Looking for the best installment loans online?
Online installment loans let you borrow a fixed amount and repay it in equal payments over time, making them a popular choice for debt consolidation, emergencies, or big purchases. In this guide, we’ll share top legitimate lenders, rates for 2025, and tips to qualify easily – whether you need fast approval, low interest, or flexible repayment terms.
Table of Contents
What is an installment loan?
An installment loan is a type of personal loan where you:
- Borrow a fixed amount upfront
- Repay it in equal monthly payments (installments) over a set period
- Pay a fixed or variable interest rate, depending on the lender
What can you use it for?
Common uses include:
- Debt consolidation
- Home improvements
- Emergency expenses
- Large purchases (e.g. appliances, car repairs)
Unlike payday loans, installment loans have longer repayment terms and are often available through legitimate online lenders with competitive rates.
Best online installment loans in 2025
Credible
Best Marketplace
Credible is the best way to see multiple loan offers without a hard credit inquiry.
Why Credible is one of the best
Through its comprehensive online marketplace, Credible connects you with multiple lenders, allowing you to compare different installment loan offers with a single application.
Credible’s network of lenders allows it to offer solutions for borrowers of all credit profiles. You can use funds from these lenders for home improvement, debt consolidation, medical bills, and more.
Funding times, fees, and repayment periods vary by lender. Credible lets you check each lender’s terms before accepting a loan offer, so you won’t be surprised or caught off guard between when you apply and receive your funds.
| Rates (APR) | 6.99% – 35.99% |
| Loan amounts | $1,000 – $200,000 |
| Repayment terms | 1 – 10 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 580
- Minimum income: Not disclosed
- States: Loan partners may not be available in all states
Repayment terms
Credible loans have repayment terms ranging from 1 to 10 years. Some lenders may charge a prepayment penalty if you pay your loan off early.
SoFi
Best for Fast Approval
If you have good credit, you could be approved for a SoFi installment loan on the day you apply.
Why SoFi is one of the best
SoFi® is a major lender that offers a wide range of financial services and works well for borrowers with good credit. SoFi stands out for minimal fees and rate discounts.
SoFi lets you prequalify with a soft credit check. If you’re approved and accept your loan terms before 7 p.m. Eastern, you could even get your funds the same day you apply. Origination fees are between 0% and 7%, with some qualifying borrowers not paying any fees at all. SoFi doesn’t charge late fees either, regardless of your credit score.
| Fixed rates (APR) | 8.99% – 29.99% with all discounts |
| Loan amounts | $5,000 – $100,000 |
| Repayment terms | 2 – 7 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 660
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
SoFi personal loans feature terms from 2 to 7 years. If you enroll in autopay, you’ll receive a 0.25% rate discount. There’s no penalty if you decide to pay your loan off early.
Upgrade
Best for Fair Credit
Upgrade is a solid choice if your credit isn’t perfect and you want flexible repayment terms with fast funding.
Why Upgrade is one of the best
Upgrade is worth considering if you have bad or fair credit or need a smaller loan. You can check rates without affecting your credit score, and eligibility is based more on free cash flow than other lenders.
If you don’t have excellent credit, you don’t need to give up fast deposit times or pay prepayment penalties. Fees are minimal, and rates are on par with other lenders, so you won’t compromise much for having dings on your credit report.
In addition to next-day funding, Upgrade also offers rate discounts for borrowers who enroll in autopay, use all or some of their loan for debt consolidation, or use their vehicles as collateral.
| Rates (APR) | 8.49% – 35.99% |
| Loan amounts | $1,000 – $50,000 |
| Repayment terms | 2 – 7 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 580
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
Upgrade loans have repayment terms from 2 to 7 years, and your monthly due date is adjustable to fit your budget. A short-term financial hardship program is available if you’re temporarily unable to manage payments.
LightStream
Best for Low Interest
LightStream is ideal for borrowers with strong credit seeking the lowest possible rates for large purchases or debt consolidation.
Why LightStream is one of the best
LightStream ranks as one of the best personal loan lenders for excellent credit. It offers low rates, no fees, and a Rate Beat program where it will beat any competitor’s rate by 0.10%.
Its installment loans are simple to apply for, and you can get funding as soon as the same day. If you take out a loan with LightStream and are dissatisfied with your lending experience, the lender will refund you $100.
LightStream will review your entire financial picture but only approves good to excellent credit profiles. Before applying, check your credit score to ensure you qualify: LightStream is the only lender on our list that doesn’t offer a soft pull to check your rates.
| Rates (APR) | 7.49% – 25.49% |
| Loan amounts | $5,000 – $100,000 |
| Repayment terms | 2 – 12 years |
Eligibility requirements
- Soft credit check? No
- Minimum credit score: 660
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
LightStream offers some of the longest repayment terms of any lender, giving you up to 12 years to repay your loan. You can pay your loan off early, without a prepayment penalty and rate discounts can help bring the cost of your loan down.
Upstart
Best for Little to No Credit
Upstart is best for borrowers with little credit history who want a quick online approval decision.
Why Upstart is one of the best
Upstart is an artificial intelligence (AI) lending marketplace that partners with banks to improve borrowing accessibility for people outside usual credit standards.
Upstart’s lending model considers education, employment, and other variables when determining eligibility, not just credit score. This leads to 40% more approvals and 43% lower rates than traditional lending models.
Upstart also offers borrowers a bit of breathing room with its 10-day grace period on late payments. It assesses a high origination fee, but this is a solid choice if you don’t have an extensive credit history.
| Rates (APR) | 7.80% – 35.99% |
| Loan amounts | $1,000 – $75,000 |
| Origination fee | 9% – 12% |
| Repayment terms | 3 or 5 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 300
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
Upstart doesn’t offer as many loan terms as other lenders; you’ll pay your loan off over 3 or 5 years. You have the option to change your monthly payment due date and prepay your loan in part or in whole at any time, with penalty fee.
Happy Money
Best for Credit Card Debt
We recommend Happy Money if you’re looking for an installment loan to pay off credit card debt at a lower rate.
Why Happy Money is one of the best
Happy Money matches borrowers with its lending partners to help them pay off high-interest credit cards. Its signature Payoff Loan enables you to consolidate multiple credit card payments into one loan to take control of your debt.
You can streamline the debt consolidation process and let Happy Money pay off your creditors directly, though this isn’t required. If you choose to receive your loan proceeds (rather than creditors), expect funding times up to six business days.
Happy Money is transparent about its rates, terms, and eligibility requirements, too. You’ll know exactly what to expect and whether Happy Money is a fit before applying.
| Rates (APR) | 12.45% – 17.99% |
| Loan amounts | $5,000 – $40,000 |
| Repayment terms | 2 – 5 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 640
- Minimum income: Not disclosed
- States: Loans not offered in Nevada or Massachusetts
Repayment terms
Happy Money lets you choose personal loan terms ranging from 2 to 5 years, so you can get a payment that reflects your budget. There are no prepayment penalties, and you won’t be charged a fee if your payment is late. Happy Money doesn’t offer rate discounts at this time.
How to qualify for an installment loan
Here are steps to improve your approval odds:
- Check your credit score. Knowing where you stand helps target the right lenders.
- Compare lender requirements. Look at minimum income, employment status, and credit score needed.
- Prequalify. Many lenders offer soft credit checks to see your rates without impacting your score.
- Gather documents. This includes ID, proof of income, and bank statements.
- Submit a complete application. Double-check for errors to avoid delays.
Pros and cons of installment loans
Pros
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Predictable monthly payments
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Can help build credit with on-time payments
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Often lower interest rates than credit cards
Cons
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High rates for bad credit
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Fees for origination or late payments
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Taking on debt can hurt finances if used irresponsibly
Are installment loans legit?
Yes, many online installment loan lenders (including those we listed above) are legitimate. To avoid scams:
- Make sure the lender is licensed in your state.
- Read customer reviews and Better Business Bureau ratings.
- Avoid lenders that guarantee approval without a credit check or ask for upfront fees.
Alternatives to installment loans
If you’re unsure whether an installment loan is right for you, consider:
- Personal line of credit: Flexible access to funds with revolving credit.
- Credit card with intro 0% interest offer: For short-term borrowing.
- Peer-to-peer loan: Funded by individual investors online.
- Payday alternative loan (PAL): Offered by credit unions with capped rates.
FAQ
What is the easiest installment loan to get?
Lenders like Upstart are known for accepting applicants with limited credit history. However, easy approval often comes with higher rates, so compare carefully.
Can I get an installment loan with bad credit?
Yes, Upstart and other lenders specialize in bad credit installment loans, but you’ll pay higher interest rates. Prequalifying can help you find your best option without harming your score.
About our contributors
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Written by Sarah Sheehan, MATSarah Sheehan is a writer, educator, and analyst who focuses on the impact of health, gender, and geography on financial equity. Her ultimate goal? To live beyond the confines of chasing the next dollar—and to teach everyone else how to do the same.
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Reviewed by Gail Urban, CFP®Gail Urban, CFP®, AAMS®, has been a licensed financial advisor since 2009, specializing in helping individuals. Before personal financial advising, she worked as a business financial manager in several industries for about 25 years.