Best Installment Loans

When it comes to a balance of rates, loan limits, terms, and conditions, Marcus by Goldman Sachs sits above all personal loan competitors.

With lenient requirements and great terms, including no origination, prepayment, or late fees, Marcus by Goldman Sachs earns our nod as best overall for installment loans.  Goldman Sachs is one of the most recognizable names in Wall Street’s investment banking sector. The company started offering consumer banking services under the name of Marcus by Goldman Sachs in 2016 and currently offers several financing products, including personal loans.

The loans are available in values from $3,500 to $40,000. Loans from Marcus have a fixed interest rate of 6.99% to 24.99% APR that can be reduced by 0.25% if you sign up for auto-pay. There are no signup fees and no prepayment penalties. The loans are available with repayment terms of 36 to 72 months. Applicants with credit scores in the higher range will qualify for the lowest rates.

Marcus accepts applications from consumers in all 50 states, plus Washington, D.C., and Puerto Rico.  There are age requirements, however. You must be over 18 (19 in Alabama, 21 in Mississippi and Puerto Rico), with a valid U.S. bank account and Social Security or Individual Tax I.D. number.

Users of the Marcus by Goldman Sachs app can track their debt and finances.

An added benefit of working with Marcus is that after making 12 consecutive regular loan repayments, users can defer one payment, which means extending the loan term by one month.

With terms ranging from two to 12 years* for home improvement loans and two to seven years for all other loans, LightStream is our top pick for those who want to enjoy favorable loan terms and longer repayment terms.

LightStream has high loan limits to $100,000 that have repayment terms as long as 12 years*, winning our best lender with long repayment terms. The company is an online consumer lending division of Truist Bank, one of the leading companies for financial services.

The interest rates provided by LightStream are typically fixed, ranging between 4.49% and 19.99%; if automatic payments are used, they get an additional 0.50% rate reduction. Applicants can get loans between $5,000 and $100,000 with terms ranging between two to 20 years for home improvement loans, two to 12 years for aircraft/RV/boat loans, and two to seven years for all other loans.

One of the most significant upsides is that there are zero prepayment penalties, origination fees, or late payment fees when using LightStream as a lender. However, LightStream requires applicants to be residents of the U.S. and applicants can apply from all 50 states. The loan must be used toward the purpose you select in the application and can’t be used to fund another LightStream loan or education funding.

Other restrictions include:

• You can’t get a loan if your income comes from the marijuana industry
• No higher education
• Loans only made to individuals, not businesses
• No cash-out refinance purposes
• No loans to buy stocks, bonds, or stock options
• No loan can be used toward retirement, life insurance, or education savings plan

More than 21,000 customers have left a 5-star review for LightStream and the average review is 4.9. Most users give it a high score for the easy application, fast funding, and affordability but criticize it for the long approval time. 

If you’re unsatisfied with your experience, you can contact LightStream’s customer support to potentially receive a $100 Loan Experience compensation. 

If you have an excellent credit score and want to get a personal loan under highly favorable conditions, Best Egg is the company to turn to.

Those with a solid financial situation and want a highly rated personal loan provider should definitely consider turning to Best Egg.

Best Egg loans were first offered in 2014 with the goal of helping people pay back their debt quickly through programs that fit their lifestyle.

The loan amounts can range from $2,000 to $50,000. APRs can range between 7.99% to 35.99%, which includes both the interest rate and an origination fee of 0.99% to 5.99% of your loan amount. The origination fee on loans with terms longer than four years will be 4.99% at a minimum. The minimum term is 36 months, and the maximum term is 60 months.

Best Egg loans can be repaid at any time without any type of penalty.  

Applicants must have a minimum credit score of 700 and a minimum individual annual income of $100,000 to be considered for the lowest rates.

Although the loan minimum is $2,000 for most states, there are some state-specific minimum limitations. Residents of Massachusetts have a minimum loan amount of $6,500, the threshold in New Mexico and Ohio is $5,000, and the minimum in Georgia is $3,000. If you’re applying for a second loan, your total existing loan balance cannot exceed $50,000.

Reviewers on Trustpilot give Best Egg an average of 4.6 out of 5 stars based on over 6,000 reviews. 89% of the reviewers rated Best Egg with 5 stars.  

While many installment loan programs have strict terms and conditions for early repayments, SoFi has zero penalties or fees for early repayments, while offering higher loan amounts than others for up to seven years.

Applicants can get loans up to $100,000 with terms up to seven years without having to pay any type of fees or penalties for early repayments, making SoFi our best choice if early repayment options are important to you.

SoFi was founded by Stanford Business School students in 2011 as a way of connecting recent grads with alumni in their community. While they initially started as a student loan refinancing provider, they quickly expanded their services to a wide array of personal loans.

SoFi customers can get loans with terms ranging between two and seven years. Loan amounts range from $5,000 to $100,000 with an APR of 7.99% to 22.73% depending on the applicant’s credit score. SoFi has zero fees, including no early repayment penalties, origination, or hidden fees.

To be eligible for a SoFi loan, applicants should have a credit score good enough to satisfy SoFi, be a U.S. citizen, permanent resident, or visa holder, be 18 years or older, and reside in one of the 49 states eligible for personal loans. They should also be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.

SoFi has an average score of three stars out of five from customers who wrote a review on ConsumerAffairs.

A few of SoFi’s added perks are a mobile app, career coaching, financial planning, and estate planning.

Most of Avant's customers have a credit score between 600 and 700. Some customers may have scores even lower than 600, making Avant our recommendation for an installment loan if you have bad credit.

Most installment loan providers require a credit score of at least 650, but our choice for candidates with bad credit, Avant, is more lenient. Most customers have a score between 600 and 700. This implies that a few people with scores below 600 are also approved.

Based in Chicago, Illinois, Avant was established in 2012 to offer personal loans and their personal credit card to applicants who either need a loan or want to build their credit.

Applicants are eligible to borrow $2,000 to $35,000 at rates that range from a 9.95% to 35.95% APR, and loan terms of two to five years. Avant charges an origination fee of up to 4.75%, which is not the lowest but is not as high as some other lenders’ origination fees of 10%. Avant charges $25 for late payments, as well as a Dishonored Payment Fee of $15 charged if your monthly payment bounces.

Avant will work with applicants who can offer a vehicle or other property as collateral to get a lower APR or a higher loan amount. 

Avant has over 19,000 reviews on Trustpilot, with an average score of 4.7 out of five stars for all their services combined.  

For those who want to minimize loan costs and set up a flexible repayment term, Discover Personal Loans offers the best option for consolidating multiple loans.

Discover Personal Loans’ debt consolidation program stands out from its peers, thanks to its flexible repayment options, customized loan terms, and because the company will pay the borrower’s creditors directly.

Discover was founded in 1985, starting with only Discover cards and then expanding to a whole array of financial products. Today, its name is well-known in the financial world and is relied on by millions of customers.

Your APR will range between 5.99% and 24.99%, with no origination fees and flexible repayment terms of 36, 48, 60, 72, or 84 months. Customers can also decide to repay the loan funds within 30 days without having to pay any penalty or interest. Discover has no geographical restrictions for its installment loans in the U.S. and lends between $2,500 and $35,000.

Discover Personal Loans also require you to:

• Be a U.S. citizen or permanent resident
• Be at least 18 years old
• Have a minimum household income of at least $25,000

According to their website, Discover’s Personal Loans have a rating of 4.9-stars based on about 19,000 reviews.

You can apply, check your application, and respond to an invitation entirely online. In addition to this, Discover has a 30-day money-back guarantee through which applicants can return their loans without having to pay any interest or fees.