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Compare 5 month installment loan options

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Do you need a cash boost? Here’s how a five-month installment loan can help out.

Family emergencies, unexpected vet bills, or wanting to take a long overdue vacation are all reasons that may prompt someone to consider a short term or payday loan. However, repayment for short term loans are due back fast – usually by your next paycheck. If you need fast cash, quick approval and up to 5 months to repay, an installment loan might help you out.

What do you need to look for when comparing 5 month installment loans?

  • Legal in your state.
    Not all installment loan lenders are authorized to lend in every state.
  • Fees and rates.
    Fees and rates will vary from lender to lender. You’ll want to check what the APR of the loan will be, if there are origination fees, what the lender will charge if a payment is late, or if they will charge a fee for paying the loan off early. Some lenders will also charge a fee if you pay by check as opposed to a direct withdrawal from your bank account.
  • Approval period.
    Turnaround time will vary, so the faster the approval process the better. Unlike bank loan applications that are in-depth and often time consuming, a short term or installment loans have almost instant approval and the cash transferred to your account within a couple of days, if not sooner.
  • Loan terms
    Decide what will work best for your budget (weekly, biweekly or monthly repayments) and see which lenders offer those loan repayment terms.

Compare installment loans

Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

Updated June 16th, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$50,000
1 business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$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.
$15,000
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.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

Compare up to 4 providers

Are payday loans available in my state?

Benefits and drawbacks

Pros

  • Bad credit accepted.
    There are installment loan lenders that cater to borrowers with bad credit, as long as they can show their ability to repay the loan.
  • Flexible loan amount.
    A five-month installment loan gives you access to the amount you need, regardless of what you need it for. Different lenders offer different loan amounts, but you can generally borrow anywhere from $300 to $10,000.
  • Fast approval.
    Providers of online installment loans tend to process your application very quickly, informing you of their decision in a matter of minutes. If you accept the loan contract, you can get your money the following business day.

Cons

  • Higher fees and rates.
    Short term and installment loans are usually meant for short-term financing, which makes them more expensive than standard loans. How much you will pay depends on how good your credit score is, whether the loan is secured or unsecured, what lender you applied with, among other factors. If you opt for a variable rate loan, and pay out early, you may be charged an early payout fee.

Cautions to consider

  • Overborrowing.
    It can be very tempting to borrow more than you need, especially if the lender says you qualify for a higher amount. Always remember that you will have to pay interest and other additional costs on your loan, so you should only borrow the amount you need and have a clear purpose for what you want to spend it on.
  • Missing payments.
    Make sure that you can comfortably make your monthly repayments before you apply for a loan, as the penalties for late payments can quickly add up.
  • Extending the length of the loan term
    In general, you want to borrow for the shortest term possible. Spreading the loan out over a longer period of time, like 9 or 12 months, may decrease your monthly payments but you’ll pay more for the loan overall due to interest.

How installment loans work

Bottom line

Remember, it’s always important to compare your options when it comes to loans for any term length. Use the table above to help with your comparisons.

What type of loan are you looking for?

Fixed Term

Fixed Amount

7 days
30 days
2 months
3 months
6 months
9 months
12 months
24 months

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