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Best installment loans of 2024

Compare APRs, terms and requirements of 6 top lenders.

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

4.7
★★★★★

Finder score

Go to site Read review
Loan amount$500 - $4,000
Turnaround timeAs soon as the same business day.
Online applicationYes
  • Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, West Virginia

Best for consolidating debt: CashUSA

CashUSA Installment Loans

Go to site
Loan amount$500 - $10,000
Turnaround timeAs fast as same business day
  • Not available in: New York

Best short-term borrowing app: Brigit

Brigit

4.2
★★★★★

Finder score

Go to site Read review
Loan amount$50 - $250
Turnaround time2 to 3 business days or instant with a Premium subscription or for a fee.
  • Available in all states

Best for comparing short-term lenders: Monevo

Monevo Installment Loans

Read review
Loan amount$500 - $100,000
Turnaround timeVaries by lender
  • Available in all states

Best for small short-term loans: Speedy Cash

Speedy Cash Short-term Loans

4.4
★★★★★

Finder score

Read review
Loan amount$50 - $3,000
Turnaround time1 day
  • 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

Read review
Loan amount$1,000 - $25,000
Turnaround time2 to 3 business days
  • Available in: Arizona, California, Florida, Georgia, Illinois, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, Texas, Utah, Virginia, Washington, Wisconsin

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.

Name Product USFSL Filter Values Loan amount Turnaround time Requirements
Chime SpotMe®
Finder Score: 4.2 / 5: ★★★★★
Chime SpotMe®
Up to $200
Instant
Qualifying $200 direct deposits into Chime checking account each month. Chime debit or Credit Builder card.
Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.
EarnIn
Finder Score: 4.7 / 5: ★★★★★
EarnIn
Up to $750 per pay period, but only $150 per day
1 to 3 business days or instant for a fee
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest and no credit checks. Subject to EarnIn terms & conditions.
OppLoans Installment Loans
Finder Score: 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, $1,500 minimum monthly income, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Cleo
Finder Score: 4.1 / 5: ★★★★★
Cleo
Up to $250
3 to 4 days or instant for a fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Dave ExtraCash
Finder Score: 4.2 / 5: ★★★★★
Dave ExtraCash
Up to $500
Up to 3 business days or instant for a fee
At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account
Borrow up to $100 to avoid hefty overdraft fees.
LendYou Short-term Loans
Finder Score: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
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.
Fast5kLoans Short-term Loans Connection Service
Finder Score: 0.2 / 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
Fig Loans Installment Loans
$50 to $100, 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.
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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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Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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