Online installment loans

Need quick access to over $1,000? Installment loans give you just that, plus longer repayment terms.

Sometimes referred to as the more respectable cousin of payday loans, installment loans are designed for one-time expenses that need a quick fix.

Check out our guide below to learn more about how online installment loans work to see if they’re right for you.

OppLoans Installment Loans

OppLoans Installment Loans

Get fast funding up to $4,000 at reasonable interest rates.

  • Min. Loan Amount: $1,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: As soon as 1 business day
  • Must be 18+ years old
  • No security deposit needed
  • Confidential and secure

    A selection of online installment loans

    Here are some providers that offer online installment loans. Keep in mind that that the maximum loan amount is based on the lender’s maximum amount. The amount will vary based on your state of residence.

    Rates last updated November 19th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    6 months
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    As soon as one 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.
    MoneyKey-arranged or MoneyKey Installment Loan
    *Apply for money when you need it and receive your funds in as quickly as one business day.
    $1,000 (unless otherwise stated)
    Varies by state
    1 business day*
    You must be a permanent US resident or citizen, at least 18 years old, and have regular income.

    Compare up to 4 providers

    A selection of lender-connection services

    These lender matching services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to match you with a lender that might be able to provide you with the funds you’re looking for. Keep in mind that the maximum loan amount is based on the matching services maximum amount, but it will vary based on your state of residence. If you decide to go with one of these services, confirm that the lender is reputable by checking with your local government.

    Rates last updated November 19th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    BadCreditLoans.com
    With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
    $5,000
    3 to 60 months
    Varies based on lender
    Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    SWIFT Payday Loan
    Access multiple lenders with a 5-minute application for a cash advance on your paycheck.
    $1,200
    Varies by lender
    Next business day
    Must be at least 18 years old and employed or have regular income.
    LoanSolo.com Payday Loans
    Potentially get connected with a legit lender offering convenient payday loans and quickly get funds.
    $1,000
    Varies by lender
    As soon as one business day
    You must be 18+ years old, legally work and live in the US, have a bank account in your name and be employed with sufficient income.
    ExtraLend.com Installment Loans
    This free and simple service could connect you with online lenders offering installment loans.
    $3,000
    Varies by lender
    As soon as one business day
    Must be at least 18+ years old, legally work and live in the US, have a bank account in your name and be employed with sufficient income.
    iCashLoans.com Short Term Loans
    Potentially get a loan through a network of 100+ lenders. One simple online application.
    $1,000
    Varies by lender
    Varies by lender
    Be employed, have a bank account in your name and income of at least $1,000 per month.
    CashAdvance.com Payday Loans
    Whether for emergencies or unexpected expenses, this broker may be able to connect you among its nationwide network of lenders.
    $999
    Up to 12 months
    1–2 days
    You must be at least 18 years old with take-home monthly income of at least $1,000 after taxes.

    Compare up to 4 providers

    What’s an installment loan?

    Installment loans are a type of short-term loan that get their name from the way you pay them off — in installments over a period of time. They’re typically available in larger amounts than payday loans — sometimes up to $5,000 — and have longer terms. They’re also not as heavily regulated.

    Like payday loans, some installment loans are designed to attract borrowers with bad credit — but watch out: Those can come with incredibly high interest rates.

    Installment loans work by giving you all of your funds at once, which you then have to pay back plus interest in fixed amounts. Payments are usually due on your payday and last between six months and five years.

    Read our guide to how installment loans work

    What are the benefits of getting an installment loan?

    Online installment loans come with various features. Here’s what you should know if you’re considering applying for one:

    • Convenient application process. You can apply conveniently online and some lenders even have smartphone apps. You can learn your application status in minutes with most lenders, and if approved, you can accept the loan contract. Once you do this you can expect the money in your bank account as early as the next business day.
    • Flexible eligibility criteria. Getting online installment loans with bad credit is possible, primarily because lending norms are slightly more relaxed. “No credit check” online installment loans generally don’t make hard inquiries on your credit score, but you’ll need to demonstrate how you’ll be able to repay the loan.
    • Variable fees. The state you live in along with the amount of money you borrow has an effect on how much you pay in fees. Not all lenders charge the same fees, so keep this in mind when comparing your options.
    • Loan amount and terms. Both these aspects depend on state laws. In some states you can borrow up to $10,000 and the repayment period can extend up to five years.

    Watch out for predatory lenders

    Installment loans are not just for people with bad credit, but you might not know that after a quick Google search. Some subprime lenders repackage what they would have previously called a payday loan as an “installment loan” in an attempt to appear less risky.

    Like payday loans, these loans tend to come with extremely high interest rates and have similar features that can act as debt traps. You might be able to avoid them if you know what to look out for.

    • Loan renewal options. Does your lender allow you to renew or “rollover” your loan if you can’t pay it off in time? You might want to look somewhere else — this is where most borrowers fall into a cycle of debt.
    • Guarantees. Lenders that guarantee you can get a loan through them before you apply are not looking after your best interest. Most reputable lenders want to make sure you can pay off your loan first before telling you you’re accepted.
    • Upfront fees or payments. Reputable lenders that charge application or origination fees don’t ask for payment until after your loan is disbursed. Anything else could be a scam.
    • Pressure to borrow more than you need. Taking out more than you need means you’ll be on the hook for more interest. A lender that pressures you to take out more doesn’t have your interests in mind.
    • Insurance add-ons. Some lenders push insurance options that sound like they protect you, but really protect them in the event that something happens to you that affects your loan repayment (like death). Lenders typically don’t include this in their APR — even though it’s technically a fee — and use it as a way to get around state regulations.

    Read more about the differences between installment and payday loans

    Just some of the top installment loan providers we compare

    Opp loans logoNet Credit logoBlue Trust logoRISE Credit provider logo

    Who qualifies for installment loans?

    People who qualify for installment loans typically have:

    • Verifiable income. This doesn’t mean you need to be employed. Some lenders accept alimony and pension as income.
    • An active checking account. If you don’t have a checking account, you can sometimes get a cash installment loan from a brick-and-mortar storefront.
    • Government-issued identification. Lenders might ask to see your driver’s license to verify that you meet the age requirements.

    Applicants with good to excellent credit scores are more likely to get a good deal on online installment loans. That’s because many lenders use underwriting software that rely heavily on your credit history when determining your eligibility.

    4 top factors to consider when comparing installment loans

    1. Loan amounts. Will you be able to take out exactly how much you need? Try to avoid unnecessarily larger loans — that can lead to extra debt.
    2. Interest rates. Be skeptical of lenders that won’t give you an interest rate upfront. Try to get an estimate of your APR — your combined interest and fees — as early as you can.
    3. Fees. Will you have to pay a fee to apply? To get your loan? What are the conditions for late payments?
    4. Loan terms. Your loan term will determine how long you have to repay it. It’ll also determine how much you pay in interest — a longer-term loan might seem more manageable but it could end up being hugely expensive.

    Finding the best installment loan for your specific needs might depend on factors beyond cost. Here’s how the main benefits of some top online lenders compare:

    LenderWhy you might want to borrow from this lenderHow much you can borrow
    MoneyKeyEasy-to-use online application and payment system. $200–$1,000
    Blue Trust LoansPayment schedule is based on your income.$100–$2,000
    Slam DunkYou can qualify even if you have poor credit.$100–$2,500
    NetCreditCan help build your credit history because it reports payment activity to credit agencies. $1,000–$10,000
    CashNetUSASave 15% using a CashNetUSA promo code.Varies by state
    OppLoansGet a loan term as long as three years — meaning more affordable payments.$1,000–$4,000

    Is an installment loan right for me?

    You may want to consider an installment loan for the following reasons:

    • Fast turnaround time. Providers of online installment loans tend to process your application very quickly, sometimes in minutes. If you accept the loan contract, you can get your money as soon as the following business day.
    • Bad credit applicants are accepted. Conventional loans normally come with stringent lending criteria, but most employed people can consider applying for online installment loans with bad credit, as long as they can show their ability to repay the loan.
    • More manageable repayments structure. Unlike short-term loans or cash advance loans that you have to repay by your next payday, you can take longer to repay your installment loan. Most lenders even give you the ability to choose between making payments once or twice a month.

    You may want to consider other options if you’re concerned about:

    • Fees. Online installment loans normally charge higher fees especially in comparison with more conventional forms of credit.
    • Higher repayments due to higher loan amounts. Installment loans have higher loan amounts than standard payday loans, and while you have lower ongoing repayments because you’re paying it back over time, the APR can still be quite high, resulting in a total overall repayment. Make sure the repayments are manageable on your budget.

    What are my other options?

    Most online installment loans are unsecured, meaning that they don’t require collateral. It sounds great at first, right? You don’t have to put anything o the line.

    However, unsecured installment loans that come with high rates and can actually pose more of a risk to your financial health: You can end up in a cycle of debt if you have trouble paying it off.

    Secured loans can be a great option if you have trouble getting approved for traditional loans. That’s because putting up collateral makes you appear like less of a risk. And even if you don’t have trouble getting approved, you can often get better rates with a secured loan.
    More about secured and unsecured personal loans

    You might also want consider looking at what your local bank or credit union has to offer. Local financial institutions tend to have their community’s specific financial needs in mind, so there’s a pretty good chance you’ll find a loan that’s right for you.

    Repaying an installment loan

    Getting your funds is relatively easy with an online lender. Turnaround time can be as little as one day. The tricky part is repayment.

    Most reputable lenders require monthly or sometimes twice-monthly repayments. Consider setting up autopay if it’s an option to avoid the hassle of remembering to make repayments on each due date. Some lenders also offer discounts to borrowers who use autopay.

    Try paying off your loan early if your lender doesn’t offer prepayment penalties, especially if your loan has a high interest rate. Making half-payments twice a pay period or rounding them up to the nearest ten are easy ways to repay your loan early without it having a noticeable impact on your day-to-day finances.

    Some questions you might have had

    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.

    Remember that not all lenders provide installment loans in all states. In states where they do, you have to meet minimum age requirements, you should show you have a regular source of income, and you that you have an operational bank account.

    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.

    Are payday loans available in my state?


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    8 Responses

    1. Default Gravatar
      AnnetteSeptember 5, 2017

      I have applied for an emergency installment loan and my credit is not good. I keep getting redirected to others.

    2. Default Gravatar
      RichardAugust 29, 2017

      I need to consolidate my debt of less than $1000. But i am on disability so income is limited, and have no credit…not bad credit. What is the wises way to do this

      • Staff
        AshAugust 29, 2017Staff

        Hi Richard,

        Thank you for reaching out to us.

        You may consider getting a Personal Loan to pay off your debts through the list of lenders on this page.

        Furthermore, you may find some insight regarding Debt Consolidation through this page as it also have the available lenders that can offer you a loan.

        Kindly review first the Lender’s eligibility requirements and the loan details before submitting your application. You can click on the green ‘Go to site’ to be redirected to the Lender’s website.

        I hope this information helps.

        Let us know if there is anything else that we may assist you with.

        Cheers,
        Ash

    3. Default Gravatar
      RayMay 2, 2017

      I am from Papua New Guinea, am I eligible to apply for loan here?

      • Staff
        HaroldJuly 5, 2017Staff

        Hi Ray,

        Thank you for your inquiry.

        Lenders provide installment loans in all states. In states where they do, you have to meet minimum age requirements, you should show you have a regular source of income, and you that you have an operational bank account. Also, you’ll have to provide personal details, employment details, and your bank account details.

        I hope this information has helped.

        Cheers,
        Harold

    4. Default Gravatar
      RaskullApril 1, 2017

      Can I get an installment loan depisited on a debit card?

      • Staff
        HaroldJuly 11, 2017Staff

        Hi Raskull,

        Thank you for your inquiry.

        Generally, loans are deposited in your existing bank account as soon as one business day after approval.

        I hope this information has helped.

        Cheers,
        Harold

    US Payday Loans Offers

    Learn about our information service
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

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

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.