Best Installment Loans for July 2022


An installment loan lets you to borrow money that you’ll pay back over a period of time in monthly installments. There are different types of installment loans, including personal loans that can help you cover big expenses or projects, and auto loans for buying a car. There are also debt consolidation loans when you need to transfer high-interest debt to a loan with a lower annual percentage rate, or APR. Buy now, pay later apps are another type of installment loan, which let you buy items and services you can’t fully afford upfront.

Though every lender has its own requirements, fees and interest rates, the best installment loans have low fixed-rate APRs, fixed monthly payments and flexible terms. All that will prove advantageous to your budgeting: It means you can factor in exactly how much you owe each month and know when your final payment will be made.

We’ve evaluated major types of installment loan providers and highlighted the best options below. We’ll update this list regularly as terms change and new loan products are released. 

Note: All the starting annual percentage rates, or APRs, here are based on a borrower having an excellent credit score of 800 or above. If your credit score is lower than that, you may be approved at a higher rate. The APRs listed are current as of June 24.

Sarah Tew/CNET

  • APR: 5.74% to 20.99%
  • Loan amount: $3,000 to $100,000
  • Loan terms: 12 to 84 months
  • Time to receive funds: As soon as 1 business day 
  • Prequalification: Yes
  • Origination fee: None
  • Co-signer/joint applicant option: No

If you need a large stream of capital for any purpose, this big national lender might be the best choice for you. Wells Fargo offers an array of interest rates across a range of credit scores, as well as flexible repayment terms and loan amounts. If you have a Wells Fargo checking account, you can get a 0.25% or 0.50% interest discount. However, be aware that Wells Fargo is known to charge significant late fees, as well as nonsufficient-fund fees if you don’t have enough in your bank account to cover a payment. 

SoFi

  • APR: 6.99% to 22.23%
  • Loan amount: $5,000 to $100,00
  • Loan terms: 36 to 84 months
  • Availability: All states except Hawaii and New York
  • Prepayment penalty: No

Social Financing, or SoFi, offers competitive rates on debt consolidation loans, which allow you to combine multiple forms of high-interest debt, such as credit cards, into a more manageable fixed-rate loan. It has low interest rates and does not charge processing, prepayment or late fees. SoFi also offers autopay discounts and offers free financial advising. Its unemployment protection service is a notable feature, allowing you to lower your payments for up to 12 months if you lose your job.

You’ll need decent credit to get approved with SoFi — its minimum credit score requirement is 680. SoFi also does not offer loans in Hawaii or New York.  

Consumers Credit Union



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