6 Best Installment Loans for Bad Credit [March 2024] (2024)

WalletHub makes it easy to find the best installment loans for bad credit.

Updated Feb 27, 2024

Fact checked

Written by John Kiernan

Managing Editor

Reviewed by Alina Comoreanu

Senior Researcher

The best installment loans for bad credit offer competitive APRs and fees, plus a wide range of dollar amounts and payoff periods. Some also provide quick funding and the ability to apply with a co-applicant, which can allow people with bad credit to qualify for lower rates than they would get by themselves. You can check out WalletHub’s picks for the best installment loans for bad credit below.

6 Best Installment Loans for Bad Credit of 2024

Best Overall:Achieve Personal Loans
Low Origination Fee:Avant
Bad-to-Fair Credit:LendingPoint
No Credit Check Loans:OppLoans by OppFi
Home Improvement Loans:Upgrade Personal Loan
Debt Consolidation Loans:Upstart

WalletHub

Why People Trust WalletHub

Unlike other sites that only promote loans they're paid by, WalletHub's editors focus on finding the best loans. WalletHub makes it easy to find the best installment loans for bad credit.

Installment loans are loans that give the borrower money upfront and then must be paid back in equal payments, usually on a monthly basis. While there are installment loans for people with bad credit, the choices are much more limited than with fair credit or higher

As you compare installment loans for bad credit, you should make sure to check for pre-qualification. WalletHub’s pre-qualification toolwill show you your odds of approval with various lenders, along with the rates you can expect if approved

WalletHub's best personal loan picks and ratings are completely independent and not provided, commissioned, or endorsed by any lender. Some offers may come from WalletHub's advertising partners.

Best Installment Loans for Bad Credit

BEST FOR HOME IMPROVEMENT LOANS

Upgrade Personal Loan

3.5 out of 5 rating

View My Rate

APR	Origination Fee	Term	Min Credit Needed
8.49% - 35.99%	1.85% - 9.99% of loan amount	24 - 84 months	Fair

APR

8.49% - 35.99%

Origination Fee

1.85% - 9.99%

of loan amount

Term

24 - 84 months

Accepted Credit

Editors’ Thoughts

The best bad credit installment loans for people who want a low APR are fromUpgrade. Upgrade has some of the lowest APRs on the market, starting at 8.49%, along with loan amounts of$1,000 - $50,000 and repayment periods of24-84 months.

You’ll need to have a credit score of at least 620 to get approved, which is fairly low compared to other lenders with similar terms. Our editors awarded Upgrade a score of 4.5/5 in the Requirements & Application Information category of their review as a result. Overall, their rating for Upgrade’s loans is 3.6/5.

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Rewards Details

Interest Rate Breakdown

Balance	APY

Additional Details

Fixed rates and payments with a clear pay off date
Flexible loan options: explore multiple options and pick the loan amount and term that best fits your budget and timeline
Automatic payments and ability to customize the due date: manage your account online or via the mobile app
No prepayment penalties
Access to free credit score monitoring, educational tools, and personalized recommendations to help you understand and make the most of your credit

**Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

**Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found athttps://www.upgrade.com/bank-partners/.

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BEST FOR SMALL AMOUNTS

LendingClub

3.55 out of 5 rating

View My Rate

APR	Origination Fee	Term	Min Credit Needed
9.57% - 35.99%	3% - 8% of loan amount	24 - 60 months	Fair

APR

9.57% - 35.99%

Origination Fee

3% - 8%

of loan amount

Term

24 - 60 months

Accepted Credit

Editors’ Thoughts

LendingClub is the best bad credit installment loans for small loan amounts because the company offers loans starting at $1,000 with repayment periods of 24 - 60 months. While the company doesn’t state a specific minimum credit score requirement, it’s reportedly between 600 and 640.

If you have a higher credit score, however, you likely have a better chance of getting a lower rate elsewhere. That’s one reason why LendingClub only received a rating of 3.1/5 in the Rates, Fees & Other Terms category of WalletHub’s review. The company has a high minimum APR, origination fee and late payment fee.

Overall, LendingClub loans have a rating of3.5/5from WalletHub’s editors. Additionally, the company is very clear about their loan terms and requirements, so we gave them a Reviews & Transparency score of 4.4/5.

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Rewards Details

Interest Rate Breakdown

Balance	APY

Additional Details

Join America's leading lending marketplace
Over 4 million members have received more than $70 billion loans since 2007
Flexible amounts and terms with no prepayment penalties
Check your rate with no impact to your credit score*

*Checking a rate through us generates a soft credit inquiry on a person’s credit report, which is visible only to that person. A hard credit inquiry, which is visible to that person and others, and which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person. Credit eligibility is not guaranteed. APR and other credit terms depend upon credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and credit usage and history.

Between April 1, 2023 and June 30, 2023, Personal Loans issued by LendingClub Bank were funded within 30 hours after loan approval, on average. 46% of Personal Loans issued by LendingClub Bank during the same period were funded within 24 hours after loan approval. Loan approval, and the time it takes to issue a credit decision, are not guaranteed and individual results vary based on creditworthiness and other factors, including but not limited to investor demand.

A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,854 for a term of 36 months, with an interest rate of 10.29% and a 6.00% origination fee of $1,191, for an APR of 14.60%. In this example, the borrower will receive $18,663 and will make 36 monthly payments of $643. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states.

For Personal Loans, APR ranges from 9.57% to 35.99% and origination fee ranges from 3.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of July 11, 2023 and are subject to change without notice.

Loans are made by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. LendingClub Bank is not an affiliate of Evolution Finance Inc., which is an unrelated third party (“third party”). LendingClub Bank is not responsible for any products and services provided by this third party and may receive compensation if you visit the third party’s websites or use any of its products or services. Credit eligibility is not guaranteed. Loans are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures. “LendingClub” and the “LC” symbol are trademarks of LendingClub Bank.

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BEST FOR DEBT CONSOLIDATION LOANS

Upstart

3.35 out of 5 rating

APR	Origination Fee	Term	Min Credit Needed
6.40% - 35.99%	0% - 12% of loan amount	36 - 60 months	Bad

APR

BEST FOR NO CREDIT CHECK LOANS

OppLoans by OppFi

2.45 out of 5 rating

View My Rate

APR	Origination Fee	Term	Min Credit Needed
160.00% - 179.00%	$0 of loan amount	12 months	Fair

APR

160.00% - 179.00%

Origination Fee

of loan amount

Term

12 months

Accepted Credit

Editors’ Thoughts

OppLoansby OppFioffers the best bad-credit installment loans with no hard credit check during the application process. This makes it much easier to get approved than with many competing lenders.

The tradeoff is that OppLoans installment loans are very expensive, with an APR range of160% - 179%. The company also only offers up to a few thousand dollars in funding, so if you need a larger loan, you should consider other options with cheaper rates. However, the company is very transparent about its loan terms, so we gave it a Reviews & Transparency rating of 4.8/5.

Overall, OppLoansby OppFi earned a score of2.4/5from WalletHub’s editors.

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Rewards Details

Interest Rate Breakdown

Balance	APY

Additional Details

No prepayment fees
Fixed 160% APR
9-18 months repayment terms*
Same day funding available, if application is submitted and approved before 12:00 PM CT, Monday-Friday.*
Reports payment history to all 3 credit bureaus
An easy application and quick decisions!
Get $500 to $4,000 depending on creditworthiness and state of residence
Applying does not affect your FICO ® credit score**

*Subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction.

OppLoans may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. Neither credit inquiry will appear as a hard credit inquiry on your Experian credit report and therefore they will not affect your FICO score.

Installment loan amounts typically range from $500 to $4,000. Annual percentage rate (APR) is 160%. Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments would have an APR of 160% and monthly payments of $394.58. Loan amount may vary by state, please see our Rates and Terms for additional information. This is an expensive form of credit and you should determine whether our product(s) meets your financial needs.

According to the Consumer Federation America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered through and serviced by OppLoans is 160% and loan sizes range from $500 to $4,000. https://paydayloaninfo.org/how-payday-loans-work/

OppLoans reports customer payment history to the three major credit bureaus. On-time payments may improve credit score.

Applications submitted on OppLoans' website will be originated by one of our lending partners. All loans originated by our lending partners will be serviced by OppLoans.

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BEST OVERALL

Achieve Personal Loans

3.6 out of 5 rating

Learn More

APR	Origination Fee	Term	Min Credit Needed
8.99% - 35.99%	0% - 6.99% of loan amount	24 - 60 months	Bad

APR

8.99% - 35.99%

Origination Fee

0% - 6.99%

of loan amount

Term

24 - 60 months

Accepted Credit

Editors’ Thoughts

The best installment loans for bad credit are from Achieve Personal Loansbecause it offers large loan amounts – up to $50,000 – and long repayment periods. WalletHub’s editors gave the company a score of 4/5 in the Rates, Fees & Other Terms category of their review as a result, even though Achieve Personal Loans has a fairly high APR range, at 8.99% - 35.99%.

Additionally,Achieve Personal Loans has a minimum credit score requirement of 620, so people with credit scores on the higher end of the bad credit range will have a shot at getting approved.

Overall,Achieve Personal Loansreceive a score of3.9/5from WalletHub’s editors, and users give the company 4.5/5 stars.

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Rewards Details

Interest Rate Breakdown

Balance	APY

Additional Details

Borrow $10K to $40K
Great for debt consolidation or credit card refinancing
Discounted rates available for direct pay to creditors, having a co-borrower and/or over $40K in retirement savings
No prepayment fees or collateral required
A+ rated from the BBB

All loans available throughAchieve Personal Loansare made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a Achieve Personal Loans representative for further details. The following limitations, in addition to others, shall apply: Achieve Personal Loansdoes not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available throughAchieve Personal Loans is 8.99%to a maximum of 35.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 6.99%APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

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BEST FOR BAD CREDIT

LendingPoint

3.6 out of 5 rating

Learn More

APR	Origination Fee	Term	Min Credit Needed
7.99% - 35.99%	0% - 10% (varies by state)	24 - 60 months	Bad

APR

7.99% - 35.99%

Origination Fee

0% - 10% (varies by state)

Term

24 - 60 months

Accepted Credit

BEST FOR LOW ORIGINATION FEE

Avant

3.68 out of 5 rating

Learn More

APR	Origination Fee	Term	Min Credit Needed
9.95% - 35.99%	Up to 4.75%	24 - 60 months	Bad

APR

9.95% - 35.99%

Origination Fee

Up to 4.75%

Term

24 - 60 months

Accepted Credit

Editors’ Thoughts

The best bad credit installment loans with a low origination fee are fromAvant because it charges less to open a loan than most of its competitors. Avant’s origination fee is Up to 4.75%, which helps explain why WalletHub’s editors gave Avant a rating of 3.5/5 in the Rates, Fees & Other Terms category of their review.

Even though Avant has low fees, the company has a high minimum APR of 9.95%. You may be able to find lower rates from other lenders if you have a high enough credit score. Avant’s credit score requirement is 600.

WalletHub’s editors'overall rating for Avant loans is3.6/5, and the average user rating for Avant is 4.1/5 stars.

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Rewards Details

Interest Rate Breakdown

Balance	APY

Additional Details

Personal loans from $2,000 to $35,000 online.
Competitive rates from 9.95% - 35.99% APR and terms from 24 to 60 months
Checking your loan options has no impact to your credit score.
Fast Decisions, see your loan options in minutes
Funding as soon as next business day

For example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC

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Best Installment Loans for Bad Credit FAQ

Finding the best personal loan can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered.

What is the easiest loan to get with bad credit?

Upvotes

Rick Bormin, Personal Loans Moderator

@rhandoo2020

The easiest loans to get approved for with bad credit are secured loans because you can use collateral to compensate for your bad credit score. You could also get a co-signed or joint loan and use another person's creditworthiness to increase your chances for approval. Payday loans, pawnshop loans, and car title loans are easy to get as well, but they're extremely expensive.

Alternatively, personal loans may offer the lowest rates among loan options...

What is the best place to get a personal loan with bad credit?

Upvotes

Grace Enfield, Content Writer

@grace_enfield

The best place to get a personal loan with bad credit is PNC because the company offers fairly low APRs, large loan amounts and long payoff periods. PNC often considers applicants with bad credit who are at least 18 years old and have enough income to afford monthly loan payments.

Best Places to Get a Personal Loan with Bad Credit

Best OverallPNC
Select States OnlyNetCredit
No Credit CheckOppLoans by OppFi
Small LoansRise Loans
Large LoansLoanMe

Banks, credit unions, and online lenders offer personal loans for people...

What is the easiest installment loan to get approved for?

Upvotes

Grace Enfield, Content Writer

@grace_enfield

The easiest installment loan to get approved for is a personal loan with no credit check because the lender doesn't perform a hard inquiry into your credit history. Other types of installment loans that are easy to get include secured personal loans and credit-builder loans, among others. The best no credit check loans are from 60MonthLoans because the company offers loan amounts of $2,600 - $10,000 and an APR as low as 19.09%.

Easy Installment Loans to Get

...

APRs

Dollar Amounts

Repayment Periods

What credit score do you need for an installment loan?

Upvotes

Grace Enfield, Content Writer

@grace_enfield

You need a credit score of at least 580 to qualify for a decent installment loan from a major lender. You will likely need a higher score to get a personal installment loan with no origination fee and a low APR, however.

Other types of installment loans will have different requirements than personal loans. For example, you may be able to get a mortgage or a car loan with a low credit score or...

What are the easiest loans to get approved for?

Upvotes

Gino Rodriguez, Writer

@gino_rodriguez

The easiest loans to get approved for are payday loans, pawnshop loans, car title loans, and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit, but they're also very expensive in most cases.

Below, you can compare some of the easiest personal loans to get approved for right now.

Easy Personal Loans to Get Approved For

Best for Medical Bills...

What type of loan does not require a credit check?

Upvotes

Grace Enfield, Content Writer

@grace_enfield

Some types of loans that do not require a credit check are payday loans, personal loans with no credit check, most federal student loans, and some credit-builder loans. Most of these loans are meant for borrowers with bad or no credit history, so the interest rates and fees might be higher compared to other types of loans.

The best no credit check personal loans are from 60MonthLoans because the company has loan amounts of $2,600 - $10,000, APRs as low as...

Can I get a loan from a credit union with bad credit?

Upvotes

Adam McCann, Financial Writer

@adam_mcan

Credit union loans for bad credit do exist, but whether you can get one depends on the credit union you select as well as your income and existing debt, among other factors. There are two main reasons why credit unions are more likely than banks to accept loan applicants with bad credit. The first is that credit unions are not-for-profit institutions with specific membership requirements. This means that they have a much more...

Where can couples get wedding loans with bad credit?

Upvotes

Adam McCann, Financial Writer

@adam_mcan

The best place to get wedding loans with bad credit is LendingPoint. The minimum credit score needed for approval is 580, 60 points below the start of the fair credit range. LendingPoint doesn't offer wedding loans, specifically, but their personal loans can be used for almost anything, including financing a wedding.

LendingPoint offers a decent amount of funding, with loan amounts ranging from $2,000 to $36,500. People with bad credit are more likely to...

What are the best direct lenders offering debt consolidation loans for bad credit?

Upvotes

Adam McCann, Financial Writer

@adam_mcan

The best debt consolidation loans for bad credit from direct lenders include personal loans from Achieve Personal Loans, LendingPoint and Avant. All of these companies are direct lenders because they provide loan funds directly to their customers, rather than simply matching them up with other lenders (e.g. LendingClub). However, Achieve Personal Loans is the only one of the three that offers direct debt consolidation in the sense that it will send payments to your old...

What are the best joint installment loans for bad credit?

Upvotes

Gino Rodriguez, Writer

@gino_rodriguez

The best joint installment loans for bad credit are from Achieve Personal Loans, LendingClub and USAA. These lenders offer competitive rates, have credit score requirements below 640, and allow you to apply for installment loans with a co-borrower. Adding a co-borrower to your loan application may help to increase your chances of approval.

Both applicants are considered equally with a joint installment loan, so having a co-borrower with better credit and enough income can qualify you for lower rates and larger loan amounts. You can compare your options for personal loans that allow joint applications below.

Best Joint Installment Loans for Bad Credit

Lender	Loan Amount	APR	Credit Score Required
Achieve Personal Loans	$5,000 - $50,000	8.99% - 35.99%	620
LendingClub	$1,000 - $40,000	9.57% - 35.99%	600-640
USAA	$1,000 - $100,000	7.24% - 17.65%	Not disclosed
Navy Federal Credit Union	$250 - $50,000	8.99% - 18%	Not disclosed
PNC	$1,000 - $35,000	5.99% - 32.24%	Not disclosed
LightStream	$5,000 - $100,000	7.49% - 25.99%	660
Upgrade	$1,000 - $50,000	8.49% - 35.99%	620

Note: Credit score requirements are according to either the lender or multiple third-party sources. At least one co-borrower will need to satisfy the requirement.

Keep in mind that both borrowers share equal responsibility for a joint installment loan, so missing payments on the loan can damage both of your credit scores. You can learn more about the best personal loans with joint applications on WalletHub.

About our Editor’s Picks

Our editors' recommendations for the Best Personal Loans are a reflection of their own subjective opinions, and they should not be relied upon as the sole basis for choosing your financial product.

We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.

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Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation “Sponsored”, where applicable. Advertising status does not affect which offers show up on this page but may impact the order in which they appear. At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.