Best Installment Loans of October 2024
Online installment loans are loans that are paid back over time. An installment loan is a loan that is paid back in equal monthly installments over time. It’s essential to keep in mind that there are various installment payday loans available today, but you should avoid them.
We’ve compiled a list of the best installment loans of October 2024, not only those with bad credit, so you can compare your options and find the right one. The best installment loans have low APRs and fees, flexible terms, and accessible customer service. These loans offer between $100 to $250,000, with APRs ranging from 5.99% to 35.99%.
Best Installment Loans of October 2024
| Lender: | Loan Amount: | APR: | Min. Credit Score: | Terms: | Best for: |
|---|---|---|---|---|---|
| SoFi | $5,000 – $100,000 | 7.99-23.43% | 680 | 3 – 72 months | No-fee personal loans |
| Upgrade | $1,000 – $50,000 | 8.49% – 35.99% | 560 | 24 – 84 months | Fast Funding |
| LendingPoint | $2,000 – $36,500 | 7.99% – 35.99% | 580 | 24 – 72 months | $35,000 annual income earners |
| BestEgg | $2,000 – $50,000 | 7.99% – 35.99% | 700 | 36 – 60 months | Wide range of credit scores |
| LendingClub | $1,000 – $40,000 | 8.30% – 36.00% | 600 | 24 – 60 months | Good credit scores, low DTI ratios |
| LightStream | $5,000 – $100,000 | 6.99% – 21.49% | 660 | 24 – 84 months | Strong credit profiles |
| Prosper | $2,000 – $35,000 | 6.38% – 35.36% | 640 | 36 – 60 months | Obtaining multiple personal loans |
| Discover | $2,500 – $35,000 | 6.99% – 24.99% | 660 | 36 – 84 months | Debt consolidation |
| Wells Fargo | $3,000 – $100,000 | 5.99% – 21.74% | 700 | 12 – 84 months | Wells Fargo customers |
| PenFed | $600 – $50,000 | 7.74% – 17.99% | 580 | 12 – 60 months | Debt consolidation |
| Affirm | Up to $17,500 | 0% – 30% | 0 | 1 – 48 months | Clothing, electronics, and furniture purchases |
Our Marketplace
Our marketplace evaluates all lenders and narrows them down to the best of the best. The best installment loans in our marketplace have low APRs, flexible terms, and accessible customer service.
Our writers and editors evaluate lenders on various criteria before adding them to our marketplace. We assess each lender’s fees, eligibility requirements, loan terms, and more. We also consider customer service ratings and reviews when making our decisions.
So, we are a one-stop shop for all your loan needs!
Best Installment Loans of October 2024: Key Findings
Installment loans are unsecured loans between $100 to $250,000 with a repayment period of between 1 month to 10 years.
The APR varies between 5.99% to 35.99%. Your chosen APR depends on your credit score, DTI Ratio, income, work, and others.
You can get an installment loan with bad credit these days. However, we don’t recommend this because you will pay higher fees, get approved for a lower amount, and will get overall worse terms.
Our advice: You should wait for some time and work on your credit score. Get a loan when you increase it.
People with credit scores between 300 and 629 usually get an APR of 15% to 35.99%.
People with a credit score between 630 and 689 usually get an APR of 10% to 15%.
People with a credit score between 690 and 719 usually get an APR of 5% to 10%.
Why Trust ElitesPersonalFinance?
At ElitesPersonalFinance, we want to give you the tools you need to take charge of your finances. We’ve researched and surveyed several banks to help you locate the most suitable products. Our award-winning editorial staff never allows advertising to have any say in what they publish by adhering to a strict set of criteria. Moreover, all of our content is meticulously reported and edited for precision.
APRs vary widely between lenders, so it’s essential to browse for the best rate when looking for an installment loan. You could also shop for loan companies with reasonable interest rates and flexible payment plans.
The information contained herein is accurate as of the date of publication; however, for the most up-to-date information, please visit the websites of the participating lenders directly. Considerations such as annual percentage rates (APRs), loan amounts, fees, and minimum credit scores were used to compile this list of providers offering installment loans. In addition, we considered the reputation of each lender’s reputation and user reviews to get a better sense of customer satisfaction.
SoFi
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| Loan Amount: | $5,000 – $100,000 |
| APR: | 5.74% – 20.28% |
| Min. Credit Score: | 680 |
| Approval: | 1 – 7 Days |
| Terms: | 3 – 72 months |
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| Best For: | No-fee personal loans |
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SoFi is an excellent alternative if you need a no-fee high loan amount. Loan amounts range from $5,000 to $100,000. The maximum loan amount you qualify for depends on your state of residence. If you have good credit (minimum 650) and a steady income (minimum $45,000), you may qualify for a loan from SoFi, and the repayment period might be anywhere from two to seven years.
Joint applications from potential borrowers are also accepted by SoFi, while co-signers are not allowed.
In addition, SoFi provides unsecured personal loans with fixed interest rates and no credit checks to residents of all states except Mississippi.
Approved borrowers receive attractive interest rates. Additionally, unlike many other personal loan providers, SoFi does not impose any origination fee, late fee, or prepayment penalty on its borrowers.
However, it’s good to note that if you get a debt consolidation loan from SoFi, the lender will not pay your other creditors directly. Thus, the money from the loan will be transferred into your account, and you will be responsible for repaying each of the other lenders separately. Customers can