Best Installment Loans in September 2025
An installment loan comes as a lump sum that you’ll pay back in equal monthly payments
Best installment loan lenders
| Lender | User rating | Best for | APR | Term | Amount | Min. credit score | |
|---|---|---|---|---|---|---|---|
|
Superior customer service | 7.99% – 24.99% | 36 to 84 months |
$2.5k – $40k |
none | ||
|
No fees and low rates | 6.40% – 25.29% | 24 to 84 months |
$5k – $100k |
650 | ||
|
Combining banking with borrowing | 7.99% – 35.99% | 24 to 84 months |
$1k – $50k |
580 | ||
|
Borrowers with bad or no credit | 6.70% – 35.99% | 12 to 84 months |
$100 – $1M |
Not specified |
| Lender |
|
|
|
|
|---|---|---|---|---|
| User rating | ||||
| Best for | Superior customer service | No fees and low rates | Combining banking with borrowing | Borrowers with bad or no credit |
| APR | ||||
| Term | 36 to 84 months | 24 to 84 months | 24 to 84 months | 12 to 84 months |
| Amount | $2.5k – $40k | $5k – $100k | $1k – $50k | $100 – $1M |
| Min. credit score | none | 650 | 580 | Not specified |
Best installment loan lenders at a glance
Best For: superior customer service
- Repayment assistance options to help get you back on track if you fall behind
- 4.9 out of 5.0 stars from LendingTree users
- Customer service is based in the U.S.
- Can’t add a second person to your loan
- Can be hard to qualify for
You might know Discover for its credit cards, but it also offers unsecured installment loans. What helps Discover stand apart are its repayment assistance options. If you’re struggling, you can request to temporarily reduce your monthly payments, defer past due payments or permanently extend your loan term. Notably, LendingTree users have given Discover a nearly perfect satisfaction score.
But qualifying for a Discover loan can be hard. You can’t add a second person to your loan to help your approval odds and you must have excellent credit.
Read our expert Discover personal loan review.
You’ll need to meet these eligibility criteria to get a Discover loan:
- Age: Be at least 18
- Citizenship: Have a Social Security number
- Administrative: Have a physical address, email address and internet access
- Income: Minimum income of $40,000 (individually or as a household)
- Credit score: 720+
Best For: no fees and low rates
- Low starting APR for those who qualify
- No fees
- Offers Rate Beat, a rate-matching program
- Must have at least good credit to qualify
- Can’t check rates without hurting your credit
- Must borrow at least $5,000
LightStream (an arm of Truist Bank) offers online loans for borrowers with good to excellent credit. This lender is so confident in its competitive APRs that it has a rate-matching program. If you get a similar loan offer with a lower APR, LightStream could beat it by 0.10 percentage points.
Unfortunately, you cannot prequalify for LightStream. That means you’ll take a hard credit hit to check your eligibility.
Read our expert LightStream personal loan review.
Although LightStream doesn’t disclose its minimum credit score requirements, it only works with borrowers with at least good credit. Approved LightStream borrowers have some factors in common, including:
- At least five years of credit history
- Assets, such as a retirement account or liquid assets like a checking or savings account
- An acceptable DTI ratio
- No delinquencies or other negative payment history issues
Best For: combining banking with borrowing
- Opening a checking account could get you a lower installment loan rate
- Some checking accounts come with up to 2.00% cash back on everyday purchases
- Can be easier to qualify for than other lenders
- Charges an origination fee
- Thanks to higher rates, may want to look elsewhere if you have strong credit
Upgrade isn’t just a loan marketplace. It also offers online savings and checking accounts through Cross River Bank. Upgrade’s Rewards Checking accounts are especially enticing. If you get at least $1,000 in monthly direct deposits, you can earn benefits like cash back and lower loan rates.
Upgrade makes more sense if you’re working on your credit. Excellent credit borrowers will probably find lower rates with a company like LightStream.
Read our expert Upgrade personal loan review.
When you apply for an Upgrade installment loan, it will review your credit score, credit usage and payment history. Its minimum credit score requirement is 580. You must also:
- Be the age of majority in your state
- Be a U.S. citizen or permanent resident or live in the U.S. with a valid visa
- Have a verifiable bank account and email address
Best For: bad or no credit
- One of the lowest minimum credit score requirements around
- Waives minimum credit score requirements for eligible college students and grads
- Next-day loans possible
- Could have a high origination fee
- Only offers two loan repayment terms
- Although you may be approved with bad credit, your interest rate could be high
Getting an installment loan when your credit isn’t great can be tricky. You might have luck with Upstart.
This loan marketplace, which works with partner banks and credit unions, considers more than just your credit score. In some cases, your education can help you get approved, even if you have no credit.
However, if you do have bad credit, you’ll likely pay a high APR, a high origination fee or both.
Read our expert Upstart personal loan review.
Upstart has transparent eligibility requirements, including:
- Age: Be 18 or older
- Administrative: Have a U.S. address, personal banking account, email address and Social Security number
- Income: Have a valid source of income, including a job, job offer or another regular income source
- Credit-related factors: No bankruptcies within the last three years, reasonable number of recent inquiries on your credit report and no current delinquencies
- Credit score: 300+ (unless you’re an eligible college student or graduate, in which case Upstart could approve you with no credit)
How to compare installment loans with LendingTree
What is an installment loan? An installment loan is a loan that you get as a lump sum and then pay back in fixed monthly payments, plus interest. Personal loans, mortgages, auto loans and student loans are all types of installment loans. We’re focusing on personal loans in this article.
Before you consider an installment loan, be sure that you can afford to pay back what you borrow. Missing payments is a sure-fire way to tank your credit score. Use our personal loan calculator to see the true cost of an installment loan, considering interest.
If your budget shows that you can handle another monthly installment payment, then you should:
Check your credit
Use LendingTree Spring to get your free credit score. Lenders offer the most affordable loans to borrowers with scores of at least 670. You might qualify with fair or poor credit, but be prepared for high APRs and origination fees.
Tell us what you need
Think of LendingTree as your personal loan matchmaker. With just a few clicks, you can access the nation’s largest network of lenders — all for free. No gimmicks, no obligation and no impact to your credit score.
Apply and accept your offer
After you’ve completed our quick form, we’ll show you what you could qualify for. If you find an installment loan you like, we’ll help you take the next step, which is formally applying. If the lender approves you, you could have your money deposited directly into your bank account.
Having a hard time getting approved? It’s not impossible to get an installment loan with bad credit. Shop with lenders known to offer bad credit installment loans. Consider taking out a joint loan with someone who has good credit to improve your odds. Offering collateral on a secured loan might also help.
Terms to know when comparing installment loans
When you’re in the market for a big-ticket item, you shop around, right? The same logic applies to personal installment loans. You can’t know if you’re getting the most competitive rate if you don’t compare offers. The definitions below might help while you review your options.
APR: An APR measures the total cost of your loan, including interest and fees. The higher the percentage, the more expensive the loan.
Repayment term: This is the length of time you’ll have to pay off your loan. Since you’ll have more time to spread your balance across, a longer loan term can give you lower monthly payments. On the flip side, a short term means you could pay less overall interest.
Loan amount: Double-check your loan amount before accepting an offer. An installment loan is a lump sum of money. If your loan doesn’t cover what you intended, you’re out of luck unless you get another loan.
Fees: Many installment loans come with fees, the most common being an origination fee. This is an upfront fee that the lender will deduct from your loan amount. Some lenders only charge this fee to bad-credit borrowers. Others apply one to every loan or skip them altogether.
Funding timeline: Lenders have two funding timelines — one for loan approval and one for how quickly it can release your funds (called loan disbursal). You may want to ask the lender if it can send your loan via direct deposit as this is typically the fastest method.
Where to find an installment loan
Knowing where to shop is the first step in finding an installment loan that works for you.
Banks
Your bank can be a great place to get an installment loan. Although eligibility requirements with banks can be strict, you could get a relationship discount if you qualify.
Note that some banks have discontinued their personal loan options in recent years. These include Bank of America, Chase and Capital One.
Below you’ll find some of the most popular banks that offer installment loans with APR discounts. This list isn’t all-inclusive, so contact your bank for more information.
| Bank | APR discount |
|---|---|
| Wells Fargo Bank | 0.25% to 0.50% for autopay from a Wells Fargo checking account |
| Citibank | 0.50% for autopay, 0.25% for existing Citigold and Citi Priority customers |
| U.S. Bank | 0.50% for autopay |
| PNC Bank | 0.25% for autopay from a PNC checking account |
| Fifth Third Bank | 0.25% for autopay from a Fifth Third checking account |
| M&T Bank | 0.15% to 0.50% for existing customers and/or autopay through an M&T checking account |
Credit unions
Credit union membership comes with perks. Like banks, they often offer APR discounts for autopay. But unlike banks, APRs on federal credit union personal loans cannot exceed 18% per federal law.
Additionally, credit unions are nonprofits and frequently follow a mission to help their members achieve their financial goals. Your credit union may be willing to look past an imperfect borrowing history.
Online lenders
One of the easiest ways to get an installment loan is through an online lender. You apply from the comfort of your own home, and many do business with borrowers of all credit scores. But while getting an online loan can be easier than getting a bank loan, online loans tend to come with higher rates and more fees.
Installment loan alternatives
A loan can be a tool that helps you reach your financial goals. For some, an installment loan might not be the right tool for the job.
Credit card
Since a loan provides a lump sum of cash, a credit card makes more sense if you need money on an ongoing basis.
Paycheck advance app
Paycheck advance apps can be easy to use, which makes them risky. Still, they can get you out of a bind if you need cash between paychecks.
Loan from friend or family
Borrowing from a friend or family member can be a better alternative to a bad credit installment loan (since these come with high APRs). If you take this path, write up a personal loan agreement and stick to it to avoid damaging your relationship.
Frequently asked questions
It can. Unless you get a no-credit-check loan, your lender will pull your credit report when you apply. This can negatively affect your credit scores, albeit temporarily. Making your payments on time (every time) could improve your score down the line.
The easiest installment loans are typically the most expensive ones. These include no-credit-check loans, payday loans, title loans and pawn shop loans. If you have bad credit, consider online lender Upstart or a paycheck advance app instead.
Installment loans can be handy, but they’re just another form of debt. You’ll pay to borrow through interest and fees. That’s not to say that an installment loan is always a bad idea. Just know what you’re getting into before signing on the dotted line.
Not always. Even if you have fair credit (or worse), you might qualify for installment loans online from lenders like Upstart or Upgrade. However, the most competitive rates generally go to borrowers with good credit or better. If you have rocky credit, expect to pay high APRs.
Our methodology
We reviewed more than 28 lenders to determine the overall best nine installment loans. To make our list, lenders must offer installment loans with competitive APRs. From there, we prioritize lenders based on the following factors:
Accessibility. Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
Rates and terms. We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
Repayment experience. For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.
According to our standardized rating system, the best installment loans come from: Achieve, Discover, Happy Money, LightStream, PenFed Credit Union, Prosper, SoFi, Upgrade and Upstart.