Best Installment Loans of 2026: Compare Rates, Terms and Fees
Our top installment loan picks for 2026 are SoFi®, LightStream, Upgrade, Upstart, Avant, OneMain Financial, Best Egg and Universal Credit. MoneyLion ranked each lender based on annual percentage rate (APR), fees, loan amounts, funding speed, minimum credit score and eligibility requirements.
If you're considering a personal loan, there are many lenders to choose from, especially if you have an excellent credit score. It's important to shop around for the best installment loan for you to make sure you're paying the fewest fees and the lowest possible interest rate.
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
The best installment loans in 2026 span every credit tier: MoneyLion's top picks are SoFi, LightStream, Upgrade, Upstart, Avant, OneMain Financial, Best Egg and Universal Credit.
Rates run from about 6% to 36%: Upstart has the lowest starting APR on this list, while SoFi and LightStream offer the highest loan amounts at $100,000.
Fees vary widely — read past the rate: LightStream charges no fees, while Avant, Universal Credit and OneMain can charge origination or administration fees up to about 10%.
Match the lender to your credit: OneMain and Avant work with fair-to-poor credit, while SoFi and LightStream reward good-to-excellent scores with the lowest rates.
Installment loans beat payday loans on cost: Fixed monthly payments and APRs capped at 36% make them far cheaper than payday loans, which can top 400%.
Prequalify before you apply: A soft credit check lets you compare real rates from several lenders without hurting your score.
Summary generated by AI, verified by MoneyLion editors
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
Here’s a quick look at how the lenders stack up before you scan the full table.
Lowest starting APR: Upstart
Highest loan amount: SoFi and LightStream at $100,000
Best for bad credit: OneMain Financial
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%–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 | |
6.2% 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 |
SoFi
Best for good credit borrowers
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 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 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 for short credit history
Quick facts:
APR: 6.2% 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 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 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 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 for 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
Installment Loans vs. Payday Loans vs. Personal Loans
These three personal loan types can look similar, but they work in different ways. 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%, 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
Getting prequalified lets you see what rates a lender will offer you 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
How much can you borrow with an installment loan?
Most lenders offer installment loans from $1,000 to $100,000. The amount you qualify for depends on your credit score, income and debt-to-income (DTI) ratio.
Does taking out an installment loan hurt your credit score?
Applying can cause a small, short-term dip in your credit score because the lender runs a hard credit inquiry. Over time, on-time payments can help your credit score go up.
How fast can you get an installment loan?
Some lenders fund loans the same day you apply. Others take one to seven business days to deposit the loan funds into your bank account.
What credit score do you need for an installment loan?
Many lenders look for a minimum credit score of 580 to 660. A few lenders work with borrowers who have scores below 580, but the APR will be higher.
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 the funds can be used, so check the terms first.
Key Terms
Installment loan: A loan repaid in fixed monthly payments over a set term, usually at a lower APR than a payday loan.
Annual percentage rate (APR): The yearly cost of borrowing including interest and fees — the clearest way to compare offers.
Origination (or administration) fee: A one-time charge, often about 1% to 10%, some lenders deduct from your loan proceeds.
Personal loan: A common type of installment loan, usually unsecured, used for debt consolidation, home improvement or medical bills.
Payday loan: A short-term, high-cost loan typically due in two to four weeks, with APRs that can exceed 400%.
Prequalification: A soft credit check that provides a preview of your estimated rate and terms and doesn't affect your score.
Minimum credit score: The lowest score a lender will consider; many on this list start around 580 to 660, while a few have no set minimum.
Loan term: The repayment length, which affects both your monthly payment and total interest paid.
Sources
Federal Reserve: Consumer Credit (G.19)
CFPB: What is a payday loan?
CFPB: What's the difference between a hard and soft credit inquiry?
myFICO: What Is a Credit Score?
Summary generated by AI, verified by MoneyLion editors
Emily Gadd, CCC™, contributed to editing this article.
Photo Credit: Inside Creative House / Getty Images / iStockphoto
You may like
Community Posts
Similar Posts
Disclosures
MoneyLion does not provide, own, control or guarantee third-party products or services accessible through its Marketplace (collectively, “Third-Party Products”). The Third-Party Products are owned, controlled or made available by third parties (the "Third-Party Providers"). Should you choose to purchase any Third-Party Products, the Third-Party Providers’ terms and privacy policies apply to your purchase, so you must agree to and understand those terms. The display on the MoneyLion website, app, or platform of any of a Third-Party Product or Third-Party Provider does not-in any way-imply, suggest, or constitute a recommendation by MoneyLion of that Third-Party Product or Third-Party Financial Provider. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
This material is for informational purposes only and should not be construed as financial, legal, or tax advice. You should consult your own financial, legal, and tax advisors before engaging in any transaction. Information, including hypothetical projections of finances, may not take into account taxes, commissions, or other factors which may significantly affect potential outcomes. This material should not be considered an offer or recommendation to buy or sell a security. While information and sources are believed to be accurate, MoneyLion does not guarantee the accuracy or completeness of any information or source provided herein and is under no obligation to update this information. For more information about MoneyLion, please visit https://www.moneylion.com/terms-and-conditions/.