7 Best Installment Loans of 2026: Compare Rates, Terms and Fees
Compare total cost: Look beyond headline annual percentage rates (APRs) by comparing origination or administration fees, loan amounts, repayment terms and the total interest you’ll pay.
Match the lender to your profile: Credit, income and debt-to-income ratio affect eligibility and pricing; prequalification can help you compare offers without a hard inquiry.
Know the trade-offs: Installment loans offer predictable payments, but lower-credit borrowers may face higher APRs and fees, and missed payments can hurt your credit.
The best installment loan for you depends on your credit: SoFi® offers 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. If you’re new to this type of borrowing, learn more about what an installment loan is and how it works.
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.
Top 7 Installment Loan Lenders for 2026
SoFi: Best overall for good to excellent credit
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: 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 for most lenders
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 | |
7.74% 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 Oct. 23, 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
Borrowers with strong credit may also want to compare best personal loans for good credit to see which lenders offer competitive rates, fees and terms.
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.
No approval is ever guaranteed: Be wary of ads promising guaranteed approval or a guaranteed loan amount for bad credit — legitimate lenders review your credit and income before approving any loan.
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
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. If you’re comparing this structure with a credit card or line of credit, see how installment loans vs. revolving credit work differently.
Installment loans typically come with lower APRs, longer repayment terms and predictable fixed payments than payday loans, which makes them easier to budget around.
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. Learn more about how personal installment loans work and what to consider before applying.
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 sets its own eligibility requirements and application process for installment loans. Common factors they consider include:
Your credit history and score
Your income
Your debt-to-income ratio (DTI), 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.
How To Apply for an Installment Loan
Once you've compared lenders, applying for an installment loan usually follows the same basic steps.
Check your credit score and report so you know where you stand before you apply.
Get prequalified with a few lenders using a soft credit inquiry that won't affect your score.
Compare each offer's APR, fees, loan amount and term, not just the lowest advertised rate.
Gather your documents, such as photo identification, proof of income and your bank account information.
Submit your formal application, which usually triggers a hard inquiry and a small, temporary score dip.
Review and sign your loan agreement after confirming the rate, fees and repayment schedule.
Wait for funding, which most lenders complete within one to seven business days.
Applying with a few lenders before you commit can help you land a lower rate and avoid fees that cut into your loan proceeds.
A Separate Option for Managing Rent Payments
If you’re looking for a way to spread rent payments across the month, MoneyLion Split is designed to make rent payments easier to manage. With MoneyLion Split, you pay your rent in two payments each month. You don’t need a MoneyLion One membership to use Split. You pay your landlord directly, so there’s no need for them to sign up or participate.
There’s a 3% total fee across the two payments — 1.5% of the total monthly rent per payment. The fee may be waived when qualifying direct deposit or account balance requirements are met.
Here’s how it works: Set aside up to 50% of your monthly rent in a MoneyLion Split Reserve account. You pay $0 out of pocket for rent on the first of the month. MoneyLion Split provides funds toward your rent payment, and you’ll use those funds to pay your landlord directly. You’ll repay the funds in two payments later in the month.
Because Split is designed specifically for rent payments, evaluate its total fee and repayment schedule separately from the APRs, fees and terms of the installment loans compared above.
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)
Parts of this article were created with AI assistance. MoneyLion editors reviewed, fact-checked and edited the final version and are responsible for its accuracy.
Emily Gadd, CCC™, contributed to editing this article.
Photo Credit: Inside Creative House / Getty Images / iStockphoto
FAQs
Yes, if your lender reports your payments to the credit bureaus. Making on-time payments can help build a positive payment history, which is the biggest factor in your credit score. Missing payments has the opposite effect, so only borrow what you can comfortably repay each month. Check with your lender to confirm it reports to major bureaus.
It's possible, though your options may be limited. Some lenders look at income, employment and banking history alongside your credit score, which can help if you have a thin credit file. Expect a higher APR than borrowers with established credit, since lenders take on more risk. Comparing a few lenders can help you find the best available rate.
No legitimate lender can guarantee approval before reviewing your credit, income and other details. Ads promising a guaranteed loan amount for bad credit are a red flag and may signal a predatory lender or scam. Look for lenders that disclose their rates, fees and terms upfront and avoid any offer that skips the review process entirely.
Be cautious. Lenders that skip a credit check often charge much higher APRs and fees to offset their risk, and some aren't licensed in your state. A soft-inquiry prequalification lets you compare real offers without a hard credit check, which is usually a safer way to shop for a loan than seeking out no-credit-check lenders.
Installment loans typically offer lower APRs, longer repayment terms and fixed monthly payments, which makes them easier to budget for than payday loans. Payday loans are due in full within a few weeks and can carry APRs near 400%, according to the Consumer Financial Protection Bureau (CFPB). Installment loans spread the cost out, reducing the risk of a debt cycle.
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MoneyLion Split is an optional line of credit provided by MoneyLion. Eligibility requires a MoneyLion Spend account in good standing. Approval and eligibility are required. Customers must provide a security deposit of up to 50% of their monthly rental payment to obtain the line of credit. We do not make rent payments directly to your landlord. Rent payments must be made using your MoneyLion Spend account and monthly advances are added to your Spend account to cover your rent payment. Payment history and other information may be reported to one or more national credit bureaus, late or missed payments to the line of credit may negatively impact credit. Fees may apply. See fee disclosure and Terms & Conditions for details.
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3% monthly rent advance fee applies to your repayment of your MoneyLion Split advance. The 3% fee is waived if:
Your MoneyLion Spend account holds at least 50% of your rent when payment is due.
Your average MoneyLion Spend account balance was at least 50% of your rent during the 30-day period ending when payment is due.
You have recurring direct deposits exceeding half the amount of your rent into your MoneyLion Spend account.
This optional offer is provided by MoneyLion. See Terms & Conditions for details.