9
Best Installment Loans Of 2026
Compare the Best Installment Loans
| COMPANY | FORBES ADVISOR RATING | MINIMUM CREDIT SCORE | APR RANGE | LEARN MORE |
|---|---|---|---|---|
 
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Does not disclose
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6.99% to 35.49%* with all discounts
|
Via Credible.com's Website
| |
|
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700
|
6.49% to 24.89%
|
Via Credible.com's Website
| |
|
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600
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7.99% to 35.99%
|
Via Credible.com’s Website
| |
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580
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7.74% to 35.99%
|
Via Credible.com's Website
| |
|
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560
|
11.69% to 35.99%
|
Via Credible.com's Website
|
Best Installment Loan Lenders: A Closer Look
Best Overall Personal Loan
SoFi®
Loan amounts
$5,000 to $100,000
APR range
6.99% to 35.49%*
with all discounts
Minimum Credit Score
Does not disclose
$5,000 to $100,000
6.99% to 35.49%*
with all discounts
Does not disclose
SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.
Loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum does not disclose) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.
Approved borrowers are rewarded with comparatively low APRs. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum. The platform also offers customers several other perks and discounts.
- Offers comprehensive member benefits and perks
- Does not charge origination, late payment or prepayment fees
- Offers direct payment to creditors
- Loan amounts of up to $100,000
- Higher minimum loan amount ($5,000)
- Longer average funding time (4 days)
- High maximum loan APR ( 35.49%*)
- Live chat is limited to business hours
Lender Details
Eligibility
- Minimum credit score: Does not disclose
- Co-signers/co-borrowers: Co-borrowers accepted
Funding Speed
Funds should generally be available within a few days after signing the loan agreement.
Disclosures
*Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 06/03/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
*Fixed rates from 6.99% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 06/03/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibilitycriteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Member Rate Discount: To be eligible for an additional 0.25% interest rate reduction on a Personal Loan, you must, within 31 days of loan funding, either (1) meet SoFi Plus eligibility criteria, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet.
Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.
Best for Low Interest Rates
LightStream
Loan amounts
$5,000 to $100,000
APR range
6.49% to 24.89%
with autopay
Minimum Credit Score
700
$5,000 to $100,000
6.49% to 24.89%
with autopay
700
LightStream offers loans with both a low minimum and maximum interest rate, along with a rate-beat program. LightStream’s unsecured personal loans range from $5,000 to $100,000 with loan amounts varying based on the loan purpose. In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay.
- Does not charge origination, late payment or prepayment fees
- Lower maximum APR (capped at 24.89%)
- Same-day funding is possible
- Offers consolidation loan amounts of up to $100,000
- Higher minimum loan amount ($5,000)
- No option for prequalification
- No option for direct payments to creditors
- No mobile app
Lender Details
Eligibility
- Minimum credit score: 700
- Co-signers/co-borrowers: Co-borrowers accepted
Funding Speed
Same-day funding may be available if you sign documents, provide a bank account and complete the loan verification process before 2:30 p.m. ET.
Best for Fast Funding & Below-average Credit
LendingPoint
Minimum Credit Score
600
APR range
7.99% to 35.99%
with autopay
Loan amounts
$1,000 to $36,500
600
7.99% to 35.99%
with autopay
$1,000 to $36,500
LendingPoint is an online lender that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it doesn’t offer loans in Nevada and West Virginia.
Why We Like It
LendingPoint offers longer loan terms than many other lenders—24 to 60 months—or two to five years—providing borrowers with more flexibility in their repayment plans.
What We Don’t Like
High maximum APRs and origination fees up to 10% may make LendingPoint more costly for less-qualified borrowers.
Who It’s Best For
LendingPoint is best for borrowers who want a longer repayment period.
- Funding as soon as the next business day
- Low credit score requirement
- No prepayment penalty
- Origination fee up to 10%
- Co-signers or joint loans not permitted
- Not available in Nevada or West Virginia
Eligibility:
- Minimum credit score. 600
- Minimum annual income. $35,000
- Co-signers. Not permitted
Customer service
After testing and evaluating LendingPoint’s customer service, we found it to be one of the most helpful and transparent lenders on our list after waiting only 46 seconds to be connected to a representative. The customer service representative we spoke with shared an in-depth perspective of their loan offers, including information about loan amounts, eligibility requirements, how interest rates are determined and prequalification.
LendingPoint’s team also disclosed late fees but didn’t confirm origination fees. While customer service didn’t share this information wasn’t, the lender discloses a fee of up to 10% on its website. LendingPoint was also one of few lenders that shared how they report payments to credit bureaus, which it typically does at the start of the month.
Best for Bad Credit
Upgrade
Loan amounts
$1,000 to $50,000
APR range
7.74% to 35.99%
Minimum Credit Score
580
$1,000 to $50,000
7.74% to 35.99%
580
Upgrade offers accessible online credit and banking services, including personal loans of $1,000 to $50,000.
Why We Like It
Upgrade allows borrowers to apply with co-signers and sets a low minimum credit requirement of 580, increasing the chances of approval.
What We Don’t Like
Upgrade’s loans only go up to $50,000. The lender also charges origination fees between 1.85% and 9.99% of the loan amount, which can decrease the total borrowed amount.
Who It’s Best For
Upgrade’s personal loans are best for borrowers with poor credit histories who may not qualify for a personal loan without a co-signer.
- Direct payment to creditors streamlines the consolidation process
- 24/7 live chat customer support available
- Offers both co-signer and co-borrower options
- Charges origination fees on consolidation loans
- High maximum loan APR ( 35.99%)
- Average 3-day funding timeline
Lender Details
Eligibility
- Minimum credit score: 580
- Co-signers/co-borrowers: Accepted
Funding Speed
Funding may occur within one business day of clearing verification.
Best for Comparing Multiple Offers
Universal Credit
Minimum Credit Score
560
APR range
11.69% to 35.99%
Loan amounts
$1,000 to $50,000
560
11.69% to 35.99%
$1,000 to $50,000
Universal Credit is an online lending platform that offers personal loans between $1,000 to $50,000 through its partners. Repayment terms range from three to seven years.
While Universal Credit makes finding a personal loan accessible even to those with damaged credit, it comes with a few tradeoffs. First, it charges high APRs, well above the most competitive rates seen on our list. Second, Universal Credit charges a 5.25% to 9.99% origination fee on all personal loans. Because this is deducted from your loan proceeds, you’ll need to factor this in when determining your loan amount to ensure you receive the necessary amount after the fact.
- Flexible qualification requirements
- Funding within one business day
- No prepayment penalty
- APRs are higher than those offered by top competitors
- Origination fees from 5.25% to 9.99%
- Lowest APR requires choosing direct payment of creditors
Eligibility:
- Minimum credit score. 560
- Minimum income. Does not disclose
- Co-signers. Not permitted
- Co-borrowers. Not permitted
Most Popular is calculated from the number of times each affiliate product was selected by Forbes Advisor users over a six month time period.
Methodology
We reviewed 29 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 20%
- Eligibility and accessibility: 20%
- Customer experience: 15%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.
Tips for Comparing Installment Loans
When comparing installment loans, always evaluate lenders based on available loan amounts, repayment terms and fees. Beyond those factors, follow these tips to find the most appropriate installment loan for your needs:
- Look up your credit score. Before comparing installment loans, check your credit score through your credit card provider or another free credit scoring website. Understanding your credit profile can provide insight into your approval odds and the interest rate you’re likely to qualify for from each lender.
- Evaluate your budget. In addition to determining how much you need to borrow, review your budget to see how much you can afford in monthly payments. Then, narrow lenders to those that offer borrowing limits in line with your needs.
- Take advantage of prequalification. Many online lenders let prospective borrowers prequalify for a loan without a hard credit inquiry. This makes it possible to see what annual percentage rate (APR) you’ll qualify for at various lenders without impacting your credit score.
- Choose an appropriate repayment term. Beyond the total loan amount and APR, the repayment term also impacts the monthly cost of an installment loan. The longer the repayment loan, the lower the monthly payment amount. For that reason, it’s best to choose a lender that offers a broad range of loan terms.
What Is an Installment Loan?
An installment loan is a type of financing that borrowers receive as a lump-sum payment, and then repay over a set amount of time—usually up to seven years. Borrowing limits are lender-specific and depend on the type of loan, but typically range anywhere from $250 to $100,000 for personal loans. Loan amounts for installment home and auto loans are based on the value of the underlying collateral.
In general, installment loans can be used to finance the following:
- Homes
- Cars
- Home improvements
- Weddings or other events
- Emergency or otherwise unexpected expenses
- Debt consolidation
How Do Installment Loans Work?
Installment loans are typically available from traditional financial institutions like banks and credit unions, as well as online lenders. A prospective borrower applies for a loan, accepts an offer and then awaits the approval and verification process. Funds are disbursed to the borrower’s bank account as a lump sum, and interest starts to accrue in the first month. Loan payments are generally made monthly over the course of the loan term—usually between a few months and seven years.
Types of Installment Loans
Because they cover such a broad range of financing options, there are several types of installment loans. Expect to make monthly installment payments if you’re applying for any of the following loans:
- Personal loans. Personal loans are the most flexible type of installment loan, as the funds can be used for a wide range of purposes. The best personal loans extend from around $250 up to $100,000, depending on the lender. This type of financing is usually unsecured and issued by traditional banks, credit unions and online lenders.
- Auto loans. Auto loans are typically extended through car dealerships at the time of purchase but also are available through independent banks and credit unions. As with other installment loans, payments are made on a monthly basis, with interest accruing on the entire loan balance at a fixed rate. Loan amounts are based on the value of the vehicle and the borrower’s down payment amount.
- Mortgages. Mortgages are used to finance the purchase of real estate and are secured by the home being purchased. Repayment terms are generally 15 or 30 years, and while many mortgages are fixed, some come with variable interest rates.
- Student loans. Student loans may also come with variable or fixed rates, which can result in different payment amounts from month to month. Payments must be made monthly until the loan balance is repaid in its entirety.
Pros and Cons of Installment Loans
Compared with revolving debt like credit cards and home equity lines of credit (HELOCs), an installment loan is often better for large, one-time purchases or financial needs. But before you apply, understand the benefits and which pitfalls to avoid.
Pros of Installment Loans
- Widely available and fast approval
- Lower interest rates than for credit cards
- Doesn’t count toward your credit utilization ratio
- Fixed monthly payments
- Can help build credit if you make all payments on time
Cons of Installment Loans
- Lenders may charge fees
- Can damage your credit if you don’t make all payments on time
- Overall interest charges may be high especially for longer-term loans
How to Qualify for an Installment Loan
The exact steps to get an installment loan might differ depending on your specific lender. However, you can follow these general steps:
- Figure out how much you need and can afford. You can use a personal loan calculator to estimate what your monthly payments might be, and then compare this against what you have available in your budget. Do this first to avoid costly mistakes later.
- Check your credit. It’s key to check your credit report in case you need to fix any errors that have a negative impact. It’s also a good idea to check your credit score to understand which lenders you may be eligible for. Checking your own credit doesn’t have a negative impact on your score.
- Gather your financial documents. Most lenders will require the same documents when you apply, including pay stubs, bank statements and copies of your ID. Gather these in advance to speed up the application process.
- Prequalify with multiple lenders. Once you understand how much you need to borrow and your credit score, prequalify with potential lenders. This will let you see what terms you may qualify for without impacting your credit score. Use this information to compare each lender and find the best offer.
- Submit your application. Once you find an offer you like, it’s time to submit your formal application. At this point, your lender will run a hard credit check, which temporarily dings your credit score. You’ll also need to upload the required documents.
- Sign and repay. If you’re approved, your lender will send you a final loan agreement to sign. Once you sign, you’ll typically receive your funds via direct deposit within a few business days, depending on your lender. Consider signing up for autopay so you never miss a payment.
Installment Loans vs. Payday Loans
Besides the funds from installment and payday loans being paid out as a lump-sum amount, they don’t have many similarities.
- Installment loans: Installment loans are typically paid off over the course of years, usually with fixed monthly payments. Installment loans are also generally more affordable compared to payday loans. In addition, installment loan payments are usually reported to the credit bureaus, which can help you build credit over time if you make your payments on schedule.
- Payday loans: Payday loans are expected to be repaid by your next paycheck, although you can renew the loan for a fee if you can’t make the payment. Payday loans also tend to charge high fees that consumer protection groups regularly flag for predatory lending practices. In addition, payday loans don’t report your payments to the credit bureaus and don’t help you build credit.
How to Know If an Installment Loan Is Right for You
Taking out an installment loan will both affect your budget and have a long-term impact on your credit.
When you receive a loan offer, carefully assess whether you have room in your budget for a new monthly payment. Consider: Will you still be able to make your payments if you have a financial emergency? Do you have a savings buffer to help in those situations? If you’re uncertain that you can comfortably pay off the loan within the repayment period, talk with your lender about options for updating the offer.
Perhaps you need a longer term so your monthly payment will be lower, or a smaller loan. Another option is to consider loan alternatives, such as a credit card, for certain purchases. While credit card interest rates can be higher than personal loan rates, for instance, many have introductory offers of 0% APR for 12 months to 18 months, giving you the ability to pay off your balance without paying interest. B
efore using a 0% APR credit card, however, make sure you take note of the regular APR and that you can afford payments if you’re still carrying a balance when it kicks in. Use installment loans or credit cards responsibly and you’ll have the opportunity not only to meet your financial goals, but to keep your credit strong, too.
Find the Best Personal Loans of 2026
Frequently Asked Questions (FAQs)
Where can I get an installment loan?
You can get an installment loan from traditional banks, credit unions and online lenders. Depending on your lender, you can typically apply in person or online. If you prefer an in-person experience, look for installments loans through banks and credit unions.
What are the most common types of installment loans?
The most common types of installment loans are personal loans, student loans, mortgages and auto loans. In general, installment loan interest rates and payments are fixed, with variable APRs on some student loans and mortgages. Loan amounts also vary by loan type but are ultimately dependent on the lender and the borrower’s qualifications
What are installment loans used for?
Installment loans are used for large, one-time purchases. For example, mortgages are used to buy a home, student loans pay for a college education and auto loans pay for vehicles. In contrast, revolving credit like credit cards is used for everyday expenses.
Do installment loans help your credit?
If you pay your installment loans on time, it will generally help you build credit in the long term. However, if you miss payments or default on the installment loan, it could end up hurting your credit.
What happens if I default on an installment loan?
If you default on an installment loan, it’ll show on your credit report for the next seven years, which can make future credit approvals more challenging. If your loan was secured with collateral such as a car or savings account, your lender can repossess it. Your lender may also refer your account to a collections agency that can try various tactics to get you to repay, including suing you in court, garnishing your wages or putting a lien on your assets, like your home.
Do installment loans require a credit check?
Yes, reputable installment loans almost always require a credit check. There are only a few common cases where they don’t, such as for most federal student loans, excluding PLUS loans.
What happens if you pay off an installment loan early?
Some lenders may charge you a prepayment penalty if you pay off your installment loan early, but these fees are not common. To be safe, confirm with your lender. In most cases, paying off your installment loan early will save you a lot of money in interest charges, and free you of the debt even sooner.