Repayment terms differ depending on what type of loan you apply for and the lender you apply with. Generally, the following will apply:
These vary between 6 and 60 months (5 years).
Lenders will usually deduct payments from your bank account on the day the payments are due. Some lenders will also give you the options of repaying the loan online, via a check or through an app.
You will usually repay the loan according to your pay dates.
How much will it cost you to borrow?
This will depend on the loan. When you apply for a loan and are approved, you should receive a loan contract that will outline the fees and interest rate that will apply to your loan. Here are the costs that may apply:
Fees. You may be charged a loan origination fee, prepayment penalties and late payment fees.
Interest. This is the rate of interest you are charged for borrowing, expressed as a percentage.
Annual percentage rate (APR). This includes all fees and interest expressed as a yearly percentage.
Installment loans can be applied for if you have bad credit or are on a lower income as long as you are able to afford the repayments. Generally, lenders will look at your income, credit history, employment and checking account information to determine your eligibility for a loan. Keep in mind that installment loans are not legal in all states so your residency will also have a bearing on your application for an online installment loan.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.