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Best installment loans of 2023

Compare APRs, terms and requirements of 6 top lenders.

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By

Bethany Hickey

Updated

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An installment loan is any loan that you repay in installments, usually with monthly payments and a fixed interest rate. However, the term “installment loan” usually refers to short-term financing without a credit check or lenient credit score requirements. These loans are typically less than 18 months long, and catered for emergency situations.
Installment loans may come with fewer eligibility requirements than personal loans, but due to short terms and lack of credit checks, rates can be high. Compare rates, terms and fees to find the best lender for your situation.

Best 6 short-term installment lenders

  • Best overall: OppLoans
  • Best for consolidating debt: CashUSA
  • Best short-term borrowing app: Brigit
  • Best for comparing short-term lenders: Monevo
  • Best for small short-term loans: Speedy Cash
  • Best for visa-holding borrowers: Stilt

Best overall: OppLoans

OppLoans Installment Loans

Finder score: 4.7 / 5 ★★★★★

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OppLoans, by OppFi, boasts a fast turnaround time as soon as one business day. You also have the option to change your repayment date if it doesn't work with your schedule. OppLoans reports on-time repayments to the major credit bureaus — a benefit not many short-term lenders offer (just not in Texas or Ohio). APRs can reach up to 160%, but OppLoans skips the credit check, and high rates are to be expected in short-term financing.
  • Not available in: Colorado, Connecticut, Georgia, Illinois, Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, South Dakota, Vermont, West Virginia

Best for consolidating debt: CashUSA

CashUSA Installment Loans

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CashUSA is a connection service that allows you to search for options specifically for debt consolidation, regardless of your credit score. While rates are high compared to personal loan providers, it could help you save on higher-interest installment loans or even some credit card debt, depending on the rate you qualify for. CashUSA's partners offer loan terms as short as 3 to 72 months, and loan amounts from $500 to $10,000. Just be sure to research any lender you get connected with before you go through with the application.
  • Not available in: New York

Best short-term borrowing app: Brigit

Brigit

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For borrowers that stress about overdrafting their account and need cash advances frequently, Brigit is a solid app. It offers payday advances up to $250 and overdraft protection. There's no interest or late fees, and you can extend your due date up to three times. Brigit requires employment verification, an active bank account and a $9.99 monthly membership fee. Funding time can be same day, but it's typically the next business day.
  • Available in all states

Best for comparing short-term lenders: Monevo

Monevo Installment Loans

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Monevo is an award-winning connection service, well-suited for low credit score borrowers looking to compare lenders fast. Monevo's lending partners work with all types of credit situations, and it has no credit score requirement to use its free service. Its partners offer loans from three months to 12 years, with interest rates from 5.4% to 35.99% — with the best rates reserved for excellent credit borrowers. Details of the loans depend on the lender you're matched with, but its a good place to start if you're not sure what lender to go with.
  • Available in all states

Best for small short-term loans: Speedy Cash

Speedy Cash Short-term Loans

Finder score: 4.45 / 5 ★★★★★

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Speedy Cash offers short-term loans and payday loans, with loan amounts starting as low as $50. It also has in-store locations in 15 states, so if you apply in person, you could get same-day funding. If you prefer online lending, Speedy Cash has an online application in 27 states. Fees and amounts depend on your state, but plan on spending around $10 to $30 per every $100 borrowed. On the plus side, Speedy Cash is a transparent and reputable lender, offering examples of fees and typical APRs to expect on its website.
  • Available in: Alabama, Alaska, Arizona, California, Colorado, Delaware, Hawaii, Idaho, Illinois, Kansas, Louisiana, Mississippi, Missouri, Nevada, North Dakota, Ohio, Oklahoma, Rhode Island, Tennessee, Texas, Utah, Virginia, Wisconsin, Wyoming

Best for visa-holding borrowers: Stilt

Stilt

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Stilt offers fair rates on short-term loans, and doesn't require a US citizenship or permanent residency to qualify. It accepts multiple visas, including student, worker and visitor. Stilt also considers multiple factors when you apply, such as your education, employment history and credit score. Another major plus is the lack of origination fee — most short-term lenders charge this fee, often around 5% to 8% of the loan amount. Terms cap out at 36 months, and Stilt has mostly positive customer reviews, most citing a quick and easy application process.

Methodology: How we chose these lenders

We reviewed over 100 short-term loan providers to choose the best installment loans. We also regularly update and revise our best picks, and look at factors that might be important for different types of borrowers, such as the ability to consolidate high-interest debt.
Each lender is weighed against 10 key metrics: Loan amounts, loan terms, APRs, fees, credit score requirements, income requirements, turnaround time, state availability, application ease and lender reputation. Customer reviews and ratings on Better Business Bureau and Trustpilot were also considered.

Compare more installment loan providers

Select your state to preview lenders in your area. Explore your options by loan amount, turnaround time and requirements. Select the Learn more button to go to its site or select More Info to read a review.

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Updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
Finder Rating: 4.7 / 5: ★★★★★
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day.
+18 years old, Receive paychecks through direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Go to site
More Info
LendYou Short-term Loans
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
$100 to $1,000
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Go to site
More Info
Fast5kLoans Short-term Loans Connection Service
Finder Rating: 3.5 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Go to site
More Info
Fig Loans Installment Loans
$200 to $800, varies by state
As soon as the same business day
3 months of direct deposits, $1400 per month income, positive bank account balance
Get an affordable installment loan that comes with no fees, flexible terms and predictable monthly repayments.
Go to site
More Info
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Installment loan requirements

You’ll likely find that an installment loan is easier to qualify for than other more traditional lending options. Typical installment loan requirements include:

  • Full time employment or enough monthly income to repay the loan
  • Active bank account with positive balance
  • At least 18 years old, or age of majority in your state
  • No recent or active bankruptcies
  • US citizen or permanent resident

Keep in mind we’re speaking very generally here — lenders vary. Many installment loans don’t require a credit check, and some lenders, such as Stilt, don’t require US citizenship. Just be sure to ask about lender requirements before applying to save your time.

Can I get an installment loan without a bank account?

Possibly, but most lenders require an active bank account. Lenders that extend credit to borrowers without a bank account are rare, since lenders tend to prefer verifying income and assets through your bank account. And most lenders deposit funds into your bank account if you’re approved. See our top picks for no-bank-account loans to compare your options.

Red flags to watch out for with installment loan providers

Not all installment loan providers are legit lenders, and even some that are can have predatory lending practices. Look out for these red flags:

  • Guarantees. Legit lenders won’t guarantee approval or certain rates before looking at your application.
  • Pushiness. Stay away from lenders that pressure you into borrowing more than you need.
  • Add-on insurance. Some lenders might encourage you to take out unnecessary insurance, such as a life insurance policy that names them as a beneficiary. This is a common tactic to make your loan more expensive while avoiding state APR regulations.
  • BBB alerts. You can look up a lender on Better Business Bureaus to see current or past alerts for a business. If a lender has an exorbitant amount of negative reviews, or multiple past or ongoing lawsuits, it may be wise to go with another company.

More information on lending scams

Alternatives to short-term installment loans

If you’d prefer something with possibly lower rates or longer loan terms, or just another option entirely, check out these alternatives:

  • Personal loans. These loans can be used for nearly anything, including large purchases, debt consolidation or vacations. Personal loan borrowing limits are often capped at $50,000, with some lenders offering up to $100,000. Rates tend to be lower than short-term borrowing methods, but you may need good credit to qualify.
  • Credit card advances. If you already have a credit card, you can withdraw cash out of an ATM for a quick advance up to your credit limit. Just be aware that most credit cards have high interest rates, oftentimes in the teens. However, there are some great credit cards with low introductory rates and rewards.
  • Home equity products. If you own a home with at least 20%, you may qualify for a home equity loan or home equity line of credit (HELOC). Rates tend to be much lower than personal loans and installment loans, but repayment terms tend to be a long commitment.
  • Cash advance apps. We’ve already mentioned Brigit, but there are many cash advance apps that offer low-dollar lending options.
  • Payday loans. While often considered a last resort due to high rates and pesky late fees, payday loans could help you make ends meet until your next payday. Just watch out for predatory lending practices, extra high rates, and make sure you can repay the loan on time because the fees can get steep.

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