Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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We reviewed over 130 short-term lenders so you can find the best installment loan for your situation. Select your state to browse our marketplace of online and in-store lenders.
These lenders offer more transparent terms — although some still charge high fees.
|Provider||What sets it apart||Loan amount||Finder rating|
|OppLoans||Wide state availability and competitive maximum APR of 199%.||$500 to $5,000||★★★★★|
|Check Into Cash||Variety of loan options and potential same-day funding.||$50 to $1,000||★★★★★|
|Total Loan Company||Payments reported to credit bureau to help build credit.||$750 to $3,000||★★★★★|
|ACE Cash Express||72-hour return period with every loan.||Varies by state||★★★★★|
|Check City||Additional services, including money orders and prepaid debit cards.||Depends on state of residency||★★★★★|
|Speedy Cash||Wide state availability and plenty of additional services.||$50 to $26,000 (varies by state)||★★★★★||Read review|
Most lenders only operate in a select number of states. You check lenders that offer loans in your state before you apply.
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 considered installment loans.
However, the term installment loan typically refers to a type of short-term loan — similar to a payday loan. But unlike a payday loan, installment loans allow you to borrow more over a longer period of time. You may be able to borrow up to $5,000 with six or more months to pay it off.
LEARN MORE: Read our guide to how installment loans work
Use our monthly payment calculator to estimate how much you’ll pay in interest.
|Loan terms (in years)|
You can generally use an installment loan for any legitimate purpose, including:
However, it’s best to use installment loans as a last result because of the high cost of borrowing.
Although most lenders offer similar options, these points should help guide you to the right loan.
While every lender has its own requirements, you’ll need to meet these basic criteria to qualify:
Most online installment loan providers are willing to work with borrowers with less-than-perfect credit, but you’ll likely end up with higher rates.
LEARN MORE: Compare installment loans for bad credit
Installment loans are a quick and convenient option — but are often costly.
Installment loans are an expensive option and should be used as a last resort. Consider these alternatives before you borrow.
You can browse our top alternatives to short-term loans for more ways to avoid high-interest debt.
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.
Choose your state of residence to see a selection of online installment lenders.
Answers to common questions about installment loans.
You can, though most lenders require you to at least have a green card to qualify. Check out our guide to getting a loan as a nonresident to find lenders and learn about what you need to do.
Technically, you can. However, since installment loans typically come with high interest rates, it might not be the fix you need.
If you’re struggling to repay several short-term loans and your credit is shot, consider signing up for credit counseling. Credit counseling agencies can work with you to find a solution to your specific situation and offer advice on how to stay out of debt.
You can find a government-approved credit counseling agency near you by visiting the Department of Justice’s website.
Wise Loan may be an expensive choice, but it’s upfront about its costs.
This New York City nonprofit offers loans from $500 to $50K with rates fixed at 3% — regardless of your credit score or time in business.
You won’t be able to apply for a new loan unless you’re a returning customer.
Bank of America is offering loans from $100 to $500 for a $5 flat fee and 90 days to repay starting in January 2021.
Consider these options for comparable customer service and loan perks.
A CFPB study found that borrowers who already had debt when they took out a credit builder loan saw lower scores — but higher savings.
Peak Acceptance no longer provides direct auto loans, but you can find similar loans elsewhere.
Just because you can get a loan without proof of income doesn’t mean you should.
Learn how to get financial help and maintain your savings during the pandemic.
Learn how this credit builder loan from your credit union works — and if it’s worth it.
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