Best Personal Installment Loans of 2025
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A personal installment loan is money you borrow in a lump sum, can use for a variety of purposes and repay with interest over a term of months or years.
Best Personal Installment Loans From Our Partners
Best for
installment loans for rate discounts
Upgrade
7.74-35.99%
$1,000-$50,000
600
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- Multiple rate discounts.
- Allows secured and co-signed loans.
- Fast funding.
- Wide variety of repayment term options.
- Origination fee.
- No option to choose your payment date.
- Minimum credit score: 600.
- Minimum annual income: None.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum credit history: 3 years and 1 account.
- Must be a U.S. citizen and provide a valid Social Security number, email address, proof of residency and U.S. bank account.
- Origination: 1.85% to 9.99%.
- Late fee: Undisclosed.
Best for
installment loans for home improvement
LightStream
6.49-24.89%
$5,000-$100,000
660
View details Close details
- Competitive APRs.
- Rate discounts available.
- No fees.
- Large loans available with long repayment terms.
- ·Same-day funding.
- Limited ability to pre-qualify with a soft credit check.
- High minimum loan amount.
- No direct payment to creditors with debt consolidation loans.
- No mobile app to manage loan.
- Minimum credit score: 660.
- Maximum debt-to-income ratio: 55%.
- Must provide a Social Security number.
- Must have a valid email address and U.S. bank account.
- Origination fee: None.
- Late fee: None.
Best for
installment loans for joint borrowers
LendingClub
7.90-35.99%
$1,000-$60,000
600
View details Close details
- Option to pre-qualify with a soft credit check.
- Direct payment to creditors with debt consolidation loans.
- Same- or next-day funding.
- Has a joint loan option.
- Options to choose and change your payment date.
- Charges an origination fee.
- Minimum credit score: 600
- Maximum debt-to-income ratio: 40%.
- Must be at least 18 (or the age of majority in AL, MS or NE).
- Must be a U.S. citizen, provide a Social Security number and provide proof of residency.
- Must have a valid U.S. bank account, government-issued photo ID and email address.
- Must provide proof of employment or income.
- Origination fee: 0% to 8%.
- Late fee: $15 or 5% of the unpaid amount, whichever is greater.
- Insufficient funds fee: $15.
Best for
fast-funded installment loans
Rocket Loans
8.01-29.99%
$2,000-$45,000
640
View details Close details
- Low starting APR.
- Multiple rate discounts.
- Pre-qualifying shows a wide range of information about the potential loan.
- Same- or next-day funding.
- Wide range of loan amounts.
- Charges an origination fee.
- Only two repayment term options.
- No secured, co-signed or joint loan options.
- No direct payment to creditors with debt consolidation loans.
- No mobile app to manage loan.
- Minimum credit score: 640.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: 40% or 70% including a mortgage.
- Minimum credit history: 2 years.
- Must be at least 18 years old.
- Must be a U.S. resident living in one of the states where the lender does business.
- Must have a valid U.S. bank account.
- Must provide a Social Security number, valid email address, proof of residency and proof of employment or income.
- Origination fee: Up to 9.99%.
- Late fee: $15.
- Returned check fee: $15.
Best for
secured installment loans
Best Egg
6.99-35.99%
$2,000-$50,000
600
View details Close details
- Wide range of loan amounts.
- Secured loan options.
- Direct payment to creditors with debt consolidation loans.
- Fast funding.
- Free credit score monitoring.
- Charges an origination fee.
- No co-signed or joint loan options.
- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70%, including mortgage payments.
- Minimum credit history: 3 years and 1 open account.
- Must provide a Social Security number, a valid U.S. bank account and proof of employment or income.
- Must not have any previous bankruptcies.
- Must be a U.S. citizen and at least 18 years of age.
- Cannot live in Iowa, Vermont, West Virginia or Washington, D.C.
- Origination fee: 0.99% - 9.99%.
Best for
installment loans for short credit history
Upstart
6.70-35.99%
$1,000-$75,000
None
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- Accepts borrowers from across the credit spectrum.
- Same- or next-day funding.
- Has a secured loan option.
- Wide range of loan amounts.
- Origination fee.
- Only two repayment term options.
- No joint or co-signed loans.
- No direct payment to creditors on debt consolidation loans.
- Must be at least 18 years old in most states.
- Must have a valid U.S. bank account, U.S. residential address and email address.
- Must provide valid Social Security number.
- Must provide verifiable source of income.
- Minimum credit score: None.
- Minimum annual income: None.
- Maximum debt-to-income ratio: 50%, not including rent or mortgage, in most states.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Best for
installment loans for debt consolidation
Universal Credit
11.69-35.99%
$1,000-$50,000
560
View details Close details
- Direct payment to creditors with debt consolidation loans.
- Same- or next-day funding.
- Multiple rate discounts.
- Wide range of loan amounts.
- Charges an origination fee.
- No co-signed, joint or secured loan options.
- Minimum credit score: 560.
- Minimum credit history: Two years and one account.
- Maximum debt-to-income ratio: 75%, including mortgage.
- Must be at least 18 (or the age of majority in AL, MS or NE)
- Must be a U.S. citizen, have a Social Security number and provide proof of residency.
- Must have a valid U.S. bank account and email address.
- Origination fee: 5.25% to 9.99%.
- Late fee: Undisclosed.
Best for
bad-credit installment loans
Avant
9.95-35.99%
$2,000-$35,000
550
View details Close details
- Accepts borrowers across the credit spectrum.
- Low income requirement.
- Fast approval and funding.
- Hardship program for borrowers in need.
- Seven-day customer service availability.
- Charges an origination fee.
- No co-signed, joint or secured loan options.
- No rate discount.
- Does not offer large loans.
- No direct payment to creditors with debt consolidation loans.
- Minimum credit score: 550.
- Minimum monthly net income: $1,200.
- Must have a Social Security number, valid U.S. bank account and email address.
- Must not be in active bankruptcy.
- Must not live in CO, HI, IA, ME, MA, NY, VT, WA or WV.
- Origination fee: Up to 9.99%.
- Late fee: $25.
- Nonsufficient funds fee: $15.
Our guide to the best personal installment loans
Here’s what makes our picks for the best personal installment loans stand out.
Upgrade: Best personal installment loans for rate discounts
Upgrade offers multiple ways to get a rate discount on a personal installment loan. You can get your rate lowered by 0.50 percentage points for setting up automatic loan payments. You can save 1 to 3 percentage points off your rate when you get a debt consolidation loan and authorize the lender to send funds directly to your creditors. Upgrade also offers rate discounts if you have another Upgrade product, such a checking account, or if you secure your personal loan with a vehicle.
LightStream: Best personal installment loans for home improvement
LightStream offers some of the highest loan amounts and the longest repayment terms for its home improvement installment loans. You can borrow up to $100,000 and take as long as 20 years to repay the loan (as long as it’s over $25,000).
LendingClub: Best personal installment loans for joint borrowers
LendingClub lets you add a co-borrower to a personal installment loan application. Adding a co-borrower with a higher credit score or income may increase your chance of loan approval or qualifying for a larger loan amount or lower interest rate.
Rocket Loans: Best personal installment loans for fast funding
Rocket Loans can fund a personal installment loan the same day you apply if the loan agreement is signed before 4 pm ET on a business day. Fast funding can be crucial if you need cash for an emergency.
Best Egg: Best secured personal installment loans
Best Egg offers two ways for you to secure a personal installment loan. You can either use a vehicle as collateral or permanent fixtures in your home, like built-in cabinets. One of the benefits of getting a secured loan from Best Egg is that the rates are lower than its unsecured personal loans.
Upstart: Best personal installment loans for short credit history
Many lenders rely on an applicant’s credit history to determine approval for a personal installment loan, but Upstart will consider applicants with thin credit files or no credit history at all. Instead, the lender uses an AI-based underwriting model that factors nontraditional data, like education and work experience, into the loan approval process.
Universal Credit: Best personal installment loans for debt consolidation
One of the top reasons borrowers get a personal installment loan from Universal Credit is to consolidate high-interest credit cards and debt. The lender offers direct payment to creditors, which streamlines the consolidation process. Universal Credit also offers a 1 to 3 percentage point rate discount if you authorize sending the loan proceeds directly to your creditors.
Avant: Best personal installment loans for bad or fair credit
Avant has a minimum credit score requirement of 550, which makes it a fitting choice for borrowers with bad credit (a score below 630). The lender says its typical borrower has a credit score of 652, which is considered fair credit (scores from 630 to 689).
What is a personal installment loan and how do they work?
An installment loan is a loan you borrow in a lump sum and repay in smaller increments, plus interest, over regular intervals of time. The interest rate is usually fixed and the payments, which are often made monthly, remain the same throughout the life of the loan.
Personal installment loans can be used for a variety of purposes including debt consolidation, home improvement projects, car repairs, medical procedures, large purchases, weddings and travel. These loans typically range from $1,000 to $100,000 with repayment terms from two to seven years. Reputable lenders cap annual percentage rates (APRs) at 36%.
How to get a personal installment loan
1. Review your credit report
Lenders will check your credit report when evaluating your loan application. Checking your credit report in advance will give you the chance to spot any errors and correct them before you apply. You can view your credit report for free on NerdWallet or at AnnualCreditReport.com. Many loan providers require fair credit or better (a score of at least 630) to qualify for a personal loan. If you have bad credit, consider taking steps to improve your credit before applying.
2. Check your budget
Review your income and expenses to see how much you can afford to pay toward an installment loan each month. Then, use an installment loan calculator to determine what APR and repayment term you’d need to get affordable monthly payments. A longer repayment term can result in lower monthly payments, but you’ll end up paying more in overall interest. Applicants with lower credit scores can expect to pay higher interest rates.
Calculate your monthly personal loan payments
Total principal
$10,000.00Total interest payments
$2,748.23Total loan payments
$12,748.23Payoff date
10 / 2030
| Payment date | Principal | Interest | Monthly payment | Principal balance |
|---|---|---|---|---|
| Oct 2025 | $129.14 | $83.33 | $212.47 | $9,870.86 |
| Nov 2025 | $130.21 | $82.26 | $212.47 | $9,740.65 |
| Dec 2025 | $131.30 | $81.17 | $212.47 | $9,609.35 |
| Jan 2026 | $132.39 | $80.08 | $212.47 | $9,476.96 |
| Feb 2026 | $133.50 | $78.97 | $212.47 | $9,343.46 |
| Mar 2026 | $134.61 | $77.86 | $212.47 | $9,208.85 |
| Apr 2026 | $135.73 | $76.74 | $212.47 | $9,073.12 |
| May 2026 | $136.86 | $75.61 | $212.47 | $8,936.26 |
| Jun 2026 | $138.00 | $74.47 | $212.47 | $8,798.26 |
| Jul 2026 | $139.15 | $73.32 | $212.47 | $8,659.11 |
| Aug 2026 | $140.31 | $72.16 | $212.47 | $8,518.80 |
| Sep 2026 | $141.48 | $70.99 | $212.47 | $8,377.32 |
| Oct 2026 | $142.66 | $69.81 | $212.47 | $8,234.66 |
| Nov 2026 | $143.85 | $68.62 | $212.47 | $8,090.81 |
| Dec 2026 | $145.05 | $67.42 | $212.47 | $7,945.76 |
| Jan 2027 | $146.26 | $66.21 | $212.47 | $7,799.51 |
| Feb 2027 | $147.47 | $65.00 | $212.47 | $7,652.03 |
| Mar 2027 | $148.70 | $63.77 | $212.47 | $7,503.33 |
| Apr 2027 | $149.94 | $62.53 | $212.47 | $7,353.39 |
| May 2027 | $151.19 | $61.28 | $212.47 | $7,202.20 |
| Jun 2027 | $152.45 | $60.02 | $212.47 | $7,049.74 |
| Jul 2027 | $153.72 | $58.75 | $212.47 | $6,896.02 |
| Aug 2027 | $155.00 | $57.47 | $212.47 | $6,741.02 |
| Sep 2027 | $156.30 | $56.18 | $212.47 | $6,584.72 |
| Oct 2027 | $157.60 | $54.87 | $212.47 | $6,427.12 |
| Nov 2027 | $158.91 | $53.56 | $212.47 | $6,268.21 |
| Dec 2027 | $160.24 | $52.24 | $212.47 | $6,107.98 |
| Jan 2028 | $161.57 | $50.90 | $212.47 | $5,946.41 |
| Feb 2028 | $162.92 | $49.55 | $212.47 | $5,783.49 |
| Mar 2028 | $164.27 | $48.20 | $212.47 | $5,619.22 |
| Apr 2028 | $165.64 | $46.83 | $212.47 | $5,453.57 |
| May 2028 | $167.02 | $45.45 | $212.47 | $5,286.55 |
| Jun 2028 | $168.42 | $44.05 | $212.47 | $5,118.13 |
| Jul 2028 | $169.82 | $42.65 | $212.47 | $4,948.31 |
| Aug 2028 | $171.23 | $41.24 | $212.47 | $4,777.08 |
| Sep 2028 | $172.66 | $39.81 | $212.47 | $4,604.42 |
| Oct 2028 | $174.10 | $38.37 | $212.47 | $4,430.32 |
| Nov 2028 | $175.55 | $36.92 | $212.47 | $4,254.76 |
| Dec 2028 | $177.01 | $35.46 | $212.47 | $4,077.75 |
| Jan 2029 | $178.49 | $33.98 | $212.47 | $3,899.26 |
| Feb 2029 | $179.98 | $32.49 | $212.47 | $3,719.28 |
| Mar 2029 | $181.48 | $30.99 | $212.47 | $3,537.81 |
| Apr 2029 | $182.99 | $29.48 | $212.47 | $3,354.82 |
| May 2029 | $184.51 | $27.96 | $212.47 | $3,170.31 |
| Jun 2029 | $186.05 | $26.42 | $212.47 | $2,984.25 |
| Jul 2029 | $187.60 | $24.87 | $212.47 | $2,796.65 |
| Aug 2029 | $189.17 | $23.31 | $212.47 | $2,607.49 |
| Sep 2029 | $190.74 | $21.73 | $212.47 | $2,416.75 |
| Oct 2029 | $192.33 | $20.14 | $212.47 | $2,224.42 |
| Nov 2029 | $193.93 | $18.54 | $212.47 | $2,030.48 |
| Dec 2029 | $195.55 | $16.92 | $212.47 | $1,834.93 |
| Jan 2030 | $197.18 | $15.29 | $212.47 | $1,637.75 |
| Feb 2030 | $198.82 | $13.65 | $212.47 | $1,438.93 |
| Mar 2030 | $200.48 | $11.99 | $212.47 | $1,238.45 |
| Apr 2030 | $202.15 | $10.32 | $212.47 | $1,036.30 |
| May 2030 | $203.83 | $8.64 | $212.47 | $832.47 |
| Jun 2030 | $205.53 | $6.94 | $212.47 | $626.93 |
| Jul 2030 | $207.25 | $5.22 | $212.47 | $419.69 |
| Aug 2030 | $208.97 | $3.50 | $212.47 | $210.71 |
| Sep 2030 | $210.71 | $1.76 | $212.47 | $0.00 |
3. Pre-qualify
Many lenders let you preview potential loan offers through pre-qualification. You’ll enter some information about yourself — as well as the loan you want — and the lender will show your potential loan amount, rates and repayment terms. Since pre-qualifying typically doesn’t affect your credit score, you can review offers from multiple lenders to find the best one.
4. Accept a loan offer
Once you’ve chosen a lender, you’ll formally apply for a personal loan. Gather documents like W-2s, pay stubs and bank statements to make the application process go smoothly. At this time, the lender will do a hard credit pull, which can cause your credit score to slightly dip by a few points.
» Get started: Pre-qualify on NerdWallet
How to get a personal installment loan with bad credit
The best bad-credit installment lenders offer personal loans with APRs below 36%, which is the highest rate most consumer advocates say an affordable loan can have. While many personal loan lenders require good or fair credit, there are ways to boost your chances of approval if your score is lower.
Get a joint or co-signed personal loan. Adding someone with a higher credit score or income to the application can improve your chance of qualifying or getting a lower rate. A co-borrower on a joint personal loan shares access to the funds and information about the loan. A co-signer cannot access the loan funds. In both cases, your co-applicant must repay the loan if you don’t.
Get a secured personal loan. Putting up collateral for the loan — like a car or savings account — gives the lender something valuable to take if you stop making payments, meaning a secured loan may be easier to qualify for. Weigh the benefit of getting a secured loan against the risk of losing your collateral.
Ask for less money. Lenders try not to provide loans that are too large for the borrower to repay. A lender may decide you qualify for a smaller installment loan than you requested. If you can combine a smaller loan with borrowing alternatives to cover your expense, you may have a better chance of approval.
» MORE: See your bad-credit loan options
Avoid predatory installment lenders
An online search for “installment loans near me,” may turn up lenders that charge high rates for fast, easy approval. When shopping for an installment loan online, be mindful of red flags such as claims of “guaranteed approval” or “no credit check.” Most legitimate lenders won’t approve borrowers without reviewing their credit and finances.
High-interest installment lenders may charge triple-digit APRs to consumers with bad credit. Interest on these loans can cost more than the original amount borrowed, so consider them a last resort after you’ve exhausted alternatives.
» MORE: Signs of a personal loan scam
How to compare personal installment loan offers
Check the APR: Annual percentage rate — the interest rate plus upfront fees a lender may charge — is the best cost-comparison tool for installment loans and other types of credit. The best personal installment loan is usually the one with the lowest APR and affordable monthly payments.
Calculate monthly payments: Since missed payments can damage your credit score, it’s important to find an installment loan that you can comfortably repay each month. If the monthly payments don’t fit your budget, you may need a longer repayment term or to shop for more affordable offers.
Look for funding speed: Some personal loan lenders can provide funds the same or next day after you’re approved, while others may take up to a week to deposit the loan into your account.
Compare other features: If you have two competitive offers, compare other loan features, like credit-building tools, budgeting help and the ability to change your payment date.
Alternatives to personal installment loans
Buy now, pay later: “Buy now, pay later” is an installment plan you can use for a large purchase, like a laptop or mattress. When you check out online or at a store, the retailer may offer to let you split your purchase into (usually four) payments with the first due upon purchase and the rest due in two-week increments. BNPL plans typically don’t charge interest or require a hard credit pull, but because it can be easy to lose track of the due dates, it’s best to use it for one purchase at a time.
Cash advance apps: You may be able to borrow as much as $500 using a cash advance app. These apps let you borrow money from your next paycheck with no credit check and mostly optional fees. This option will only work if your budget can withstand that gap in your next paycheck.
Family loans: You likely won’t have to meet strict credit or income requirements when borrowing money from family or friends. A family loan can also save you the interest or fees a traditional lender would charge. However, you can jeopardize a personal relationship if you default on a family loan. Come up with a mutual agreement to how the loan will be repaid, put it in writing and stick to the terms.
Local financial assistance programs: There may be charities and nonprofit organizations in your area that provide assistance with bills and essential needs or offer low-cost loans for those in need. Use our tool to find local financial assistance programs.
Other ways to make money: If you have enough time, consider pursuing ways to make extra money, such as freelancing, testing websites, taking surveys, babysitting, dog walking or selling items you no longer use. The amount you may make can vary.
Last updated on March 13, 2025
Methodology
To recap our selections...
NerdWallet's Best Personal Installment Loans of 2025- Upgrade: Excellent for installment loans for rate discounts
- LightStream: Excellent for installment loans for home improvement
- LendingClub: Excellent for installment loans for joint borrowers
- Rocket Loans: Excellent for fast-funded installment loans
- Best Egg: Excellent for secured installment loans
- Upstart: Excellent for installment loans for short credit history
- Universal Credit: Excellent for installment loans for debt consolidation
- Avant: Excellent for bad-credit installment loans
Frequently asked questions
An installment loan can affect your credit when you get one and when you repay one.
When you get it: If you pre-qualify to preview loan offers, your credit score won’t be affected. If you accept a loan offer and submit a formal application, the lender will do a hard credit check, which typically lowers your score by a few points.
When you repay it: An installment loan has the biggest potential to impact your credit during repayment. On-time loan payments help build your credit and show positive payment history, but even one missed payment can cause a significant drop in your score.
Reputable lenders check your credit history to determine whether you’ll be able to repay a new installment loan. Some lenders offer no-credit-check installment loans, but those loans are riskier to the lenders, and they make up for that risk by charging high interest rates.
There are lenders with low credit score requirements that offer personal installment loans to bad-credit borrowers. Borrowers with low credit scores may want to consider a co-signed, joint or secured loan to improve their chances.