The best low interest installment loans are from LightStream because the company offers a minimum APR of 5.99%. LightStream also has loan amounts of $5,000 - $100,000, repayment periods of 24 - 84 months and no origination fee. Just keep in mind that to qualify for the lowest APR, you will need excellent credit.
Best Low Interest Installment Loans
Company
|
Best For
|
APRs
|
Loan Amounts
|
Credit Score Requirement
|
LightStream
|
Overall
|
5.99% - 22.49%
|
$5,000 - $100,000
|
660*
|
SoFi
|
Large loan amounts
|
7.99% - 23.43%
|
$5,000 - $100,000
|
680
|
Best Egg
|
Fair credit
|
7.99% - 35.99%
|
$2,000 - $50,000
|
640
|
Upstart
|
Bad credit
|
5.35% - 35.99%, typically
|
$1,000 - $50,000
|
None
|
Upgrade
|
Small loan amounts
|
8.49% - 35.97%
|
$1,000 - $50,000
|
620*
|
*According to multiple third-party sources.
To read more about the top-ranked offers, check out WalletHub's picks for the best low interest personal loans. Then, estimate your rates from multiple companies with our free pre-qualification tool.
Finally, it's smart to consider other borrowing options when researching low interest installment loans. For example, you might be able to qualify for a 0% APR credit card.
The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,817 including a $594 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).