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for Installment Loans

An installment loan lets you borrow a specific amount of money and repay it through regular payments over a set period. The repayment term can vary, but many installment loans run for two to seven years.

Your monthly payment usually stays the same throughout the loan term, depending on the loan agreement and interest rate. You also know the date by which the loan should be fully repaid. That makes it easier to plan your monthly budget.

Installment loans differ from revolving credit, such as credit cards. A credit card allows you to borrow, repay and borrow again as long as you have available credit. An installment loan provides you with a fixed amount upfront, and you repay the balance on a predetermined schedule.

Some borrowers use installment loans to consolidate high-interest debt. For example, someone carrying balances on several credit cards may use a personal loan to pay them off and then make one monthly loan payment. If the new loan has a lower interest rate, the borrower may also pay less interest over time.

An installment loan can be secured or unsecured. Secured loans require collateral (such as a car or a house). An unsecured loan doesn’t require you to pledge any assets. Personal loans are a popular type of unsecured installment loan.

Interest rates vary by lender, loan type, credit history, income and other factors. In some cases, an unsecured installment loan may carry a lower rate than a credit card, particularly for borrowers with good credit. Before taking one out, compare the interest rate, fees, loan term and total repayment amount rather than looking only at the monthly payment.

Main Features of An Installment Loan

• Loan amount: You can borrow $500 to $5,000 as an installment loan. The loan amount varies depending on the lender and borrower profile.
• Repayment term: You can repay the amount in fixed monthly installments from 3 to 24 months, sometimes longer.
• Repayment structure: You will have equal monthly repayment installments, sometimes biweekly.
• Interest rate type: Lenders offer installment loans with a fixed APR for the entire term.
• Collateral needed: No collateral is required because an installment loan is usually unsecured.
• Credit check: It varies by lender. Many bad-credit lenders do a soft check or no check at all.
• Funding speed: It also varies by lender, from same-day to 2 business days.

How to Compare Installment Loans?

When comparing installment loans, look closely at what each lender offers and what previous borrowers have actually experienced.

• Look at the available terms: Check the minimum and maximum APRs offered by each lender, along with the term lengths and any fees that may be charged.
• Check the eligibility criteria: In general, lenders offer their best rates to borrowers with good to excellent credit, steady income and acceptable levels of debt. Still, there are options for those with less-than-perfect credit. So, it is worth checking out lenders that work with that range of credit, as well.
• Pay attention to funding speed: Many lenders can give you an approval decision within minutes of applying. Once approved, funds are often deposited within one or two business days.
• Read reviews from borrowers: Take some time to see what other customers say about their experience with the lender, including how responsive their customer service is, before you apply.
• Choose the right type of lender: Banks, credit unions and online lenders all offer installment loans. You can use online tools to compare lenders and their terms before applying.

Types of Installment Loans

Personal Loans

Personal loans give you money upfront that you can use for a wide range of expenses. You might use one to combine high-interest debt, pay an unexpected bill or cover a major purchase. Most personal loans are unsecured, so you don’t have to put up your home, car or other property as collateral. You usually make the same payment each month until the loan is paid off. Repayment periods often fall between two and seven years.

Student Loans

Student loans help pay for college and other higher education expenses. The money can go toward tuition, books, housing and other approved costs. You can get student loans through the federal government or private lenders. Federal student loans generally come with lower interest rates and more repayment options than private loans. Depending on the loan, you may not have to start making payments until after you leave school. Repayment periods can last 10 years or longer.

Auto Loans

Auto loans help you pay for a new or used vehicle without covering the full purchase price upfront. The vehicle serves as collateral for the loan. If you stop making payments, the lender may have the right to repossess it. Most auto loans come with fixed monthly payments and repayment terms of two to seven years. Your credit history, loan term and other factors can affect the interest rate you receive.

Mortgages

A mortgage helps you finance the purchase of a home or other real estate. Because the property secures the loan, the lender can take steps to foreclose on the property if you fail to make your payments. Home loans commonly have terms of 15 or 30 years. Some mortgages have a fixed interest rate that stays the same throughout the loan. Others have an adjustable rate that can change over time based on the loan terms.

Different Installment Loan Options Available for You

We provide different installment loan options, each intended to serve a specific borrower need or situation.

Online Installment Loans

Online installment loans let borrowers apply, get the money and do everything in between without ever having to set foot in a brick-and-mortar branch or store. The application is usually very straightforward and takes less than 10 minutes. Approvals are quick, and funds are sent to the borrower’s preferred bank account. If you want to compare several lenders quickly and enjoy the convenience of a fully digital process without leaving your home, online installment loans are the way to go.

What to expect in online installment loans:

• Fully online application that takes under ten minutes
• Approval decision typically within minutes to a few hours
• Electronic funds deposit, typically one to two business days
• Direct debit for automatic deduction of repayment on each scheduled payment date
• Before you accept, review the loan terms, APR and payment schedule

Advantages of online installment loans over payday loans:

• Higher loan amounts available
• Spreading repayment over several months instead of paying the whole amount at once
• Lower individual payment amounts reduce the risk of difficulty in repayment
• A longer relationship with the lender may help you borrow in the future

Bad Credit Installment Loans

Bad credit installment loans help individuals with poor credit scores, limited credit histories or a history of financial trouble. In our network, many installment lenders use alternative underwriting criteria, taking into account factors such as income, job stability and banking history rather than just a credit score. This allows a much larger group of borrowers to receive approval than mainstream lenders can provide. If you have a credit score below 580, have missed payments or defaults on your record, have been declined by banks or credit unions or have no established credit history, this option is right for you.

What lenders look at instead of or in addition to your credit score:

• Regularity and size of the deposits of the income in your bank account
• Length of time your bank account has been open
• Current loan obligations and estimated debt-to-income ratio
• Employment status and length of time with current employer
• State of residence and applicable lending regulations

What to expect from installment loans for bad credit:

• Higher APRs than prime borrower offerings (generally 25% to 35.99%)
• Smaller maximum loan amounts, often $500 to $2,500
• Shorter initial repayment terms, usually 3 to 12 months
• Opportunity for larger amounts and lower rates on future loans with the same lender after successful repayment

Our recommendations: Borrowing bad-credit installment loans costs more than borrowing similar products for borrowers with good credit. Before accepting an offer, calculate the total repayment amount and ensure it is genuinely affordable over the full loan term, not just the first month.

Emergency Installment Loans

Sometimes you need money fast, and a sudden financial emergency can be stressful. An unexpected medical bill, a broken-down car, an emergency home repair or an important bill can leave you in a difficult situation. If you need between $500 and $3,000 and can’t afford to pay it all at once, an emergency installment loan can be a practical solution.

Emergency installment loans can help when an unexpected expense comes up and you need access to more money than a typical payday loan provides. You receive the funds upfront and repay the loan through scheduled payments over an agreed period. That gives you more time to pay off the balance instead of facing the short repayment window that often comes with payday loans.

These loans may be an option for borrowers who need $500 or more to handle an urgent expense. The total cost, interest rate and repayment terms can vary by lender, so it’s important to review the loan agreement before accepting an offer.

Emergency scenarios commonly funded:

• Medical or dental emergencies (not covered by insurance)
• Emergency vehicle repair needed to keep a job or meet family commitments
• Emergency home repairs, such as heating failure, broken pipe or roof damage
• Unexpected disconnection of utilities or rent arrears
• Emergency travel costs (bereavement and family medical crisis)

Difference Between an Emergency Installment Loan and a Payday Loan

Installment Loan Rates & Fees

The annual percentage rate (APR) of an installment loan is the total annual cost of borrowing, including interest and any required fees, expressed as a percentage. Installment loans usually have longer terms than payday loans, resulting in much lower APRs, though still higher than those on personal loans available to prime credit borrowers.

Indicative Installment Loan APR Ranges by Credit Profile

Rates are indicative and subject to change by the lender, state, loan amount and loan term. Tribal loan rates may be higher than the ranges listed above.

What Determines Your Installment Loan APR

Credit score & history

As with all consumer credit products, the rate you’re offered is largely based on your credit score. The higher the score, the lower the rates for borrowers. However, installment lenders, especially those offering bad credit products, place less emphasis on credit scores than mainstream lenders and focus more on income and affordability.

Amount of loan

The amount you borrow can affect the rate you get and the loan’s total cost. Smaller loans may have higher fees relative to the amount borrowed, while some lenders may offer larger loans at a slightly lower APR.

Term of repayment

Longer repayment terms usually come with a higher APR than shorter ones. The longer the term, the lower the monthly payment amount, but the more interest you’ll pay over the life of the loan. A borrower should model both the monthly payment and the total repayment cost when comparing offers.

Type of lender

State-licensed installment lenders must follow APR limits set by state law. Tribal lenders may charge higher rates because state interest rate limits may not apply to them.

Debt-to-income ratio

Lenders will look at what you currently pay out each month and compare it to what you earn. The lower the debt-to-income ratio, the greater the ability to repay and the more competitive you may be.

Installment Loan Eligibility Criteria

Eligibility for installment loans depends on the lender and product type. Below are the most common requirements of most lenders in our network:

Standard eligibility requirements:

• Must be at least 18 years old
• Must be a U.S. citizen or permanent resident (tribal lenders may have other requirements)
• Must maintain an active checking account in your name
• Must have a steady, verifiable income
• Must have a valid government-issued photo ID
• Must be living in the state where the lender operates

Income types typically accepted:

• Full-time or part-time work
• Self-employment with verifiable income
• Social Security or disability benefits
• Pension or retirement income

Some lenders accept unemployment benefits. Confirm with the individual lender.

Documentation typically required for an installment loan:

• Government-issued photo ID
• Proof of income—recent pay stubs, bank statements or tax returns
• Proof of address—utility bill or bank statement dated within 90 days
• Bank account details for fund transfer and repayment collection

How to Apply for an Installment Loan with Us

1. Select Installment Loan and Enter Your Information

Select “installment loan” as the loan type on our platform. Enter the amount you need, your preferred repayment term and the state where you live. We’ll use this information to help connect you with lenders that serve borrowers in your area.

2. Provide Your Credit Information

Choose your approximate credit score range so we can connect you with the most specialist lenders, including specialists, bad-credit lenders and tribal lenders where relevant. This step will not affect your credit score.

3. Compare Your Matching Offers

Take some time to compare the offers you receive. Look at the available loan amount, APR, estimated monthly payment and total repayment cost. Also check for origination fees, funding times and any important eligibility requirements. The lowest monthly payment may not always mean the loan costs less overall.

4. Apply Directly with Your Chosen Lender

Once you find an offer that fits your needs, you can continue to the lender’s website and complete its application. Most online applications take about 5 to 15 minutes. The lender may then perform its own credit check, income review or affordability assessment before making a final decision.

5. Get a Decision and Receive Your Funds

Lenders will review your application and let you know whether you qualify. Some lenders may provide a decision within minutes, while others may take longer. On approval, the lender will transfer the funds directly to your nominated bank account, typically within 1-2 business days. Lenders offering emergency installment loans may approve applications the same day if received before their daily cut-off time.

Installment Loans vs. Other Financial Products