8 Best Installment Loans of 2026: Compare Rates, Terms and Fees
The best installment loan for you depends on your credit: SoFi® and LightStream offer the lowest rates and highest amounts for good-to-excellent credit, while OneMain and Avant work with fair-to-poor credit at higher APRs.
An installment loan is a lump sum you borrow and pay back in fixed monthly payments over a set term, usually at a fixed rate — personal loans, auto loans and student loans all qualify. Below, we compare eight top lenders on annual percentage rate (APR), fees, loan amounts and funding speed so you can match one to your credit and budget.
MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.
Key Takeaways
What are the best installment loans in 2026? Eight lenders lead across the credit spectrum: SoFi, LightStream, Upgrade, Upstart, Avant, OneMain Financial, Best Egg and Universal Credit.
An installment loan is repaid in fixed monthly payments: You borrow a lump sum and pay it back over a set term at a usually fixed rate — personal, auto and student loans all qualify.
APRs run roughly 6% to 36%: Upstart posts the lowest starting APR at 6.3%, but your actual rate depends on your credit, income and lender.
Loan amounts reach $100,000: SoFi and LightStream cap highest, while bad-credit lenders like OneMain focus on smaller $1,500 to $30,000 loans.
Watch the fees, not just the rate: Origination or administration fees run from 0% at LightStream up to 9.99% or more elsewhere, so compare the total cost, not the headline APR.
Match the lender to your credit: OneMain and Avant serve fair-to-poor credit, while SoFi and LightStream reward good-to-excellent scores with the lowest rates.
Summary generated by AI, verified by MoneyLion editors
Top 8 Installment Loan Lenders for 2026
SoFi: Best overall for good to excellent credit
LightStream: Best for low APR
Upgrade: Best for fair credit
Upstart: Best for short credit history
Avant: Best for fast funding
OneMain Financial: Best for bad credit
Best Egg: Best for debt consolidation
Universal Credit: Best for credit-building tools
Quick Picks by Borrower Need
Best for bad credit: OneMain Financial
Best for fair credit: Upgrade
Best for good to excellent credit: SoFi
Best for a large loan amount: LightStream and SoFi, with loans up to $100,000
Best for fast funding: Avant
Installment Loan Market at a Glance
Typical loan amounts: $1,000 to $100,000, depending on the lender
Typical repayment terms: 12 to 84 months, though some — like Lightstream — offer terms up to 240 months depending on the loan purpose
Typical APR range: 6% to 36%, per lender data
Common funding time: One to seven business days after approval
How much does a $10,000 installment loan cost per month?
Your payment depends on your APR and term. On a $10,000 loan over 60 months, a 12% APR runs about $222 a month (roughly $3,300 in total interest), while a 25% APR runs about $294 a month (roughly $7,600 in interest).
The same principles apply if you’re considering how much a $5,000 loan would cost per month. At 12% APR over 60 months, you’d pay about $111 per month (roughly $1,670 in total interest). At 25% APR, the monthly payment rises to about $147 (roughly $3,800 in total interest).
Bottom line: A shorter term and lower APR both cut what you pay overall — run your actual rate through a lender's calculator before you apply.
How MoneyLion Chose the Best Installment Loans
MoneyLion reviewed more than 20 lenders to build this list. Each lender was scored on the factors that matter most when you borrow money.
APR range: Lower rates ranked higher, with weight given to the starting APR.
Fees: Lenders with no origination fee or low late fees scored better.
Loan amounts: Higher maximum loan amounts added points for flexibility.
Funding speed: Same-day or next-day funding earned a higher score.
Eligibility: Lower minimum credit score requirements helped lenders serve more people.
Repayment terms: A wider range of loan terms gave borrowers more control over monthly payments.
Best Installment Loans at a Glance
Lender | Annual percentage rate (APR) | Loan amount | Fees | Terms |
|---|---|---|---|---|
6.99% to 35.49%* | $5,000 to $100,000 | No origination fee on the no-fee term options shown; other official SoFi disclosures note origination fee options of 0% to 7% may apply | 24 to 84 months | |
7.24% to 24.89% with AutoPay; rates vary by loan purpose | $5,000 to $100,000 | No fees | 24 to 240 months | |
7.74% to 35.99% | $1,000 to $50,000 | 1.85% to 9.99% origination fee, deducted from proceeds; no prepayment fee | 24 to 84 months | |
6.3% to 35.99% | $1,000 to $75,000 | Origination fee may apply; no prepayment fee or penalty | 3 or 5 years | |
9.95% to 35.99% | $2,000 to $35,000 | Administration fee up to 9.99% | 24 to 60 months | |
11.99% to 35.99% | $1,500 to $30,000 | Origination fee where permitted by law; flat $25 to $500 or 1% to 10% depending on state; no prepayment fee | 24 to 60 months | |
6.99% to 35.99% | $2,000 to $50,000 | One-time origination fee of 0.99% to 9.99% | 36 to 60 months | |
11.69% to 35.99% | $1,000 to $50,000 | 5.25% to 9.99% origination fee | 36 to 60 months |
Rates in the table above were last checked on September 9, 2026. APRs change often, so confirm current numbers with each lender before you apply.
SoFi: Best Installment Loans for Good to Excellent Credit
Quick facts:
APR: 6.99% to 35.49%
Loan amount: $5,000 to $100,000
Loan term: 24 to 84 months
Minimum credit score: Not disclosed
Fees: Origination fees may apply
LightStream: Best Installment Loans for Low APR
Quick facts:
APR: 7.24% to 24.89% with AutoPay
Loan amount: $5,000 to $100,000
Loan term: 24 to 240 months
Minimum credit score: Good to excellent
Fees: None
Upgrade: Best Installment Loans for Fair Credit
Quick facts:
APR: 7.74% to 35.99%
Loan amount: $1,000 to $50,000
Loan term: 24 to 84 months
Minimum credit score: No official minimum
Fees: 1.85% to 9.99% origination fee, deducted from proceeds
Upstart: Best Installment Loans for Short Credit History
Quick facts:
APR: 6.3% to 35.99%
Loan amount: $1,000 to $75,000
Loan term: 3 or 5 years
Minimum credit score: Limited, fair
Fees: Origination fee may apply
Avant: Best Installment Loans for Fast Funding
Quick facts:
APR: 9.95% to 35.99%
Loan amount: $2,000 to $35,000
Loan term: 24 to 60 months
Minimum credit score: 550
Fees: Administration fee up to 9.99%
OneMain Financial: Best Installment Loans for Bad Credit
Quick facts:
APR: 11.99% to 35.99%
Loan amount: $1,500 to $30,000
Loan term: 24 to 60 months
Minimum credit score: Limited, fair, poor
Fees: Origination fee where permitted by law; flat $25 to $500 or 1% to 10% depending on state
Best Egg: Best Installment Loans for Debt Consolidation
Quick facts:
APR: 6.99% to 35.99%
Loan amount: $2,000 to $50,000
Loan term: 36 to 60 months
Minimum credit score: 640
Fees: One-time origination fee of 0.99% to 9.99%
Universal Credit: Best Installment Loans With Credit-Building Tools
Quick facts:
APR: 11.69% to 35.99%
Loan amount: $1,000 to $50,000
Loan term: 36 to 60 months
Minimum credit score: Fair
Fees: 5.25% to 9.99% origination fee
Pros and Cons of Installment Loans
Installment loans have clear benefits, but they carry trade-offs worth weighing before you borrow.
Pros:
Predictable payments: A fixed rate and term keep your monthly payment the same, which makes budgeting easier.
Lower cost than payday loans: APRs top out around 36%, far below the roughly 400% APR of a typical payday loan.
Fast funding: Money often arrives within one to seven business days, and some lenders fund the next day.
Options across the credit spectrum: Lenders serve everyone from excellent credit to fair or poor credit.
Cons:
High APRs for lower credit: Rates can reach 36% if your credit needs work.
Fees cut your proceeds: An origination or administration fee is deducted before the money reaches you.
A hard inquiry dings your score: Applying can cause a small, temporary drop.
Missed payments hurt: Late payments can trigger fees and damage your credit.
Installment Loans vs. Payday Loans vs. Personal Loans
These three personal loan types can look similar, but they work differently. Knowing the difference helps you pick the right one for your budget.
Installment Loans
You borrow a set amount and pay it back in fixed monthly payments over a set term. APRs are usually lower than payday loans, and terms can run from a few months to several years.
Payday Loans
You borrow a small amount and repay it on your next payday, often in two to four weeks. APRs can top 400%, according to the Consumer Financial Protection Bureau (CFPB), which makes them one of the most expensive ways to borrow.
Personal Loans
Personal loans are a common type of installment loan. Most are unsecured and can be used for things like debt consolidation, home improvements or medical bills.
How To Choose the Right Loan for You
Every lender has different personal loan requirements and application processes. Common factors they consider include:
Your credit history and score
Your income
Your debt-to-income (DTI) ratio, which shows lenders how much of your income already goes to debt
Your employment history and income stability
Prequalifying lets you see what rates a lender will offer without lowering your credit score. It's best to get prequalified with several lenders to make sure you're paying as few fees and as little interest as possible.
Installment Loan FAQs
What is an installment loan?
An installment loan is a lump sum you borrow and pay back in fixed monthly payments over a set term. Personal loans, auto loans, mortgages and student loans are all types of installment loans. Most come with a fixed APR, so your monthly payment stays the same.
How much can you borrow with an installment loan?
Most personal installment loans range from $1,000 to $100,000. The amount you qualify for depends on your credit score, income and debt-to-income ratio. Borrowers with strong credit usually qualify for larger amounts.
Do installment loans hurt your credit score?
Applying for an installment loan can drop your credit score by a few points because of the hard inquiry. On-time payments then help your score over time, since payment history is the biggest factor in credit scoring.
How long does it take to get funded?
Most lenders fund installment loans within one to seven business days after approval. A handful of online lenders offer same-day or next-day funding once you sign the loan agreement.
What credit score do you need for an installment loan?
Requirements vary by lender. Some, like Avant, accept scores as low as 550, while others, such as Best Egg, look for around 640 or higher. Borrowers with the strongest credit get the lowest rates, and a handful of lenders work with scores in the 300s at much higher APRs. Check each lender's current minimum before you apply, since requirements change.
Can you pay off an installment loan early?
Yes, most lenders allow you to pay off your loan early without a prepayment penalty. Paying early can save you money on interest.
What can you use an installment loan for?
You can use an installment loan for debt consolidation, home repairs, medical bills, moving costs or other large expenses. Some lenders limit how you can use the funds, so check the terms first.
How much is the monthly payment on a $10,000 installment loan?
It depends on your APR and term. Over 60 months, expect roughly $222 a month at 12% APR or about $294 at 25% APR. A lower rate and shorter term reduce your total interest — use a lender's calculator with your real rate for an exact figure.
Which lender is easiest to get approved for?
Lenders with lower credit-score minimums are generally easier to qualify with — Avant works with scores around 550, and OneMain and Upstart consider limited or fair credit. Remember that easier approval usually means a higher APR, so compare the total cost, not just your odds of approval.
Key Terms
Installment loan: A lump sum you repay in fixed monthly payments over a set term, usually at a fixed rate.
Annual percentage rate (APR): The yearly cost of borrowing, including interest and most fees — the best number for comparing loans.
Origination fee: An upfront charge some lenders deduct from your loan proceeds, often 1% to 10%.
Administration fee: Avant's term for its origination fee, running up to 9.99%.
Secured loan: A loan backed by collateral like a car or savings, often easier to qualify for with weaker credit.
Unsecured loan: A loan approved on your credit and income alone, with no collateral required — most personal loans are unsecured.
Prequalification: A soft-inquiry rate estimate that lets you compare offers without affecting your credit score.
Payday loan: A short-term, high-cost loan with APRs near 400% — a distinct, far more expensive product than an installment loan.
Sources
CFPB: What is a payday loan?
Federal Reserve: Consumer Credit (G.19)
Summary generated by AI, verified by MoneyLion editors
Emily Gadd, CCC™, contributed to editing this article.
Photo Credit: Inside Creative House / Getty Images / iStockphoto
*Fixed rates from 6.99% APR to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 11/03/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000 to $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0% to 7%, will be deducted from any loan proceeds you receive.
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