Installment Loans Online

An installment loan is repaid in equal monthly payments over a fixed term, so you know the payment and the payoff date from the day you sign. We lend $500 to $5,000 over 3 to 24 months. There is no collateral, no balloon payment at the end, and no penalty for clearing it early.

Key loan information	Details
Loan amount	$500 – $5,000
Term	3 – 24 months, fixed monthly payments
Representative APR	59% – 199%
Origination fee	Up to 5%, disclosed in your offer
Late fee	Up to $25 or 5% of the payment, where state law permits
Prepayment penalty	None
Collateral	None
Credit reporting	Payments reported to one or more major bureaus
Funding	Next business day

How an installment loan works

You borrow a fixed sum and repay it with interest in equal monthly payments. Interest is charged on the balance you still owe, so early payments are weighted toward interest and later ones toward principal. Nothing balloons and nothing renews; when the last payment clears, the loan is closed.

Payment examples on $2,000

APR	6 months	12 months	18 months	24 months
59%	$392.99	$224.59	$169.98	$143.77
99%	$435.92	$268.84	$217.12	$193.93
149%	$492.21	$329.13	$282.72	$264.26
199%	$551.19	$394.19	$354.03	$340.23

Run your own numbers in the installment loan calculator, which also lists every payment date.

Installment loan vs payday loan

	Installment loan	Payday loan
Repayment	3–24 monthly payments	One payment in 14–30 days
Amount	$500–$5,000	$200–$1,000
Representative APR	59%–199%	261%–652%
Balance over time	Falls with every payment	Unchanged until the due date
Credit reporting	Yes	No

The full comparison is in payday loans vs installment loans.

Payments that can help your credit

We report installment loan payment history to one or more major credit bureaus. For a borrower with a thin file, a completed installment loan adds something most subprime credit does not: a record of regular, on-time payments on a closed-end account. Missed payments are reported too, so only borrow an amount whose payment you are confident about.

Eligibility

• 18 or older and resident in a state where we lend
• At least $1,000 a month in verifiable income after tax
• An active checking account in your name, open at least 30 days
• Government-issued ID and a Social Security number or ITIN
• Fair, poor or limited credit is fine; we look at affordability first

Related loans

With fair credit or better, a personal loan costs considerably less. Below $500, see payday loans. To combine several balances, see debt consolidation loans.