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17 Installment Loans to Consider

There are several types of installment loans, including personal loans, auto loans, and mortgages.

Lindsay VanSomeren Lindsay VanSomeren Edited by Ashley Harrison Updated February 3, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

With an installment loan, you can make a purchase and pay off the balance over time with steady, even payments.

An installment loan could be especially helpful if you need to cover expenses, but aren’t able to save the money ahead of time.

Here’s what you should know about installment loans and where to get one:

  • 17 online lenders for installment loans
  • What are installment loans?
  • Where can you get an installment loan?
  • How do you qualify for an installment loan through an online lender?
  • How to apply for an installment loan
  • What is the difference between a payday loan and an installment loan?
  • Installment loan alternatives

17 online lenders for installment loans

There are plenty of lender options to choose from if you need an installment loan. Here are Credible’s partner lenders that offer personal installment loans:

LenderFixed ratesLoan amountsMin. credit scoreLoan terms (years)


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 29.99% APR $10,000 to $50,000Not disclosed by lender2, 3, 4, 5
  • Fixed APR: 7.99% - 29.99% APR
  • Min. credit score: Does not disclose
  • Loan amount: $10,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: If approved, funds sent within 24-72 hours†
  • Fees: Origination fee
  • Discounts: No
  • Eligibility: Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
9.95% - 35.99% APR $2,000 to $35,000**5502, 3, 4, 5*
  • Fixed APR: 9.95% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 550
  • Loan amount: $2,000 to $35,000**
  • Loan terms (years): 2, 3, 4, 5*
  • Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: Avant
  • Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income: $1,200 monthly


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 15.19% APR $10,000 to $50,0007003, 4, 5, 6
  • Fixed APR: 7.99% - 15.19% APR
  • Variable APR: N/A
  • Min. credit score: 700
  • Loan amount: $10,000 to $50,000
  • Loan terms (years): 3 to 6
  • Time to fund: Next business day
  • Fees: No prepayment penalty
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
8.99% - 35.99% APR $2,000 to $50,0006002, 3, 4, 5
  • Fixed APR: 8.99% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 600
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 to 3 business days after successful verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Best Egg and Blue Ridge Bank
  • Min. Income: None
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
6.99% - 24.99% APR $2,500 to $35,0006603, 4, 5, 6, 7
  • Fixed APR: 6.99% - 24.99% APR
  • Min. credit score: 660
  • Loan amount: $2,500 to $35,000
  • Loan terms (years): 3, 4, 5, 6, 7
  • Time to fund: As soon as the next business day after acceptance
  • Fees: Late fee
  • Discounts: None
  • Eligibility:  Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 29.99% APR $5,000 to $40,0006002, 3, 4, 5
  • Fixed APR: 7.99% - 29.99% APR
  • Min. credit score: 600
  • Loan amount: $5,000 to $40,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 2 to 5 business days after verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except MA and NV
  • Customer service: Phone, email, chat
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation and credit card consolidation only


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
8.3% - 35.89% APR $1,000 to $40,0006003, 5
  • Fixed APR: 8.3% - 35.89% APR
  • Min. credit score: 600
  • Loan amount: $1,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: Usually takes about 2 days†
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: LendingClub Bank
  • Min. Income: None
  • Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 35.99% APR $2,000 to $36,5005802, 3, 4, 5, 6
  • Fixed APR: 7.99% - 35.99% APR
  • Min. credit score: 580
  • Loan amount: $2,000 to $36,500
  • Loan terms (years): 2, 3, 4, 5, 6
  • Time to fund: As soon as the next business day
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except NV and WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $20,000
  • Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.99% - 23.99% APR $5,000 to $100,0006602, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Fixed APR: 5.99% - 23.99% APR
  • Min. credit score: 660
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7*
  • Time to fund: As soon as the same business day
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Customer service: Phone, email
  • Soft credit check: No
  • Loan servicer: LightStream
  • Min. Income: Does not disclose
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
18.0% - 35.99% APR $1,500 to $20,000None2, 3, 4, 5
  • Fixed APR: 18.0% - 35.99% APR
  • Min. credit score: None
  • Loan amount: $1,500 to $20,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 to 2 business days after approval
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.74% - 17.99% APR $600 to $50,000
(depending on loan term)
6601, 2, 3, 4, 5
  • Fixed APR: 7.74% - 17.99% APR
  • Min. credit score: 660
  • Loan amount: $600 to $50,000*
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: 2 to 4 business days after verification
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
6.99% - 35.99% APR $2,000 to $50,0006402, 3, 4, 5
  • Fixed APR: 6.99% - 35.99% APR
  • Min. credit score: 640
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as one business day
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 23.43% APR10 $5,000 to $100,000Does not disclose2, 3, 4, 5, 6, 7
  • Fixed APR: 7.99% - 23.43% APR10
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Time to fund: 3 business days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Solely for personal, family, or household uses


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
11.69% - 35.93% APR7 $1,000 to $50,0005603 to 5 years 8
  • Fixed APR: 11.69% - 35.93% APR7
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000
  • Loan terms: 3 to 5 years 8
  • Time to fund: Within one day, once approved9
  • Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service: Phone, email
  • Soft credit check: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
8.49% - 35.97% APR $1,000 to $50,0005602, 3, 5, 6
  • Fixed APR: 8.49% - 35.97% APR
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000*
  • Loan terms (years): 2 to 7
  • Time to fund: Within a day of clearing necessary verifications
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except West Virginia
  • Customer service: Email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.4% - 35.99% APR4 $1,000 to $50,00055803 to 5 years4
  • Fixed APR: 5.4% - 35.99% APR4
  • Min. credit score: 580
  • Loan amount: $1,000 to $50,0005
  • Loan terms (years): 3 to 5 years4
  • Time to fund: As fast as 1 business day6
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $12,000
  • Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

What are installment loans?

Installment loans are a kind of loan where you get the money in a lump sum and repay it over time with a fixed monthly payment.

There are two types of installment loans to choose from:

  1. Secured loans are backed by collateral — something of value you agree to give to the lender if you don’t repay the loan. This type of loan could be easier to qualify for because there’s less risk for the lender.
  2. Unsecured loans don’t require collateral. Because of the higher risk to the lender, this type of loan might come with slightly higher interest rates compared to a secured loan.

These loans can be used for a wide variety of purposes. Here are a few common installment loans you might come across:

  • Personal loans are generally unsecured, though there are some lenders that offer secured personal loans. You can use a personal loan to fund almost any personal expense. For example, you could use debt consolidation loans to help repay debt or home improvement loans for house repairs.
  • Auto loans are used for car purchases and are secured by the vehicle.
  • Mortgages can be used to purchase homes, with those same homes acting as collateral.
  • Private student loans are unsecured loans that you can use to pay for your college education.
Keep in mind: A personal loan is a type of installment loan — but not all installment loans are personal loans.

Unlike an auto loan or mortgage that has a specific purpose and required collateral, a personal loan can be used for almost anything.

Learn More: Loans for Credit Card Consolidation

Where can you get an installment loan?

If you’re wondering where to get a loan, don’t worry — there are many lenders that offer installment loans, including:

  • Online lenders offer quick access to installment loans and sometimes have less stringent requirements than banks and credit unions. If you have poor or fair credit, you might have an easier time getting approved by an online lender.
  • Banks might offer larger loan limits and longer loan limits than online lenders. However, bank loans also tend to have stricter requirements to qualify.
  • Credit unions are nonprofit organizations, so they generally offer lower interest rates than banks. Keep in mind that you’ll need to join the credit union before you can take out a loan, though.

Check Out: How to Get a $5,000 Personal Loan

How do you qualify for an installment loan through an online lender?

Each lender has its own requirements to qualify for a loan. However, there are a few common criteria that most lenders look for, including:

  • Good credit history: If you have a strong credit history, you’re more likely to be approved.
  • Verifiable income: Many lenders require you to earn a certain amount so they know you can make your payments.
  • Debt-to-income ratio: Lenders look at your DTI ratio to see if you make enough money to afford another loan on top of any other debt you might have.
Can I get an installment loan without a credit check? Unfortunately, no — installment loans typically require a credit check before you can be approved. However, there are some lenders that offer personal loans for bad credit.

Some lenders also allow cosigners, which could make it easier to qualify. Having a creditworthy cosigner might also get you a lower interest rate compared to what you’d get on your own.

Before you borrow, estimate how much you’ll pay for a loan using our personal loan calculator below.

Enter your loan information to calculate how much you could pay

? Enter the total amount borrowed $
? Enter your annual interest rate %
or
? Enter the amount of time you have to repay your loan years
Total Payment $
Total Interest $
Monthly Payment $

With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.


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Check Out: Long-Term Personal Loans

How to apply for an installment loan

If you’re ready to apply for an installment loan, follow these four steps:

  • Prepare ahead of time. Before you apply, gather any pertinent paperwork you’ll need to submit. This might include tax returns, pay stubs, or your photo ID. It’s also a good idea to check your credit report for any errors.
  • Compare lenders. Be sure to consider as many lenders as you can to find a loan that fits your needs. Remember to compare not only rates but also repayment terms and any fees the lender might charge.
  • Choose your loan. Once you’ve shopped around, pick the loan option that you like best.
  • Finish the application. You’ll need to fill out a full application and submit any required documentation to apply for the loan. If you’re approved, the lender will have you sign for the loan so they can send you your funds.

If you’re ready to find your personal installment loan, remember to shop around and compare multiple lenders. Credible makes this easy — you can see your prequalified rates from all of our partner lenders in two minutes.

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What is the difference between a payday loan and an installment loan?

A payday loan is another type of installment loan. However, payday loans come with much riskier terms compared to most other installment loans.

Here are several differences between payday loans and personal installment loans to keep in mind:

Payday loansPersonal installment loans
Time to fundSame dayTypically 1-7 business days
(depending on the lender)
Repayment termsAbout 2 weeks1-7 years
(depending on the lender)
Interest rates300% to 500%Varies
Credit check required?NoYes
Reported to credit bureaus?NoYes
Beware payday loans: While a payday loan might promise fast cash with no credit check required, you could end up paying a high price for the convenience.

A personal installment loan is generally a much better and safer option if you need quick access to funds. Depending on the lender, your loan could be funded on the same day you’re approved.

Learn More: Online Cash Advance: What Is It and What Are the Alternatives

Installment loan alternatives

If you need to borrow money, there are other options available outside of installment loans. Here are a few other choices:

  • Credit card: You can charge purchases on a credit card and pay them off over time. If you’re able to pay off your balance by the due date, you could avoid paying interest. However, if you can’t repay your balance in full by that time, you might be stuck with hefty interest charges.
  • Personal line of credit: Similar to a credit card, a line of credit is a revolving type of credit — meaning you can repeatedly draw on your credit line as long as you continue paying it off. A personal line of credit is generally unsecured and might be tied to a checking account.
  • Home equity line of credit (HELOC): Unlike a personal line of credit, a HELOC is secured by the equity in your home. While you might get a lower interest rate on a HELOC, keep in mind that you could lose your home if you default on the loan.

Find Out: How to Get a $20,000 Personal Loan

If you decide to take out a personal loan, remember to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare multiple lenders in two minutes.

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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.40%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author
Lindsay VanSomeren
Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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Home » All » Personal Loans » 17 Installment Loans to Consider

Types of Personal Loans

  • Adoption Loans
  • Auto Repair Loans
  • Boat Loans
  • Dental Work Loans
  • Engagement Ring Loans
  • Kitchen Remodel Loans
  • Medical Expenses Loans
  • Motorcycle Loans
  • Moving Loans
  • Service Dog Loans
  • Swimming Pool Loans

Common Personal Loans

  • Personal Loan Rates
  • Bad Credit Loans
  • Fair Credit Loans
  • Good Credit Loans
  • Credit Card Consolidation Loans
  • Debt Consolidation Loans
  • Home Improvement Loans

Personal Loan Basics

  • Personal Loan Calculator
  • Where to Get a Personal Loan
  • How to Get a Personal Loan
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