The Best Installment Loans

Friday, December 6th

2024 Installment Loan Reviews

Upstart

• Loan amounts ranging from $1,000 to $50,000
• Utilizes a holistic approach to determine eligibility
• Access to a vast network of over 100 banks and credit unions
• Quick funding, with most loans processed within 24 hours
• Available in 48 states (excluding Iowa and West Virginia)
• Holds an "A+" rating and accreditation from the BBB
• Over 40,000 five-star reviews from satisfied clients

With an impressive 2.7 million customers and $34 billion in loan originations, Upstart has firmly cemented its position as a leader in the financial industry. Upstart revolutionizes lending by considering factors beyond just your credit score, such as your educational background and work history, providing you a fair shot at getting the money you need for a big project or to consolidate your credit card debt at a better rate. Founded by former Google employees, this platform is particularly helpful for anyone who has limited (or less than perfect) credit history.

Basic eligibility requirements

You'll have to meet a few requirements to be eligible for an installment loan through Upstart. Basic criteria include a minimum FICO or Vantage score of at least 580 (or 620 in some states), and you might not qualify if you have bankruptcies or delinquent accounts. Applicants must also be at least 18 years old, earn at least $12,000 per year, have their own bank account at a US-based financial institution, and be able to document stable work or a steady source of income.

Quick and easy application process

You won't have to take too much time out of your day to apply for an installment loan through Upstart. In 10 minutes or less, you can provide all of the asked-for info (like your name and contact details, employment, educational background) to prequalify for loan offers through a soft pull on your credit; then, you'll get a list of installment loan offers from Upstart's financial partners. Select the lender and loan terms you prefer, finalize your application (which will impact your credit), and you could have your loan proceeds in your bank account within a business day.

Rates and terms that are very competitive with rival services

With the exceptions of Iowa and West Virginia, Upstart installment loans are available nationwide. You can borrow anywhere from $1,000 to $50,000, though the limits will depend both on your qualifications and your state's laws regarding loans. Just pay attention to origination fees: Upstart doesn't charge them, but some of their lending partners do. Those fees usually come out of your loan before it hits your bank account.

Over 40,000 five-star ratings from impressed customers

You'll have a hard time finding another option for installment loans that can beat Upstart's reputation. While several platforms on our list can match the "A+” rating and accreditation from the Better Business Bureau, only Upstart can point to more than 40,000 five-star reviews. Although you'll spot the occasional complaint from someone who failed to understand the terms of their loan, by and large people describe using Upstart as fast and friendly. The convenience is top-notch too, with lots of borrowers taking out their loans start-to-finish via their mobile phones.

#1 option for installment loans

Upstart earns our highest recommendation for getting installment loans. It offers a hassle-free way to connect with well-vetted lenders who are willing to look beyond a simple credit score and instead look at your overall financial potential. With thousands of happy borrowers, it's easy to see why Upstart should be your go-to destination to find the best installment loan. We give Upstart 5 stars.

SuperMoney

• Platform for loan referrals
• Transparent about their network of partners
• Excellent resource for evaluating lending options
• Abundant reviews from fellow borrowers
• Loans available up to $100,000
• Established since 2013

When it comes to finding installment loans, SuperMoney steps up as your reliable guide, connecting you with lenders who specialize in this type of financing. Since 2013, SuperMoney has been streamlining the process of comparing loan offers from various lenders, empowering you to make well-informed decisions tailored to your unique financial situation.

Explore a wide range of lending options

SuperMoney connects you to a wide network of financial institutions, including reputable sources such as SoFi (who we've evaluated separately) and LendingClub. You can delve into detailed information about these partners, supplemented by reviews from other borrowers, enabling you to make educated choices before proceeding with the installment loan application process. SuperMoney indicates that you can apply for loans of up to $100,000, with competitive APRs. While your actual approval and terms will depend heavily on factors like your credit history and income, SuperMoney offers the promise of competitive rates and substantial loan amounts through its platform.

Protecting your privacy

At SuperMoney, your privacy is a top priority. The personal information you enter during the brief online application process, including details about your employment status and credit score, is utilized strictly to match you with lenders interested in funding your installment loan. Unlike some of its competitors, SuperMoney promises that your information won't be sold to third-party marketers, giving you a hassle-free borrowing experience without the annoyance of spam.

Reputation for customer satisfaction

SuperMoney has a fantastic reputation, reflected in its outstanding Trustpilot rating average of 4.9 stars across 400+ reviews. Borrowers love SuperMoney for its user-friendly interface and its effectiveness in connecting them with several installment loan options from various financial institutions with just a single, simple online application (with no impact on their credit score until a lender is chosen and the application is finalized).

A top choice for installment loans

For individuals in search of installment loans, SuperMoney is one of our favorite ways to compare multiple offers. Its intuitive platform, comprehensive lender information, and unwavering commitment to safeguarding your privacy make it stand out as an excellent resource in the financial services landscape. While the terms and conditions of installment loans always depend on your chosen lender and your personal borrower profile, SuperMoney serves as a wonderful starting point for your journey. We gladly award this service an excellent rating and our strong recommendation among the choices for getting an installment loan.

Happy Money

• Installment loans ranging from $5,000 to $40,000
• Origination fees ranging from 1.5% to 5.5%
• Repayment terms spanning from 2 to 5 years
• Loans primarily aimed at consolidating credit card debt
• Funds can be deposited to your bank account within 3-6 business days or directly to your credit cards within 30 days
• Accredited with an "A+" rating by the BBB
• Operational since 2009, with a track record of assisting over 300,000 individuals

Happy Money, since its inception in 2009, has been dedicated to helping individuals achieve greater financial stability by tackling high-interest credit card debt. With partnerships with various banks and credit unions, including notable names like MSUFCU and Veridian, Happy Money has facilitated over $6 billion in loans for more than 300,000 clients, establishing itself as a reliable player in the financial market.

Focused on credit card debt consolidation

Happy Money primarily offers installment loans intended for the consolidation of credit card debt. While they may consider assisting with certain personal unsecured installment loans for other purposes, credit card debt consolidation remains their main focus.

If you qualify, rates are competitive and fees are lower than average

To qualify for an installment loan with Happy Money, you'll need a credit score of 640 or higher and no current delinquencies, with 3 years of established credit. Loan amounts range from $5,000 to $40,000, with repayment terms of 2 to 5 years. The competitive interest rates, along with modest origination fees (nothing higher than 5.5%), offer competitive terms compared to typical credit card rates.

Convenient application process

Happy Money streamlines the loan application process with a quick rate check that doesn't affect your credit score. Upon acceptance of an offer and completion of the full application (which does affect your score), funds are typically deposited within 3-6 business days or reflected on your credit card balance within 30 days. The platform also allows for splitting the loan amount between your credit card accounts and your bank account.

Excellent track record with the BBB and customers

Happy Money boasts an "A+" rating and accreditation from the BBB, with a commendable track record of addressing complaints. While discrepancies in rating averages exist across various platforms, deeper analysis reveals consistently positive feedback from satisfied customers, who praise the ease of the loan process and lack of surprises during application and after funding.

Ideal for credit card debt consolidation

Happy Money's installment loans excel in helping individuals consolidate credit card debt with lower interest rates and manageable origination fees. While its focus on debt consolidation may limit its appeal for other installment loan purposes, its reliability and customer satisfaction warrant our enthusiastic recommendation if you're seeking to consolidate your credit card debt with an affordable installment loan.

SoFi^®

• Loans ranging from $5,000 to $100,000
• Origination fees of up to 7% may apply
• Flexible repayment terms spanning from 2 to 7 years
• Most loans funded same or next day
• Available in all states except Mississippi
• Live customer support 7 days a week
• "A+" BBB rating
• Thousands of 5-star ratings from satisfied clients

Looking for a financial solution to handle upcoming expenses? SoFi could be the answer you're seeking. With a solid reputation in the financial sector, boasting over two million members and $50 billion in funded loans, SoFi stands out as a reputable player in the field.

Access up to $100K for up to 7 years

SoFi offers installment loans that cater to various needs, including debt consolidation, home repairs, and major purchases. With loan amounts ranging from $5,000 to $100,000 and competitive APRs, you have the flexibility to manage your repayment comfortably over a span of 2 to 7 years. And, with most loans funded either the same day or next day, you can access the funds you need promptly. However, it's essential to review the terms and conditions of your installment loan carefully, as origination fees of up to 7% may be included, despite assurances to the contrary in some areas of the website.

Maximize savings with autopay and direct deposit

A standout feature of SoFi's installment loans is the potential for interest rate savings. By enrolling in autopay, you could be eligible for a 0.25% APR discount. Also, setting up direct deposit to your SoFi account may earn you an extra half-percentage point discount on your installment loan's interest rate.

Positive feedback from borrowers

With an "A+" rating from the Better Business Bureau and over 7,000 five-star ratings on Trustpilot, SoFi has established itself as a trustworthy option for installment loans. While some complaints have been filed, they have been appropriately addressed, and many are unrelated to installment loan products.

A compelling option to consider

SoFi is an excellent choice for installment loans, based on convenience, flexibility, and unique benefits. Although you may not get the industry's most competitive rates and terms here, SoFi's track record of high customer satisfaction and innovative features put them high on our list. We encourage you to give SoFi a chance if you need an installment loan.

LendingTree

• Installment loans available up to $50,000
• Referral service connects you with up to five lending partners
• Repayment terms range from 24 to 84+ months
• Accredited with an "A+" rating by the BBB
• Operating for nearly 30 years

Since its establishment in 1998, LendingTree has been at the forefront of online financial matchmaking, giving people access to a variety of financing solutions, including installment loans, credit cards, and small business loans. By tapping into their expansive network of reputable partners, LendingTree links you with up to five lenders eager to assist you in realizing your financial aspirations, whether it's funding that long-awaited home remodeling project or paying off high-interest credit card debt.

A wealth of lender options

LendingTree has pulled together an extensive network of financial partners. This platform gets big points for transparency, furnishing in-depth details about each lending institution's background and customer feedback. Such clarity can provide you with significant peace of mind regarding the lenders you're considering, especially those that may be new to you.

Your results may vary

The rates and terms of your loan will naturally hinge on the lender you select. Curious about the loan amounts and interest rates that you might get with your offers? It all boils down to factors such as your credit history, income, and borrowing needs. Generally, LendingTree's partners can finance installment loans up to $50,000, with interest rates determined by individual lenders. Although LendingTree offers the reassurance that none of the loans through their service carry an APR higher than 35.99%, your specific offers are only revealed when you complete the prequalification application.

No surprises in the online questionnaire

Starting your journey with LendingTree is a piece of cake: enter the amount you hope to borrow and your preferred timeframe for receiving the funds (whether that's "right away” or "just browsing”). Then, you'll put in details such as your birthdate, credit score range, annual income, and address. LendingTree will try to confirm who you are with this info, but if necessary, they will ask for the last 4 digits of your SSN to complete the preliminary application (which will be a soft pull on your credit).

Unlock up to 5 offers for your installment loan

Once your identity is verified, you'll unlock offers from up to five lenders within LendingTree's network who are eager to provide you with an installment loan. Whether you go with LendingTree or not, this platform can be an excellent resource for researching the financial partners you'll find here (because you'll also spot them in other reviews on our list). And, of course, if one of the offers here does catch your eye, do your due diligence and read everything that LendingTree and its users have said about the lender before you complete the final application (which will result in a hard credit inquiry).

Spam is annoying but feedback is positive overall

If you use LendingTree for installment loan "shopping”, you should brace yourself for an onslaught of spam (maybe even with multiple phone calls and texts daily). That happens with many referral platforms, but the user feedback for LendingTree indicates that it's a much more common occurrence if you provide your contact info there. But, on the plus side, LendingTree still has an "A+” rating from the BBB and thousands of five-star reviews, so it's easy to conclude that, all spam aside, this service is doing a great job of connecting people with the financing they're looking for.

Solid, trustworthy service for comparing multiple installment loan offers

All spam aside, LendingTree is a service you can feel confident in using to research lenders and get competitive offers for your installment loan. We give this platform an above-average rating.

Splash Financial

• Operates as a loan referral service
• Initially focused on student loans, now offering installment loans
• Enjoy a 0.25% discount by setting up autopay
• Origination fees vary from 0% to 12%, depending on the lender chosen
• Accredited with an "A+" rating by the BBB
• Serving customers since 2013

Dedicated to lightening the load of debt carried by individuals, Splash Financial sprang into action in 2013 with a humble origin story rooted in the desire to aid friends and family. From its headquarters in Cleveland, OH, the company swiftly established a marketplace connecting people with banks and credit unions eager to help refinance student loans, offering competitive rates across the nation. In the years since, Splash Financial has blossomed into a major player in the realm of student loan refinancing, handling over 100,000 accounts and managing more than $6 billion in refinancing requests.

Expanding its horizons with installment loans

Building upon its success, Splash Financial has recently ventured into the realm of installment loans while staying true to its commitment to exceptional customer service. Despite its expansion, Splash Financial remains steadfast in its mission to empower individuals in conquering their debt. Leveraging cutting-edge automated underwriting technology, Splash Financial streamlines the loan process, delivering tailored solutions and connecting customers with a diverse array of lenders, including small banks and credit unions, all accessible online for a convenient client experience.

Some unconventional application questions

Discovering what installment loans you qualify for is a breeze, taking as little as three minutes. You'll begin by creating an account, albeit not our favorite way to kick things off, using your email address and preferred password. Specify your desired loan amount and purpose, employment status, and more. One unique question that caught our attention: "In the last 6 months, how many credit card cash advances have you taken?” Additionally, we were surprised to see an option to enroll in autopay before knowing which institutions Splash Financial was going to pair us with. Fortunately, you can defer this decision until later, but you may eventually want to say "yes” if you opt to work with a financial institution offering an interest rate discount for autopay.

Quick funding of installment loans (sometimes)

Upon verifying your identity, Splash Financial presents you with multiple offers from their financial partners. While many lenders can disburse your loan proceeds within one business day after completing the full application, Splash advises that it could take up to two weeks, depending on your circumstances and the lender selected.

Commendable customer support

Splash Financial boasts an "A+" rating and accreditation from the Better Business Bureau, with only a handful of complaints filed over the past three years. While most feedback pertains to student financial products, it's worth noting the over 800 five-star ratings the company has received. Customers praise Splash Financial for securing installment loans when other avenues failed and offer compliments for the company's knowledgeable and friendly customer representatives.

Room for improvement

However, Splash Financial falls short in a couple of areas. For one, they're a little too quiet about their lending partners for installment loans, unlike many of their competitors who provide upfront information and borrower reviews. Also, the starting interest rate through Splash's partners is higher than some competitors, while origination fees can climb as high as 12%. Finally, although Splash Financial has ventured into installment loans, its primary focus remains on student loans, which limits its competitiveness against platforms with a stronger emphasis on installment loans and a more transparent network of lenders.

Just a little above average for installment loans

We don't have any major concerns regarding Splash Financial. It's easy to look through comments from people who have used the service and conclude that if customer service is your main priority, this company will deliver with a smile. However, with other referral platforms specializing in installment loans from lending partners they're more than happy to tell you about in advance, Splash Financial is kept from earning one of our higher rankings.

Prosper

• Loans available up to $50,000
• Origination fees ranging from 1% to 7.99%
• Peer-to-peer lending platform
• Accredited with an "A+" rating by the BBB
• Established since 2005

With respect to installment loans, Prosper offers a unique avenue. It distinguishes itself as the lone service in our review that works as a peer-to-peer lending platform, a concept that has been around since the early 2000s. Prosper facilitates connections between individuals through investments, serving as the bridge between those seeking to invest in others and those in need of financing.

Specify your loan purpose accurately

Here's how it unfolds: you input the desired loan amount, which can range from $2,000 to $50,000, hit "check your rate," and specify the purpose of your loan. At Prosper, this step carries significant weight. Given its peer-to-peer nature, investors select loans to fund partly based on borrowers' credit profiles and the stated purpose of the loan. So, if you select "Debt Consolidation" or "Home Improvement" as your loan purpose, you might catch the attention of those investors interested in funding those particular installment loans.

Expect origination fees up to 8%

Unfortunately, origination fees are part of the deal with Prosper. Based on your overall borrower profile, these fees will range from 1% to 7.99% and will come out of your loan proceeds prior to their deposit. But here's a silver lining: repaying your loan in advance may make you eligible for a refund of any unearned portion of the fee exceeding 5% of the original principal amount. These origination fees are already calculated into Prosper's posted installment loan APRs.

How soon do you need your loan funds?

After you get your Prosper installment loan approved, it gets posted to their loan marketplace. That means that while many loans are funded within a few days, others may take a while, as investors decide whether or not to add your loan to their investment portfolio. And, like we said, that can be heavily influenced by the purpose of your loan and your credit profile, since some investors may not want to jump on the bandwagon of debt consolidation or choose to work with borrowers within certain credit profiles. This is one of the main reasons Prosper comes in as a "just average” option for installment loans: those unpredictable delays in funding could be an issue if you need to know exactly when to expect your loan to be approved and hit your bank account.

"A+” from the BBB and many positive reviews, despite complaints

In terms of reputation, Prosper maintains an "A+" rating and accreditation from the Better Business Bureau. However, there have been over 450 complaints in the past three years. Nonetheless, all complaints received timely responses from Prosper representatives. Additionally, 10,000+ borrowers have left 5-star reviews for Prosper on Trustpilot, describing the process as streamlined, especially for repeat clients, with loans typically funded in just a few days.

Unique option with some pros and cons

Prosper presents a unique approach to installment loans with its peer-to-peer model, but it does come with potential funding delays. While the origination fees and slightly higher interest rates may be drawbacks, Prosper is still a reliable option for borrowers.

Bad Credit Loans

• Access to a network of lenders
• Loan amounts from $500 to $10,000
• Repayment terms from 90 days to 6 years
• "A+” rating from the BBB

Bad Credit Loans connects you with a wide array of lending partners, including banks, credit unions, and state or Tribal lenders. With this platform, you have the flexibility to borrow anywhere from $500 to $10,000, and you can choose repayment terms ranging from 90 days to 6 years. Your specific loan offer will depend on your unique credit profile.

Some criteria to qualify for a loan

To utilize this service and secure an installment loan, you must meet certain eligibility criteria. This includes being at least 18 years old, having a steady income, owning a checking account, and being willing to provide personal contact information.

Get up to 5 loan offers

Upon entering your loan request details, Bad Credit Loans may request your zip code, last 4 digits of your SSN, and date of birth. By continuing, you consent to receive marketing communications for loans and related products. Additionally, they may check for existing accounts with affiliated websites, although these sites are not disclosed. At the end of the process, you'll be matched with up to 5 installment loan offers from Bad Credit Loans' network of partners.

Not very transparent

However, there are some things to consider. First, Bad Credit Loans doesn't vet any of their financial partners, meaning that they'll share your information with any paying lender without ensuring their trustworthiness. They also don't disclose information about these lenders upfront, preventing you from reviewing and evaluating them before proceeding.

Requires too much sensitive info right away

Another drawback is that Bad Credit Loans requires applicants to provide their full SSN, bank routing number, and account number upfront, even before receiving an initial loan offer. This should raise concerns about the security of your sensitive information.

Reviews are mixed and out of date

While Bad Credit Loans boasts an "A+” rating from the Better Business Bureau with no recent complaints, reviews on platforms like Trustpilot are limited and somewhat dated. Some customers appreciate the service for helping them get a loan, while others criticize the high interest rates and extensive information collection process.

Not worth your time

In conclusion, Bad Credit Loans offers access to a theoretically diverse lender network but lacks transparency regarding its partners. The maximum loan amount is relatively low at $10,000, and providing sensitive financial information upfront should deter most users. With mixed, outdated customer reviews and all of the other shortcomings we mentioned, even an "A+” from the Better Business Bureau isn't enough to make Bad Credit Loans a platform we recommend for getting an installment loan.

Ace Cash Express

• Online installment loans available in Delaware, Florida, Missouri, and Texas
• Loan amounts range from $100 to $1,000 or $2,000, depending on location
• No application fee
• 5-month repayment term
• Interest rates can reach as high as 495.76% APR
• "A+” rating from the BBB
• Over 50 years in business
• Served over 38 million customers

Ace Cash Express is a go-to destination for many seeking quick financial solutions, offering a variety of services such as payday loans, installment loans, check cashing, and prepaid debit cards. With an extensive network of over 900 locations across 22 states and DC, Ace Cash Express provides accessible options for individuals facing unexpected expenses or temporary cash flow challenges, particularly catering to those with less-than-perfect credit or those in urgent need of funds.

Lots of limitations, many people aren't eligible

However, it's essential to understand the limitations of Ace Cash Express, especially regarding installment loans. Firstly, it primarily specializes in payday and title loans, which are known for their less-than-reputable nature. Secondly, online installment loans are only available in four states (DE, FL, MO, TX), with varying maximum loan amounts depending on the state and nothing greater than $2,000. And, if you reside in one of these states, you'll need to demonstrate proof of steady income and a bank account open for at least a month to qualify.

Interest rates over 300%

One significant drawback of Ace Cash Express is the lack of transparency regarding interest rates and repayment terms. Information about these crucial details is not readily available on their website, requiring potential borrowers to search elsewhere for clarification if they want a preview before filling out the application. Sample interest rates disclosed elsewhere reveal alarming figures, with APRs ranging from 396.54% to a staggering 495.76%. This means that on a $400 installment loan, you could end up repaying over $1,000 in total - a daunting prospect for anyone. And did we mention that you'll only have 5 months tops to pay back your loan?

Only for people in desperate circumstances

Despite its longevity in the industry and a positive BBB rating, Ace Cash Express falls short in comparison to other installment loan options with more reasonable interest rates. While this company may have helped individuals in dire financial circumstances, it's not recommended for installment loans, especially for those seeking to consolidate debt or finance major expenses. Unless you're in a truly desperate situation and unable to secure a loan elsewhere, we'd strongly recommend giving Ace Cash Express a hard pass.

Personal Loans

• Lender referral service
• Connects you with lenders offering anywhere from $250 to $35,000
• Parent company has an "A” rating from the BBB

If you're considering Personal Loans to cover your financial needs, can we recommend that you give it a second thought?. Operated by IT Media, Personal Loans functions primarily as a referral service, linking you up with lenders who pay to access your information. While this setup isn't necessarily a red flag (and you'll actually see that business model with some high-ranking options on our list), it's crucial that you understand specifically how Installment Loans operates before committing to it for your borrowing needs.

Get ready for spam

When you engage with Personal Loans, you'll kick off the process by specifying the amount you wish to borrow, which can range from $250 to $35,000. However, by providing this information, you're also agreeing to receive marketing communications from various companies specializing not only in loans but also in areas like credit repair, banking, and credit monitoring. Unfortunately, opting out of these additional offers isn't as straightforward as it seems. If you uncheck the consent box later in the application, you may find yourself unable to proceed with your installment loan application, which can feel misleading and frustrating.

Unclear details on how they use your personal info

As you progress through the application, you'll be prompted to input personal details such as your zip code, the last four digits of your SSN, and your date of birth. While this information is presumably used for soft credit checks and identity verification, Personal Loans doesn't explicitly outline how they handle this sensitive data, leaving you in the dark about your privacy and security.

Lack of transparency is a problem

Once you've submitted your information, Personal Loans redirects you to a page where their partners may offer you an installment loan. However, in our experience, the loan offers presented were often lower than what was requested. Also, there's a subsequent request for your bank routing and account numbers, further highlighting the lack of transparency throughout the process. Why would you give this kind of information before you even have an installment loan offer? This raises concerns about the reliability and trustworthiness of this platform and its lending partners.

Verdict: look somewhere else for an installment loan

Despite Personal Loans' parent company having an "A" rating from the Better Business Bureau, the lack of current feedback and transparency about their handling of personal information undermines our confidence in the service. Ultimately, Personal Loans falls short in providing a secure and user-friendly experience for borrowers. It's in your best interest to explore the more reputable lenders on our list that prioritize transparency and customer satisfaction, so that you'll have a smoother (and safer) borrowing journey.