Best Installment Loans

SoFi offers personal loans with flexible repayment terms, competitive rates, and amounts up to $100,000, making it our top installment loan lender. There are no fees (origination, prepayment, late payment), and same-day funding is available for some applicants. 

SoFi allows co-signers, giving applicants a better chance to get the best rates. The application process is quick and easy, and the SoFi customer service team is very responsive to both borrowers and applicants looking for assistance.

SoFi offers various perks, like an unemployment protection program which lets borrowers pause payments for up to three months at a time when looking for work. SoFI also provides career counselors who can assist in finding a new job during this time, at no additional cost.

Overall, SoFi is great pick for personal loans if your credit is good enough, and thankfully you can apply with someone else if you’re not quite there.

• At least the age of majority in your state and able to enter into a binding contract
• United States citizen, eligible permanent resident, or non-permanent resident alien (including DACA recipients and asylum seekers); documentation may be required.
• Available in all 50 U.S. states or Washington, D.C. 
• Must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days

Best Egg is a great choice if you’re looking for certain loan features to cover specific situations; it has more extra features than most lenders, giving you options if you need them.

Best Egg’s bevy of perks includes:

• Unemployment protection if you lose your job and need some time to get back on your feet
• Hardship support if you become a victim of a natural disaster
• The ability to change your due date to accommodate your finances
• The option to have your creditors paid directly for debt consolidation
• Access to one of your FICO credit scores

Best Egg offers installment loans up to $50,000 for qualified borrowers, though its minimum recommended credit score is only 600.

Overall, Best Egg is a great option for borrowers who are looking for something more than just a simple loan.

• U.S. citizen or permanent resident, or living in the U.S. on a valid visa
• At least 18 years old (19 years old in Alabama and certain other states)
• Live in a state supported by Best Egg (not available in Iowa, Vermont, West Virginia, or Washington, D.C.)
• Verifiable income and employment
• Minimum 600 recommended credit score
• Minimum $3,500 annual income

Marcus by Goldman Sachs is a banking company that offers installment loans from $3,500 up to $40,000, with low interest rates for borrowers with excellent credit. Loans are available with repayment terms up to six years in length, and there are no fees on the loan, including origination, prepayment, application, or even late payment fees.

Marcus is backed by Goldman Sachs, which is a financial firm that has been in business since 1885. This gives borrowers confidence in the integrity of the loans provided by Marcus, as well as the protections for any funds that are held in Marcus accounts. Marcus loans are available in all 50 states and Washington, D.C.

Marcus does offer low rates, but you need a high credit score and decent credit history to qualify for the lowest rates offered. You must also sign up for auto-pay as well. Marcus may also take a few days to fund loans, whereas some competitors offer same-day funding. Overall, Marcus is a great option for borrowers with good credit looking for the lowest rate on a personal loan.

• Must be at least 18 years old (19 in Alabama, 21 in Mississippi)
• Must be a U.S. resident with a Social Security number
• Rates are based on creditworthiness
• Income and debt information are reviewed

Upstart is a popular online lending platform that offers personal loans for a variety of use cases, and it works with applicants who have low credit scores. The minimum credit score needed to apply is 300, which is the lowest possible credit score—that means Upstart will consider anyone with enough credit history to score. 

Upstart offers only two loan terms, 36 months or 60 months, and fixed interest rates with a pretty wide range. If you have a poor credit score, watch out for higher rates when applying. There is also an origination fee assessed, from 0% up to 10%. Unfortunately, Upstart doesn’t allow you to apply with a co-signer to improve your terms.

If you have poor credit but decent income, you may be able to qualify for a personal loan from Upstart. Just keep an eye on the fees.

• Must be a U.S. citizen or permanent resident
• Must not live in West Virginia or Iowa
• Must be at least 18 years old
• Must have a valid email account
• Must have a verifiable name Social Security number, and birth date
• Minimum credit score of 300
• Must have a full-time job, a full-time job offer starting in 6 months (except if accepted to a partner bootcamp and seeking employment after graduation), a regular part-time job, or another source of regular income
• Must have a personal banking account at a U.S. financial institution with a routing transit number

Wells Fargo is a well-known bank that offers personal loans up to $100,000 to Wells Fargo members. With interest rates as low as 7.49%, members can gain access to installment loans with some of the lowest rates around.

Wells Fargo loans can be used to consolidate debt, pay for a wedding, or fix up your house; they can be used for just about anything. The only restrictions are that loans cannot be used to refinance student loans, or used for any post-secondary education. Terms start at one year and go up to seven years, giving you flexible repayment options.

Only current Wells Fargo customers can apply for installment loans online; everyone else will need to visit a Wells Fargo branch in person. You can check your rates quickly online without hurting your credit score, and choose your loan terms prior to submitting a full application.

• Be a Wells Fargo member, or apply in-person at a branch
• Be a U.S. citizen or permanent resident, or living in the U.S. on a valid visa
• Be at least 18 years old
• Qualify based on income, credit score, credit usage, and payment history

PenFed is a credit union that is available nationwide, offering a suite of banking services including personal loans. PenFed offers loans to members, with the ability to borrow as little as $600, all the way up to $50,000, with no collateral needed.

You can see your rates through the PenFed prequalification tool without impacting your credit score. But while non-members can check their rates, you’ll need to become a member to qualify for a loan and receive funding. Becoming a member is simple; you’ll be prompted to do so during the loan application process, by opening an account with $5.

PenFed has competitive rates for highly-qualified borrowers, though the minimum recommended credit score is just 650. The highest rate available is only 17.99%, which is lower than most competitors (and credit cards), so PenFed may be a good option for consolidating your debt.

Overall, PenFed is a solid credit union with great installment loan options, and membership isn’t a high bar.

• Be a PenFed member, or join during the loan application process
• Live in the United States
• Be the age of majority as defined by state of residence
• Be a United States citizen (PenFed does not support permanent residents)
• Minimum recommended credit score of 650

LightStream is an online lender that offers large installment loans, up to $100,000, with competitive rates. LightStream offers a wide range of repayment terms (up to 10 years), and no fees on its personal loans (no application, origination, prepayment, or late payment fees).

LightStream offers same-day funding on some loans as well, meaning you may receive your funds on the same day you sign your loan agreement. 

LightStream doesn’t offer prequalification, meaning you will have to submit a full application to see your rates and loan terms. But the lender only lends to those with good to excellent credit, so if your credit is fair or worse you’ll need a co-applicant to improve your chances.

Overall, LightStream offers large loans and decent rates, but you’ll need a solid credit profile to get them.

• At least the age of majority in your state
• United States citizen, eligible permanent resident, or non-permanent resident alien
• Available in all 50 U.S. states and Washington, D.C. 
• Minimum recommended credit score of 660

LendingClub is a popular online lender that offers debt consolidation loans with decent interest rates and amounts up to $40,000. LendingClub will pay your creditors directly to settle your outstanding debts, and effectively consolidate all of your debts into a single payment.

LendingClub allows borrowers to check rates through an online prequalification tool, which requires a soft credit pull and will not impact your score. 

While the lowest rates are reserved for applicants with excellent credit, the upper end of the range is quite high. And there is an origination fee tacked on of 3% to 6% on each loan, so make sure to look and see what the estimate is before signing up. If you won’t get a lower rate overall, the fee could make consolidating a bad idea.

• At least the age of majority in your state
• United States citizen, eligible permanent resident, or non-permanent resident alien
• Reside in a supported state (not available in Iowa)

First Tech Federal Credit Union is a national credit union that offers banking services to members, as well as personal loans that can be used for a variety of purposes. Loans start at only $500, and you can borrow up to $50,000 in total. If you have fair credit, First Tech may be a good choice, as its recommended credit score is only 600.

First Tech FCU offers a wide range of repayment terms, from two to seven years in length, and interest rates are competitive. The downside of the longer-term loans is that the minimum interest rate will be a bit higher, although this is fairly typical among lenders.

First Tech requires membership to apply, but it’s fairly easy to join and open to anyone. Overall, First Tech is a great option for anyone with lower credit scores to get an installment loan.

• Age of majority in your state
• Recommended credit score of 600 or higher (or have a creditworthy co-signer)
• Member of First Tech FCU

To join First Tech FCU, you must meet one of the below criteria: 

• Have a family or household member that is a current member of First Tech FCU
• Work for one of the credit union’s many partner employers 
• Work or live in Lane County, Oregon
• Belong to the Computer History Museum or the Financial Fitness Association (you can join online; digital memberships start at $15 per year)

Regions is a bank with relatively high credit requirements, but it allows co-signers to help you qualify and get better rates and terms. You can apply for a loan online, over the phone, or in one of Regions’ local branches.

Loans are available starting at $2,000 up to $50,000 in total, and they can be used for nearly anything, such as home improvement, paying off credit card debt, or buying a car. Rates start at just 7.99%, which is close to the lowest available, but you may need a co-signer to get that APR. There is a late payment fee of 5%, or up to $100.

Regions bank is only available to customers in select states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas. 

• Have a valid Social Security number
• Have a verifiable source of income
• Must have a valid bank account
• If you are a Regions customer, provide your online banking credentials or your ATM or debit card numbers
• Live in an eligible state