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. Why LendingClub stands out: You can go through the entire application online — including on a mobile device.

A detailed help section offers guidance on each step of the application. Read our full review of LendingClub personal loans to learn more. Read our review of SoFi personal loans to learn more. Why LightStream stands out: LightStream offers same-day loans on banking business days.

The timing for access to your funds will depend on your bank. Read our full review of LightStream personal loans to learn more. To compile this list of the best personal installment loans, we reviewed more than two dozen lenders. We picked lenders based on information such as fees, APRs, funding speed, transparency and application process.

personal loans offered by both online and brick-and-mortar banks, including large credit unions. When possible, we chose loans with no origination or sign-up fees, but we also included options for borrowers with lower credit scores on this list.

Some of those options have origination fees. The rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee your interest rate and monthly payment will remain consistent throughout the entire term of the loan.

Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, many lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

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Justin Paget DigitalVision Getty Images. Read more. The beginner's guide to credit scores: How to understand and improve your credit score. Step 2: Prequalify and compare offers Take the time to shop around.

Preferred bank account for direct deposit Read over the terms carefully one last time, then submit your documentation. Step 4: Wait for approval and funding Approval could take just a few minutes, an hour or up to 10 days. When narrowing down and ranking the best personal loans, we focused on the following features: Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan.

With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.

No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early. Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging.

Installment loans for debt consolidation. Installment loans for good credit. Same or next day. Online installment loans. Rocket Loans. Fast installment loans. Joint installment loans.

Best Egg. Secured installment loans. Installment loans for fair credit. Universal Credit. Installment loans for bad credit. Secured installment loans for bad credit. Installment loans for low credit scores. Installment loans are so named because you receive the loan funds all at once and repay them in fixed monthly payments, or installments.

Unlike credit cards with revolving credit — which you use, repay and repeat for long periods — you use an installment loan once, usually to finance a large purchase.

You then repay the loan amount, plus interest, over the period stated in your loan agreement. On-time loan payments help build your credit, while missed payments can hurt it. Many loan types share the installment structure — you might even have one now. Here are a few examples of installment loans:.

Auto loans are secured loans, usually with fixed rates, that you repay in regular installments. Federal student loans have fixed rates and are repaid in equal installments. Banks, credit unions and online lenders all offer personal installment loans.

Compare lenders to find one that offers the best rates, terms and loan features. Some national and regional banks offer unsecured installment loans. If yours does, it's likely a good place to start comparison shopping because banks sometimes offer lower rates or softer borrowing requirements to existing customers.

Small-dollar bank loans: Some major national banks have introduced small, short-term loans in recent years. Customers of Wells Fargo , U.

Bank and Bank of America may qualify for a loan of a few hundred dollars that is repaid in three to six equal monthly installments. Credit unions review your membership history in addition to your credit profile on a loan application, which may improve your chance of qualifying.

Small-dollar credit union loans: Some credit unions offer a type of small personal loan called a payday alternative loan. Online lenders serve a wide range of customers. Some cater to borrowers with stellar credit, while others offer loans for bad-credit borrowers. Most online lenders let you pre-qualify to see what rate, term and monthly payment you qualify for.

Small-dollar online loans: Small-dollar loans from online lenders can be tricky to navigate. Here are three purposes for which a personal installment loan can be a good idea:. Debt consolidation: An installment loan can roll other unsecured debts, including high-interest loans and credit cards with revolving credit, into a single, fixed monthly payment.

Home repairs: There are many home improvement financing options , but if you know how much money you need and can qualify for a low rate, an installment loan may be a good way to pay for fixes and upgrades.

Emergencies: Because they offer fast funding, installment loans can help you get through an emergency. But they can be expensive, so first consider alternatives that cost little or no interest.

Review qualification requirements. Some installment lenders display this information on their website. If not, a website like NerdWallet may include it in a review. Compare APRs.

The best installment loan is usually the one with the lowest APR and affordable monthly payments. Look for fast funding. Some lenders can provide funds the same or next day after you apply, while others may take up to a week to deposit the loan into your account.

Find a lender that offers fast funding if you need it. Weigh 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. Review your credit report.

Check your credit report to see what a lender will see when evaluating your application. You can view your credit report for free on NerdWallet or at AnnualCreditReport.

If you spot any errors, correct them before you apply. Check in with your budget. Look at your income and expenses to see how much you can afford to pay toward the loan each month.

Many lenders let you preview potential loan offers through pre-qualification.

While installment loans can be useful in covering off unexpected emergencies, because they have longer terms than payday loans, they may be a viable alternative 5 best personal installment loans · Best for poor credit: OneMain Financial · Best for debt consolidation: Happy Money Payoff loan · Best online Missing

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