Did you know the average American has an estimated $38,000 in personal debt?
If you’re currently dealing with debt and looking to consolidate or looking to finance a dream project, you should look into an installment loan.
Read on to learn about the best installment loans of 2019.
Avant is one of best installment loans for people with bad credit of 2019. If you have a credit score of at least 580, you can qualify for a loan with Avant.
Installment loans with Avant allow you to borrow anywhere from $2,000 to $35,000 for up to 60 months. However, because these loans are for people with bad credit, the interest rates range between 9.95% to $35.99%.
If need of cash soon, Avant tends to approve these loans within a day.
Lending Club also makes the cut of the best installment loans of 2019. In order to qualify for a Lending Club loan, you need a credit score of at least 660. Because Lending Club is a peer-to-peer lender, you can expect interest rates as low as 6.95% to 35.89, which makes it a great option when you’re trying to consolidate debt.
You can borrow anywhere from $1,000 up to $40,000, and you can borrow the money for 3 to 5 years. If you are approved, expect the finds to become available in 14 days. Although you don’t have to pay for application, brokerage, or prepayment fees, you do have to pay for origination fees.
Marcus by Goldman Sachs
If you have a credit score of at least 660, you can qualify for an installment loan with Marcus by Goldman Sachs.
Marcus by Goldman Sachs is a lender that offers lower interest rates than some of the other lenders, 5.99-28.99% on average. You can borrow between $3,500 to $40,000 for up to 6 years. You don’t have to pay signup, prepayment, origination, or late fees. Once you have been approved, expect to see your money within 4 business days.
Upgrade offers excellent installment loans for people with fair credit. You will need a credit score of at least 620 to qualify for a loan with Upgrade.
Loan amounts range between $1,000 to $50,000 and interest rates between 7.99% to 35.89%. You can expect to receive the funds within a few days of approval.
Upgrade, unfortunately, does ask that potential candidates have a strong cash flow, a minimum of $800 monthly free cash flow.
With Upstart, you can borrow up to $50,000 if you have a credit score of at least 620.
The estimated APR you will pay ranges between 7.69% to 35.99%.
Although you have to pay an origination fee and late fee, there are no prepayment fees. You also receive the funds in your bank account within 1 business day.
Best Installment Loans of 2019: The Bottom Line
These are the best installment loans of 2019. With these loans, you can borrow up to $50,000 with very low-interest rates if you meet the minimum requirements.
They offer payment flexibility, fast access to funds, and no prepayment fees.
Looking for a great installment loan? Click here to request a free quote today.