Installment Loan Lenders: 7 of the Best Rates

Upgrade is a great option for installment loans, especially for those who do not have the best credit. The company  was founded in 2017 and has made a name for itself since. 

Upgrade provides accessible online applications and loan offers, as well as mobile financial services and bank accounts (checking accounts and lines of credit) in most states across the U.S. (including California, Delaware, Ohio, and Texas).

Compared to other lenders, Upgrade’s interest rates are a bit on the higher end, but they make up for the increased loan rates because they make themselves available to those with bad credit scores. 

If you decide to take a personal installment loan with this lending company, know that their terms are available in three and five years, there is an origination fee of 2% to 8.5% of the loan amount, a late fee for past due payments, and no autopay discount. 

This lender is suitable for those with bad to no credit history looking for a quick approval.

Avant is a consumer lending platform that offers secured and unsecured loans for all ranges of credit scores through a third-party bank, WebBank. This creditor specializes in middle-income borrowers with fair to good credit and a minimum score requirement of 580. 

Due to their gearing of lending toward individuals with lower credit scores, their loan amounts are lower than their lending competitors. On the upside, they offer different repayment terms of three to five years, which make them more accessible to borrowers. 

Upon opening an account and taking out an installment loan with Avant, they charge an administrative fee of 4.75% of the loan amount, and their APR range is extensive, starting from 9.95% to 35.99%, which can be on the higher end for customers who have decent credit scores. As well, there is no autopay discount. 

Avant is a good option for borrowers with lower credit scores and looking for a broader range of repayment options to fit their needs. 

SoFi is an excellent option for installment loans of all shapes and sizes but is a better option for those who would come out of a credit check with a credit score of 650 and higher. This lender offers secured and unsecured loans and allows higher loan amounts compared to the previous two options, Avant and Upgrade.

Loans from $5,000 to a maximum loan amount of $100,000 are available. Repayment terms range from two to seven years, which may offer more significant flexibility than its competitors. If you are a borrower with low credit and want to go with SoFi, they also provide loan application options where co-signers can sign onto the loan. 

Approved borrowers can expect lower interest rates, no origination fees, or prepayment penalties, all stand-out features compared to other lenders on the market. 

SoFi is a solid option for borrowers with better credit scores and looking for all the bells and whistles in a lending company. 

LightStream is a well-known direct lender platform that offers unsecured personal loans for as little as $5,000 up to $100,000. With this lending company, the loan amounts vary based on the purpose of the loan (i.e., auto loans versus loans for medical bills). Compared to other lending companies, LightStream offers a higher minimum loan amount and a higher maximum amount. 

Repayment terms range from two to seven years, making LightStream a flexible option for those who want to spread their payment installments. In addition, there is no origination, late payments, or prepayment fees. This lender will also grant a 0.5% discount when you sign up for autopay. 

LightStream will beat a competitor’s rate by 0.1% for applicants that meet specific criteria to stay competitive. This lending company is a good option for those who have a decent credit score and are looking for a low-interest rate.

Marcus by Goldman Sachs is a division of the investment bank Goldman Sachs. They offer personal loans between $3,500 and $40,000. This is an excellent option for those looking for smaller loan amounts and flexible repayment terms between two to six years. 

Borrowers can qualify for interest rates between 6.74% and 19.74% and autopay discounts of 0.25%. Similarly to LightStream, Marcus does not charge any fees, including no origination fee, late payments, or prepayment fees.

PenFed is a credit union that offers unsecured loans for up to $50,000. You can apply for a personal loan based on the purpose of your loans, such as debt consolidation, home improvement, transportation, medical, and even life events. 

This lender is a good option if you have a decent credit score and desire a company with no origination fee, no early payoff penalty, and no hidden fees. 

LendingPoint offers installment loans that range from $2,000 to $36,500 with repayment terms ranging from 24 to 60 months which is excellent for those who want more repayment flexibility. 

With this lender, you can easily apply online and benefit from quick funding. This lender is not the best option for those with lower credit scores because of the higher interest rates, so it is ideal for those who have higher credit scores so that interest rates can stay low.