Best personal installment loans 2024

If you’re planning a major purchase or looking to consolidate debt, you may want to shop for a personal installment loan.

These loans let you make fixed monthly payments on the amount you borrow for a set period, which can give you a predictable timetable for when you’ll pay off your debt. You may also see personal installment loans referred to as just personal loans.

These are our picks for the best installment loans

Marcus by Goldman Sachs

Why Marcus by Goldman Sachs stands out: Marcus offers competitive rates for borrowers with strong credit, and it doesn’t charge origination fees or late fees. Plus, if you pay on time for 12 months in a row, you can defer your next payment by one month without incurring any extra interest.

Discount for automatic payments — Signing up for automatic payments cuts your APR by 0.25%. That allows you to pay down your loan principal a little faster.
Longer loan terms for people with good credit — Marcus offers loan terms between 36 and 72 months. You might be able to get a longer loan term from Marcus than from some other lenders if your credit is strong enough to qualify for a lengthier loan.
Direct payments to creditors — If you’re taking out a loan to consolidate credit card debt, Marcus can send the money you’re borrowing directly to up to 10 credit card or personal loan accounts.

OneMain Financial

Why OneMain Financial stands out: OneMain Financial says that a large share of the money it lends out goes to people with FICO scores under 620, making this loan a potential option for people who need bad credit loans. The lender has about 1,400 branches, so you can ask questions or get help with an application in person.

Offers secured and unsecured loans — Whether you have collateral can affect your chances of approval and the loan terms you may be offered. For instance, OneMain Financial requires a lien on a car for large loans.
Relatively high interest rates — While OneMain offers APRs that are better than what you’ll likely pay on a title loan or a payday loan, its rates are higher than what some other lenders offer.
Fees — Origination fees vary by state. You could be charged a flat fee between $25 and $500, or between 1% and 10% of your loan amount. You might also be charged late fees and nonsufficient funds fees, which vary depending on your state.
Accepts joint applications — You can apply with someone else, so if you have a co-applicant with better credit, that could boost your chances of getting approved.

Happy Money Payoff loan

Why Happy Money’s Payoff loan stands out: Happy Money’s Payoff loan offers an option for people who want to consolidate credit card debt. You can apply to apply to prequalify by sharing information about your income, credit and savings, and Happy Money presents potential loan options with different rates, monthly payments and loan lengths.

Direct payments to creditors — Your funds can be sent directly to credit card issuers, which takes some of the hassle out of consolidating multiple debts.
Doesn’t require good credit — You could get approved with lower credit scores (like in the 600 range), but Happy Money says you can’t have any open delinquencies on your credit report when you apply.
Online portal for managing your loan — You can keep an eye on your progress at paying off your debt and reach out to support online. Happy Money says you’ll get to talk to people, not chatbots.
Relatively slow approval — Approval can take up to seven business days, and you’ll need to wait another three to six business days for funds to land in your account. (Depending on your bank, there may be a wait before you can access your cash.) If you arrange for direct payments to credit card issuers, disbursal could take even longer.

SeedFi

Why SeedFi stands out: SeedFi offers Borrow & Grow credit-builder loans that set some money aside in an account for you. When you fully pay off the loan, you unlock the funds. And unlike some other credit-builder loans, you get to access part of the money you’re borrowing upfront.

Small loan amounts — You can access between $300 and $5,000 of the amount you borrow at the start of your loan. That range is less than what lenders typically offer for personal loans to borrowers with established credit histories, but it does allow for somewhat larger loan amounts than most credit-builder products.
Potential to recoup late fees — Late fees of up to $15 apply, but these fees are added to your account and you get them back when you fully pay off your loan. And there’s no origination fee.
Payment reporting to credit bureaus — SeedFi notifies the three major credit bureaus as you repay your loan, so paying on time could raise your credit scores.

LendingClub

Why LendingClub stands out: You can go through the entire application online — including on a mobile device. A to-do List feature allows you to keep track of the information you’ve submitted and to see if you need to add anything. A detailed help section offers guidance on each step of the application.

Co-applicants are allowed — You have the option to apply jointly with someone else. If that person has better credit, a joint application might get you a better rate or a larger loan amount than you’d be approved for on your own.
Most approvals happen within a day — LendingClub says loans that it issued in the first quarter of 2022 were funded within 24 hours after approval, on average. Depending on your bank, there may be a wait before you can access your cash.
Only two loan lengths available — Loans are available in 36- and 60-month terms. If you’re not happy with either of those repayment terms, you’ll need to go with another lender.

SoFi

Why SoFi stands out: SoFi offers personal loans between $5,000 and $100,000. In comparison, other lenders often cap their loans at $40,000 to $50,000.

No-fee promise — SoFi doesn’t charge an origination fee or other common fees.
Funds may be disbursed quickly — Borrowers may get the money from their loan as soon as the same day their loan is approved. (Though the exact timing will depend on your bank.)
Discount for automatic payments — You can get a discount on your APR of 0.25% if you set up autopay from a SoFi Checking and Savings account along with direct deposit of at least $1,000 per month to a SoFi Checking and Savings account.
May be difficult to qualify — While SoFi’s advertised eligibility criteria aren’t very specific, the lender suggests that you’ll need strong credit and high monthly income.

LightStream

Why LightStream stands out: LightStream offers same-day loans on banking business days. You’ll need to sign your loan agreement, share your bank account information and finish the verification process by 2:30 p.m. Eastern time to potentially get the funds the day you’re approved. (The timing for access to your funds will depend on your bank.)

Promises to beat competitors’ rates — If you’re approved for an unsecured loan from a competitor, LightStream will beat the rate by 0.1 percentage points, with some qualifications.
Discount for autopay — If you have excellent credit and you set up autopay before your loan is funded, you could get a 0.5 percentage point rate discount.
No option to prequalify — The lender doesn’t offer prequalification. To find out if you qualify for a loan, you’ll need to submit a full application and be subject to a hard credit inquiry.
Strong credit needed — You’ll need to meet income requirements. You should also have a credit history going back several years with a good mix of different account types, a history of on-time payments and a track record of building savings.