Best Installment Loans in April 2026
An installment loan comes as a lump sum that you’ll pay back in equal monthly payments
Best installment loan lenders
| Lender | User rating | APR | Term | Amount | |
|---|---|---|---|---|---|
|
7.99% to 24.99% | 36 to 84 months |
$2.5k – $40k |
||
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7.99% to 35.99% | 24 to 84 months |
$1k – $50k |
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|
7.23% to 24.00% (Test) | 12 to 84 months | Up to $125M |
| Lender |
|
|
|
|---|---|---|---|
| User rating | |||
| APR | 7.99% to 24.99% | 7.99% to 35.99% | 7.23% to 24.00% (Test) |
| Term | 36 to 84 months | 24 to 84 months | 12 to 84 months |
| Amount | $2.5k – $40k | $1k – $50k | Up to $125M |
Read more about how we made our picks for the best installment loans.
Best installment loan lenders at a glance
Best for: Superior customer service – Discover
- APR
- 7.99% to 24.99%
The APR ranges from 7.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.
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- 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.
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 good to excellent credit.
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: +
Best for: Combining banking with borrowing – Upgrade
- APR
- 7.99% to 35.99%
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s bank partners. Information on Upgrade’s bank partners can be found at https://www.upgrade.com/bank-partners/.
- 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 .
To qualify for a loan through Upgrade, you must meet the requirements below:
- Age: Be at least 18 years old (19 in some states)
- Citizenship: Be a U.S. citizen, permanent resident or live in the U.S. with a valid visa
- Administrative: Have a valid bank account and email address
- Credit score: {credit_score_min}+[/partner-data]
Best for: Bad or no credit – Upstart
- APR
- 7.23% to 24.00%
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
QA Test
- Accepts bad credit
- May still qualify with little to no credit
- Next-day loans possible
- Could have an 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, an origination fee or both.
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:
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.
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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 |
|---|---|
| 0.25% to 0.50% for autopay from a Wells Fargo checking account | |
| 0.50% for autopay, 0.25% for existing Relationship Tier customers | |
| LendingClub | 0.50% for autopay from a U.S. Bank account |
| 0.25% for autopay from a PNC checking account | |
| 0.25% for autopay from a Fifth Third checking account | |
| 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.
How we chose the best installment loans
We reviewed more than 40 lenders and loan marketplaces to determine the overall best nine installment loans. To make our list, lenders must offer installment loans with competitive APRs.
From there, we assessed each lender or marketplace across four categories: eligibility and access; cost to borrow; loan terms and options; repayment support and tools.
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.
Our categories
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from companies through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings. Read more about our editorial guidelines.
Why trust our methodology?
LendingTree’s writers and editors diligently vet dozens of lenders to narrow down which ones offer the most affordable rates and a customer-centered experience. We have ongoing conversations with loan companies to ensure accuracy and collect first-person feedback to understand the holistic process of getting and repaying a loan.
Using my financial health counseling certification, I’m here to walk you through the important — and sometimes stressful — process of understanding your personal finances and credit.
Amanda’s experience in editing and financial education helps shape LendingTree articles that are clear, accurate and truly useful to readers. Her certification means our recommendations are built on a foundation of consumer-first financial knowledge — not just numbers.
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.