individuals looking to finance a vehicle. They are willing to work with borrowers even if they have bad credit.
What Are Some Purposes for Installment Loans?
There are different purposes for which people may choose to take out installment loans. Some common reasons include loans for debt consolidation, paying emergency expenses, and making large purchases. For many people, taking out an installment loan is a way to reduce the amount of interest on other debts. By consolidating debts into one lower-interest-rate loan, people save money on their monthly expenses. It helps them become debt-free more quickly. These include credit cards.
Unexpected expenses, such as car repair or medical expenses, are another reason to take out an installment loan. These loans provide the funds needed to pay for medical expenses and then be paid back over time rather than all at once. It helps ease the financial burden and stress that comes with unexpected expenses. Making large purchases, such as a new car or furniture, is another common reason to take out an installment loan. These loans help people to make the purchase and then pay it back over time rather than all at once. It makes large purchases more affordable and manageable.
How to Choose the Best Installment Loan?
There are many things to consider when choosing the best installment loan. Borrowers need to consider the interest rate, the length of the loan, monthly payments, and any fees associated with the loan. Borrowers need to consider their credit score and income. They will get better interest rates with poor credit. To get the best loan, they must consider the purpose of the loan. Those looking for an emergency loan must choose a shorter loan with a higher interest rate. Those who want a loan for a long-term purchase must choose a longer loan with a lower interest rate. Borrowers must shop around and compare offers from multiple lenders. It helps to get the best interest rate and terms for their loan.
At PaydayChampion, we provide top-notch installment loan services across the United States. Our commitment to serving customers nationwide has led us to establish a strong presence in various states, ensuring that individuals and businesses can access the financial support they need. Whether you’re looking to finance a major purchase, consolidate debt, or cover unexpected expenses, we have you covered. To help you navigate our expansive reach, we have compiled a comprehensive list of the American states where our company is actively operating. Please refer to the table below to find the states where you can avail yourself of our trusted installment loan solutions.
| Alabama – AL | Alaska – AK | Arizona – AZ |
| Arkansas – AR | California – CA | Colorado – CO |
| Connecticut – CT | Delaware – DE | District Of Columbia – DC |
| Florida – FL | Georgia – GA | Hawaii – HI |
| Idaho – ID | Illinois – IL | Indiana – IN |
| Iowa – IA | Kansas – KS | Kentucky – KY |
| Louisiana – LA | Maine – ME | Maryland – MD |
| Massachusetts – MA | Michigan – MI | Minnesota – MN |
| Mississippi – MS | Missouri – MO | Montana – MT |
| Nebraska – NE | Nevada – NV | New Hampshire – NH |
| New Jersey – NJ | New Mexico – NM | New York – NY |
| North Carolina – NC | North Dakota – ND | Ohio – OH |
| Oklahoma – OK | Oregon – OR | Pennsylvania – PA |
| Rhode Island – RI | South Carolina – SC | South Dakota – SD |
| Tennessee – TN | Texas – TX | Utah – UT |
| Vermont – VT | Virginia – VA | Washington – WA |
| West Virginia – WV | Wisconsin – WI | Wyoming – WY |
Do Installment Loans have any Benefits?
Yes, there are a few benefits to installment loans. One is that they help improve a borrower’s credit score. Once they make all their time payments on time, it shows on their credit report and helps improve their score. Another benefit is that borrowers get a lower interest rate than other types of loans. Thanks to scheduled time payments, lenders see installment loans as less risky than other loans.
Another benefit is that borrowers make the payments automatically from their accounts. It helps to ensure that borrowers never miss a payment and helps to keep their loans in good standing. Additionally, borrowers get a lower interest rate if they opt for automatic payments.
Here are some statistics about installment loan providers:
| Statistic | Value |
|---|---|
| Average interest rate | 10% – 36% |
| Average APR | 12% – 39% |
| Average term | 12 – 60 months |
| Average origination fee | 1% – 5% |
| Average monthly payment | $100 – $500 |
| Total cost of borrowing | $1,200 – $36,000 |
Are Installment Loans Secured?
Yes, a secured installment loan is a loan backed by collateral. Borrowers agree to put up collateral if they default on the loan. The three best-secured installment loans are:
- A home equity loan: These are loans secured by the equity in a borrower’s home. The equity is the portion of their home that they own outright. A borrower receives the portion if they sell their home and pay their mortgage. Home equity loans have low-interest rates, often offering the lowest rates compared to other loan options. Borrowers use them for various purposes. These include home improvements, debt consolidation, and emergency expenses.
- A car loan: Car loans are secured by a borrower’s vehicle. Once they default on the loan, the lender repossesses their car. Car loans have lower interest rates than unsecured ones but may not necessarily have the lowest rates. Borrowers use them for various purposes.
- Personal loans: These loans are secured by a borrower’s assets. These include savings accounts or pieces of jewelry. The loan amount is based on the value of the assets minus any outstanding debts. Although personal loans can have competitive rates, they may only sometimes offer the lowest rates compared to other secured loans.
Frequently Asked Questions
What are the top installment loan options for 2024, and how do they compare in terms of interest rates and terms?
Top options include SoFi, Lightstream, Upstart, and BestEgg with competitive fixed rates from 5-35% and flexible 3-5 year terms. Marketplace lenders also aggregate quality offers.
How can I qualify for one of the best installment loans in 2024, and what factors do lenders typically consider when approving applications?
Good credit scores over 670, low debt-to-income ratios, and strong income sources improve approval odds for the best rates and terms. Your credit profile and debt level are key factors.
What is the maximum loan amount available through the top installment loan providers in 2024, and how does it vary based on creditworthiness?
$40,000 is a common maximum for excellent credit borrowers, while limits can be as low as $1,000 for poor credit. Amounts correlate strongly with credit scores and income verification provided.
Can you provide tips for choosing the right installment loan for my specific financial needs and goals in 2024?
Consider total costs, monthly payments, loan duration aligned with usage, flexibility in payment amounts, early repayment options, lender reputation, and rates for which you qualify.
Are there any new trends or changes in the installment loan industry for 2024 that borrowers should be aware of when seeking the best loan options?
Buy now, pay later financing, expanded credit access using alternative data sources, faster loan decisioning via automation, and increased consumer focus on lender relationships/reputation.
