Compare 5 month installment loan options now

Information verified correct on March 25th, 2017

Do you need a quick 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, for example, are all reasons that may prompt someone to consider a short-term or payday loan. However, repayment for payday 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 can help you out.

How installment loans work

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 payday or installment loan’s approval should be instant 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

Rates last updated March 25th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Interest Rate (p.a.) Maximum Loan Amount Term of Loan Turnaround Time
NetCredit Installment Loan
Build a positive credit history and borrow up to $10,000 with Net Credit.
From 34% (variable) $10,000 Varies upon state 1 business day Go to site More
Cash Central Installment Loan
Get a Payday Loan from a state licensed CFPB regulated lender, and look forward to accessing approved funds quickly.
From (variable) $5,000 Varies Overnight Go to site More
OppLoans Personal Loans
Get a better personal loan of up to $5,000 with 9- to 24-month repayment terms, depending on your state.
From 59% (variable) $5,000 9 to 24 months 1 business day Go to site More
Check City Installment Loan
Even if you have poor credit, apply with this short-term loan specialist offering quick disbursement and referral rewards.
From (variable) $2,500 Varies Next Day Go to site More

Have we missed anything in the comparison table? Tell us

  • If the provider quotes a different rate to the one above please let us know

Pros and cons


  • Good or bad credit Ok.
    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.


  • Higher fees and rates.
    Payday 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.

Things to be cautious of

  • 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.

Other fixed-length loans options

Loan term
7 days30 days60 days
3 months6 months9 months
12 months24 months

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.

Frequently asked questions

Can anyone apply for an installment loan?

Remember that not all lenders provide installment loans in all states. In states where they do:

  • You have to be at least 18 years old
  • You must be a United States citizen
  • You must provide proof of income
  • You must have an operational bank account

What information do I have to provide to apply?

You’ll have to provide personal details, employment details, and your bank account details.

The answer to this question lies in how you’ve been making payments, your total credit limit and a whole range of other factors found here.

How much time do I need to complete an online application?

If you have all the required information easily accessible, completing your application should take around 5 to 10 minutes. Much the same as a payday loan.

Are payday loans available in my state?

Was this content helpful to you? No  Yes

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy.

US Payday Loans Offers

Learn about our information service
Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

LendUp Payday Loans

Climb the LendUp Ladder with this unique borrowing platform offering credit reporting and $250 loans for first-time borrowers.

SWIFT Payday Loan

Access multiple lenders with a 5-minute application for a cash advance on your paycheck.

CashNetUSA Loan

Apply for a $300 to $2,250 short-term loan, installment loan or line of credit with a day’s turnaround.