Best Installment Loans in April 2024

If your budget shows that you can handle another monthly installment payment, then you should:

1. Check your credit

Use LendingTree Spring to get your free credit score. Lenders offer the most affordable loans to borrowers with scores of at least 670. You might qualify with fair or poor credit, but be prepared for high APRs and origination fees.

2. Prequalify with multiple lenders and compare

Most lenders allow you to prequalify for a personal loan. This is a quick way to check your eligibility without taking a ding to your credit. Prequalification doesn’t guarantee approval, but it can help you decide whether a lender is worth pursuing.

3. Apply and accept your offer

Once you’ve compared offers (more on that below), it’s time to apply.

Loan applications are usually pretty simple. You’ll provide some basics like your name and birthday. You will also need to provide your annual income. The lender may ask for bank statements, and you’ll almost certainly need to provide a government-issued ID.

When the lender approves you, you’ll sign your loan documents. Then, it will send you your loan. About 30 to 45 days later, you’ll begin paying it back in equal monthly installments.

Knowing where to shop is the first step in finding an installment loan that works for you.

 Banks

Your bank can be a great place to get an installment loan. Although eligibility requirements with banks can be strict, you could get a relationship discount if you qualify.

Note that some banks have discontinued their personal loan options in recent years. These include Bank of America, Chase and Capital One.

Below you’ll find some of the most popular banks that offer installment loans with APR discounts. This list isn’t all-inclusive, so contact your bank for more information.

 Credit unions

Credit union membership comes with perks. Like banks, they often offer APR discounts for autopay. But unlike banks, APRs on credit union personal loans cannot exceed 18% per federal law.

Additionally, credit unions are nonprofits and frequently follow a mission to help their members achieve their financial goals. Your credit union may be willing to look past an imperfect borrowing history.

 Online lenders

One of the easiest ways to get an installment loan is through an online lender. You apply from the comfort of your own home, and many do business with borrowers of all credit scores.

Targeting online installment loans can also help you compare offers. Most online lenders allow you to prequalify and may provide an approval decision in minutes. At LendingTree’s loan marketplace, you could compare up to five lenders at once with no negative impact to your credit.

We reviewed more than 28 lenders to determine the overall best nine installment loans. To make our list, lenders must offer installment loans with competitive APRs. From there, we prioritize lenders based on the following factors:

• Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
• Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
• Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

*Pricing Disclosure:
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.