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January 2024’s Top Picks for the Best Installment Loans

Explore these top installment loans as of January 2024, offering borrowed funds with repayment in equal installments over a specified period. Distinguishing themselves from payday loans, these installment loans generally feature extended terms and may serve as a more economical choice, catering to individuals with less-than-ideal credit. Check out these options to find a suitable match for your financial needs, ensuring a budget plan free from excessive financial strain.

Upstart:

  • Upstart is known for considering more than just your credit score when assessing your loan application.
  • They evaluate factors such as education and job history to determine your creditworthiness.
  • Loan amounts range from $1,000 to $50,000, and terms are available for 3 or 5 years.

Upgrade:

  • Upgrade offers installment loans with a focus on helping borrowers with less-than-perfect credit.
  • Loan amounts range from $1,000 to $50,000, with terms of 36 or 60 months.
  • Upgrade also provides a credit health feature to help borrowers monitor and improve their credit scores.

Marcus by Goldman Sachs:

  • Marcus is the online platform of Goldman Sachs, offering unsecured personal loans.
  • Loan amounts range from $3,500 to $40,000, and terms are available for 3 to 6 years.
  • Marcus doesn’t charge fees for late payments.

OneMain Financial:

  • OneMain Financial is a well-established lender that caters to borrowers with poor credit.
  • Loan amounts range from $1,500 to $20,000, and terms vary by state.
  • OneMain offers both secured and unsecured installment loans.

Avant:

  • Avant specializes in lending to borrowers with average to poor credit.
  • Loan amounts range from $2,000 to $35,000, and terms are available for 2 to 5 years.
  • Avant provides quick funding, often as soon as the next business day.

LendingPoint:

  • LendingPoint considers alternative data sources in addition to credit history.
  • Loan amounts range from $2,000 to $36,500, and terms are available for 2 to 5 years.
  • LendingPoint offers a mobile app for easy account management.

Best Egg:

  • Best Egg provides a simple online application process for installment loans.
  • Loan amounts range from $2,000 to $50,000, and terms are available for 3 to 5 years.
  • Best Egg charges a low minimum APR compared to some other lenders.

Prosper:

  • Prosper is a peer-to-peer lending platform connecting borrowers with individual investors.
  • Loan amounts range from $2,000 to $40,000, and terms are available for 3 or 5 years.
  • Prosper has a straightforward application process.

When considering an installment loan, it’s crucial to understand the terms, interest rates, and any fees associated with the loan. Additionally, only borrow what you can comfortably repay to avoid financial strain. Always compare multiple lenders to find the best installment loan for your specific needs.

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