Installment Loans - Borrow $500–$5,000 With Fixed Monthly Payments

An installment loan lets you borrow a fixed amount - typically $500–$5,000 - and repay it in regular monthly payments over a set term. You know the payment amount and schedule before you agree. Rates and terms vary widely depending on the lender, your credit, and your state.

1. Check your state's rules: installment lending is widely available, but rates, terms, and product structures depend on state law. Find your state.
2. Have these ready: proof of income, an active bank or credit union account, government-issued photo ID, and your Social Security number. See the full checklist.
3. Prequalify if you can: some lenders offer soft-pull prequalification that shows you a likely rate without affecting your score. Check 2–3 lenders this way before committing to a formal application. See how prequalification works.
4. Apply: most online applications take 10–20 minutes.

• Check total of payments, not just monthly payment: a lower monthly payment can look attractive, but a longer term means more interest - and a higher total cost. Some loans also include fees beyond interest. The total of payments tells you the real cost. See how costs and term length interact.
• Compare offers from 2–3 lenders: rates vary enormously depending on the lender and your credit. The same borrower can get very different rates from different lenders. If your credit is 580 or above, check mainstream lenders first - the savings can be substantial. See how credit affects your rate.
• Verify the lender is licensed: confirm the lender is licensed in your state before giving personal information. Check your state's license lookup.

• Amount: typically $500–$5,000 for online installment lenders, though some offer more. The amount depends on the lender, your state, and your credit.
• Term: usually 3–24 months. Longer terms mean lower monthly payments but more total interest.
• Cost: interest-based, expressed as an APR. Rates vary widely depending on the lender, your credit, and your state. See how installment loan pricing works.
• Repayment: fixed monthly payments over the term. Each payment includes some principal and some interest. The payment schedule is laid out upfront, so you know what to expect each month if you repay as agreed. See how repayment works.
• Funding: timing depends on the lender, when you're approved, and your bank's processing schedule. Some loans fund the same day; others take one or more business days. See what affects funding speed.
• Credit: most installment lenders check your credit, and your score affects both approval and the rate you're offered. Some lenders offer soft-pull prequalification before a full application. Bad credit doesn't automatically disqualify you. See installment loans and bad credit.