Installment Loans

Borrow a lump sum and repay in fixed monthly installments.

Typical Range

$500 – $10,000

Typical Term

3 – 60 months

Best For

Borrowers who need a larger amount and want fixed, predictable payments over months or years.

About Installment Loans

Installment loans give you a fixed amount upfront and a predictable repayment schedule. Unlike payday loans, you pay back over months or years in equal payments, which makes budgeting easier and APRs generally lower. Lenders evaluate credit, income, and existing debts, and many offer instant prequalification with a soft credit check.

Key Features

  • Fixed monthly payments
  • Set payoff date
  • No balloon payment
  • Soft-check prequalification
  • Funds as soon as next business day

Pros

  • Predictable budgeting
  • Lower APR than payday loans
  • Builds credit when reported
  • Larger loan amounts available

Cons

  • Origination fees common
  • Hard credit pull at funding
  • Late fees can stack
  • Long terms cost more interest overall

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