No co-signed loan option. Qualifications Minimum credit score: ; borrower average is Minimum number of accounts on credit history: Two accounts. Available Term Lengths 2 to 7 years.
Fees Origination fee: 2. Our pick for Installment loans for thin credit history. APR 3. Credit Score None. Key facts Upstart is a good option for those who have short credit histories and promising financial futures. Pros Accepts borrowers new to credit. Cons Borrowers can choose from only two repayment term options. Charges origination fee. No mobile app to manage the loan. Qualifications Minimum credit score: None.
Must be at least 18 years old. Valid email account required. Personal bank account with U. Available Term Lengths 3 to 5 years. Disclaimer Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Our pick for Co-signed installment loans. APR 7. Key facts LendingClub is a pioneer of peer-to-peer lending and a good option if you want to consolidate your debt. Pros Offers co-signed and joint loan options.
Cons Borrowers can only choose from two repayment term options. Charges an origination fee. Qualifications Minimum credit score of Minimum credit history of three years. Our pick for Installment loans for bad credit. Universal Credit. APR 8. Key facts A Universal Credit loan is an option for bad-credit borrowers with high debt-to-income ratios, but rates are high compared to similar lenders.
Pros Offers rate discount with direct payment to creditors on debt consolidation loans. Option to change your payment date. Offers free credit score access. Qualifications Minimum credit score: Minimum number of accounts on credit history: 2 accounts. Fees Origination fee: 4.
Our pick for Installment loans that help build savings. APR 6. Pros Soft credit check to pre-qualify. No origination or prepayment fees. Cons No co-signed or joint loan option.
Qualifications Verifiable income. An active bank account. A Social Security number or individual taxpayer identification number.
Available Term Lengths 8 to 44 months. Fees Origination fee: None. Prepayment fee: None. Our pick for Installment loans from a credit union. Pros No origination fee. Able to fund loans same-day. Cons Exclusive to credit union members. No option to pre-qualify. No rate discount for autopay.
Qualifications No minimum qualification requirements. Must meet membership requirements. Available Term Lengths 1 to 5 years. Our pick for Installment loans for good credit.
Rocket Loans. Key facts Rocket Loans offers online personal loans to borrowers with fair credit and over two years of credit history. Pros Soft credit check with pre-qualification. Able to fund loans the same day.
Minimum credit history: Over two years. Must be at least 18 years old 19 in Alabama and Nebraska. Must provide Social Security number. Our pick for Installment loans from a bank. Pros Existing customers can get a. No origination fee. Offers joint loan option. Wide variety of repayment terms. Cons Charges late fee. May require an in-person visit. Product varies by location. Must provide date of birth and Social Security number. Must show photo ID. Must be able to show proof of income.
Available Term Lengths 6 months to 5 years. How do installment loans work? Types of installment loans. Where to get an installment loan. Credit unions. Online lenders. When is an installment loan a good idea? Edited by. Rashawn Mitchner. Rashawn Mitchner is a former associate editor at Bankrate. Reviewed By Mark Kantrowtiz.
Reviewed by. Mark Kantrowtiz. Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, plans, education tax benefits and student loans.
About our review board. If a lender offers prequalification, it will do a soft pull on your credit to find out which rates and terms you qualify for. This won't ding your credit score. Compare loan rates and terms from multiple lenders. Once you apply for a loan, a lender will do a hard pull on your credit and verify the information you submitted. Receive a loan decision.
Methodology To select the top personal loan lenders, Bankrate considered factors that help consumers decide whether a lender is a good fit for them, such as credit requirements and minimum APRs. Advertiser Disclosure. Definition of terms. Loan amount. Zip code. Annual income Hover here to learn more. Check Your Personal Loan Rates Answer a few questions to see which personal loans you pre-qualify for.
Get Started. Lending Partner. Hover here to learn more. See Offers. Offer Details. Lender Info Bankrate's View Lowest rate is for excellent credit only. Rates 4.
Excellent credit is required to qualify for lowest rates. Rates range from 4. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender.
Copyright Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank. Personal loans made through Upgrade feature APRs of 5. All personal loans have a 2.
Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. 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 lending partners. Availability of the funds is dependent on how quickly your bank processes the transaction.
From the time of approval, funds sent directly to you should be available within four 4 business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions.
About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within business days. The timing of available funds upon loan approval may vary depending upon your bank's policies. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.
The origination fee on a loan term 4-years or longer will be at least 4. Your loan term will impact your APR, which may be higher than our lowest advertised rate. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Additional state restrictions may apply. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Lowest rates reserved for the most creditworthy borrowers. Autopay Discount: The SoFi 0. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings, checking, or SoFi Money account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To qualify for an additional 0. If you do not set up autopay with SoFi Money within 20 days of the funding of your loan, AND set up payroll direct deposits to SoFi Money within 35 days of the funding of your loan you will not be qualified for this additional 0.
Once qualified, you will receive this additional 0. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Money account.
You are not required to enroll in autopay or direct deposits to receive a loan from SoFi. Neither SoFi nor its affiliates are a bank.
To receive any advertising product, you must become a member of PenFed Credit Union. Lender Info Bankrate's View No prepayment penalties, application fees, late fees, or hidden fees. Because no one wants to do that You can consolidate all your credit card payments down to one monthly, affordable, fixed-rate payment between 5.
We don't deduct a sign-up fee from your loan amount. Only the most creditworthy applications qualify for the largest loan amounts and lowest rates. Discount when enrolled in Autopay You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt Your loan terms are not guaranteed and are subject to our verification of your identity and credit information.
To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness for example, credit score and credit history and the length of your loan for example, rates for 36 month loans are generally lower than rates for 72 month loans.
Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Well, first off, installment loans will be very predictable compared to some of the other types of debt such as payday loans which can fluctuate depending on a range of personal circumstances.
Having an installment loan which you can repay in fixed payments month after month can provide much more stability to the person taking out the loan, allowing for greater budget control and the avoidance of unpleasant surprises. With installment loans, the lender is taking on the bigger risk, sometimes accepting borrowers without any collateral, which can mean that the interest rates are a bit higher than at the local bank.
When you apply for online installment loans with instant approval, you can get evaluated in a matter of hours, and receive an offer for the best rates available. Then, you can decide the size of the online loan that you want, set up your payment schedule according to your needs, and have the funds in your account soon after.
You can instead complete all of the steps from the comfort of your own home. The truth is, most of the conventional loans that people take out can be considered installment loans — basically, any loan that has monthly installments falls under the same umbrella.
A personal loan is one of the most popular installment loan options because it can apply to a wide range of situations. Basically, anytime you need money for paying off sudden expenses such as medical bills, a personal loan can be the right solution for you.
They are also a popular option for people looking to consolidate their debt. One of the best installment loan use cases is to go on your personal dream vacation. Life often forces us to delay plans for years because of various circumstances, but with vacation loans, you can enjoy your vacation now and pay off the loan in consistent monthly installments.
Sometimes, you may find yourself in need of a loan to fix up your house. Just as with travel loans, you can get much more stable and reliable rates than with your credit card, maintaining control of how much and when you pay back the loan. And luckily, in some instances, you can use installment loans to finance the down payments for a big purchase and not wait months or even years until you save up the amount on your own.
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