Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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Installment loans are designed to help you cover one-time expenses. You can typically get money fast if you apply online — but knowing how this type of loan works can help you stay out of potential financial trouble. Compare your options and learn tips for finding the right kind of installment loan.
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 nationwide. The amount will vary based on your state of residence. Enter your state to get started.
These lender connecting 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 connect 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 varies 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.
An installment loan is technically any loan that comes in one fixed amount that you repay plus interest and fees in regular payments. Personal loans, student loans and car loans are technically installment loans. However, most loans that lenders refer to as installment loans are types of short-term loans — similar to a payday loan.
These installment loans come in larger amounts and longer terms than their payday loan cousins, though they’re generally smaller than your average personal loan. They can also come with higher rates than personal loans. You can typically borrow up to $5,000 and take six months to five years to pay it off.
Like payday loans, some installment loans are designed to attract borrowers with bad credit. That’s because they aren’t as heavily regulated as payday loans and allow lenders to sidestep state and federal laws. Watch out for these: They can come with highly unfavorable terms.
LEARN MORE: Read our guide to how installment loans work
|Provider||What sets it apart||Loan amounts||Trustpilot rating|
|Check Into Cash||Borrow money with lower payments and more time to pay than a traditional payday loan.||–||4.5/5 based on 885 reviews|
|Blue Trust Loans||Income-based payment schedule.||–||7.1/10 based on one review|
|Slam Dunk||You can qualify even if you have poor credit.||–||No rating|
|NetCredit||Reports payment activity to credit agencies to help build credit.||–||8.4/10 based on 481 reviews|
|CashNetUSA||Save 15% using a CashNetUSA promo code.||Varies by state||8.9/10 based on 2,527 reviews|
|OppLoans||Long loan terms — meaning more affordable payments.||–||No rating|
|MoneyKey||Easy-to-use online application and payment system.||$150, up to $1,000 (unless otherwise stated)||9.0/10 based on 1,326 reviews|
You can generally use an online installment loan for any legitimate purpose. However, it might be best to save them for emergencies, since they can come wth higher interest rates than other types of personal financing. You can use installment loans for:
Online installment loans come with various features. Here’s what you should know if you’re considering applying for one:
Installment loans are not just for people with bad credit, although you wouldn’t know that if you only did a quick Google search. That’s because 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 installment loans tend to come with extremely high interest rates and have similar features that can act as debt traps. But you can usually avoid them if you know what to look out for:
Under federal law it’s illegal for lenders and collection agencies to repeatedly contact borrowers outside of work hours, threaten them with jail time or garnish their wages without a court order. If you believe you might be a victim of a predatory lender — even a tribal lender — you can file a complaint with the Consumer Financial Protection Bureau.
To qualify for an installment loan with most lenders, you generally need to:
While most online installment loan providers are willing to work with borrowers with less-than-perfect credit, you’ll likely end up with higher rates.
LEARN MORE: Compare installment loans for bad credit
Check out our monthly payment calculator below to see how much you’ll pay in both the short and long run:
|Loan terms (in years)|
You may want to consider an installment loan for the following reasons:
You may want to consider other options if you’re concerned about:
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 on 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. Here are some alternatives you can choose from.
How you repay your installment loan largely depends on your lender. Generally, you need to make monthly, semi-monthly or weekly repayments until the loan is completely paid off.
If your lender allows you to repay your loan ahead of time without charging a prepayment penalty, you could stand to save on interest. That is, as long as your loan repayments all go toward paying off interest and the amount you borrow. It’s not uncommon for installment loan providers to charge interest-only repayments in the beginning, meaning that you can’t save on interest by paying it off early.
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