Boost your budget and avoid the quick turnaround of other short-term loans.
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
- Minimum loan amount: $500
- Maximum loan amount: $5,000
- Turnaround time: 1 business day
- Loan term: 9 to 36 months
- Must have direct deposit and meet minimum income requirements
How does a six-month personal loan work?
Six-month personal loans are designed to help you with your finances when you need money quickly but know you won’t be able to pay back your loan within a few short weeks. Many offer larger loan amounts as well, making them a good choice for those who need to make a big purchase or pay a hefty bill.
When you borrow a personal loan for six or more months, you’ll pay back your principal and interest in regular installments, with due dates usually set at once or twice a month. However, because many six-month personal loans are meant for people with poor credit, you’ll likely have to pay a high interest rate — sometimes well over 300%.
The exact amount you can borrow and the fees you’re required to pay will vary by your lender and your state. You can browse your options on the table below to see what rates you might qualify for.
Compare installment loans
How do I compare my six-month loan options?
- Interest rate. When looking for a six-month personal loan, rates will vary based on whether you choose a personal loan, installment loan or short term loan. Shopping around is the best way to ensure you end up with a loan with competitive rates.
- Repayment terms. Another thing you should consider when applying for a six-month personal loan is whether it offers a payment plan that suits you. The monthly payments shouldn’t be more than you can afford, and many lenders often schedule them on your paydays to ensure you have the money to make a payment.
- Approval period. Turnaround time will vary, so the faster the approval process the better. Unlike bank loan applications, which are in-depth and often time consuming, six-month personal loans tend to have quicker turnaround, with some lenders able to approve you within a few days.
- Fees and other charges. Some short-term loans carry hefty penalties for missed payments, which could end up straining your finances more and raising the cost of borrowing in the future.
Always compare your optionsRemember, it’s always important to use the table above to help with your comparisons, or simply read reviews of multiple lenders to see which might offer you the best deal in terms of interest and fees.
What are the benefits of a six-month personal loan?
- Quick approval. Lenders offering six-month personal loans know that you need cash in a hurry, which is why they make the application and approval process much quicker than banks. You can apply for a six-month personal loan online and get approved in a day or two.
- Flexible loan amount. Different lenders offer different loan amounts, but you can generally borrow anywhere from $300 to $5,000.
- Flexible terms. Most six-month installment loans offer you a flexible repayment period and payment options that suit your finances. You usually have the option to make weekly, biweekly or monthly payments to suit your budget.
- Borrow more. A six-month personal loan allows you to borrow more money, usually up to $5,000. This can give your budget plenty of wiggle room when you need a pricey car repair or to pay down an expensive bill.
Drawbacks to be aware of
- Higher fees and rates. Six-month personal loans are meant for short-term financing. This makes them more expensive than standard loans. Don’t be surprised if your loan has an APR with three digits, especially if your state doesn’t regulate the industry.
- Avoid overspending. It may be tempting to borrow more than you need with short-term loans, but keep in mind that the interest rate and other fees make these loans quite expensive. Borrowing more now might mean you can’t pay it back later.
- Missing payments. Make sure that you can comfortably make your monthly payments before you apply for a loan as there are usually steep penalties for late payments.
How do I know if I’m eligible?
Every lender has different eligibility requirements, but these are the basic criteria you’ll need to meet in order to qualify:
- You must be at least 18 years old
- You must be a US citizen or a permanent resident
- You must have a regular source of income
What type of loan are you looking for?
Are payday loans available in my state?
Six-month personal loans can be exactly what your budget needs, but be careful: They tend to carry much higher interest rates than loans with longer terms. Calculate a budget and read our guide to installment loans before committing to a lender. It could help you avoid late fees and default down the road.