Installment loan monthly payment calculator

When your credit prevents you from qualifying for a traditional personal loan, an installment loan might be your only option when you need money fast. But with APRs in the triple digits, it can mean paying back double or even triple what you borrowed.

Before taking out an installment loan, use our calculator to ensure you can afford the monthly repayments. If not, you might want to continue comparing lenders to find one that better fits your budget.

How to use this installment loan calculator

1. Type in how much you want to borrow under Loan amount.
2. Enter your loan term in years (not months) under the Loan terms field.
3. Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. If your loan does come with fees, enter the annual percentage rate (APR), which includes interest and fees combined.
4. Click Calculate.
5. Review your results.

Not only will our calculator show you how much you’ll pay each month, but also how much you’ll pay in interest over your entire loan term.

Compare installment loans

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Name	Product	Filter Values	Max. Loan Amount	Turnaround time	Requirements
OppLoans Installment Loans			$5,000	1 business day	Direct deposit, meet minimum income requirements, live in eligible state	Comes with the option to change your due date so you won’t fall behind on repayments.	Go to site More Info		loading Fetching your data...
Check Into Cash Installment Loans			$3,000	1 to 2 business days	Bank account, email address, phone number, US citizen or permanent resident, ages 21+, $3,500 minimum income in California	Borrow money with lower payments and more time to pay than a traditional payday loan.	Go to site More Info		loading Fetching your data...
Fast5kLoans Short-term Loans Connection Service			$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.	Go to site More Info		loading Fetching your data...
LendYou Short-term Loans			$15,000	Same business day to 1 business days	$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.	Go to site More Info		loading Fetching your data...
Possible Finance Mobile Installment Loans			$500	As fast as 1 business day	Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+	Borrow up to $500 with just a few swipes — but only for residents of 5 states.	Go to site More Info		loading Fetching your data...
BadCreditLoans.com			$5,000	Varies	Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.	With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.	Go to site More Info		loading Fetching your data...

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Bottom line

When you’re in a tight spot and need money fast, knowing how much you’ll pay both monthly and overall is crucial when picking an installment loan you can afford. You can learn more about how to compare lenders with our guide to installment loans.

Need to calculate something different? Check out our full list of personal finance calculators.

Frequently asked questions

• Will installment loans hurt my credit?

  They could. Your credit score may drop if an installment lender does a hard credit check after you apply for a loan. And if you don’t make repayments on time, then your credit score will likely drop substantially as well.

• Is it better to take out a payday loan or an installment loan?

  The general rule of thumb is that payday loans are best if you need to borrow a smaller amount — $500 or less — and can afford to pay it back in less than a month. Meanwhile, an installment loan is better if you need to borrow a larger amount and need more time to pay it off.

  Compare the two with our guide to payday versus installment loans.

• Can I go to jail for not paying an installment loan?

  No. According to federal law, you can’t be sent to jail or prison for unpaid debt. If a debt collector threatens to have you arrested for not making repayments, they’re acting illegally.