An installment loan lets you borrow a lump sum and repay it in fixed monthly payments over a set period — giving you predictable costs and far more time to repay than a payday loan.
What Are Best Installment Loans?
Unlike payday loans requiring a single lump-sum repayment, installment loans are paid back in scheduled monthly instalments spread over 3 to 24 months. This makes them a far more manageable option for larger expenses or borrowers who need breathing room.
- Larger amounts: Typically $500 to $5,000, some lenders up to $10,000.
- Longer terms: 3 months to 2 years of fixed monthly payments.
- Bad credit welcome: Many installment lenders specialise in subprime borrowers.
- Credit building: Lenders like OppLoans and NetCredit report to all 3 bureaus.
Installment Loans vs. Payday Loans
| Feature | Installment Loan | Payday Loan |
|---|---|---|
| Repayment | Fixed monthly payments | Single lump sum |
| Term | 3 – 24 months | 2 – 4 weeks |
| Typical amount | $500 – $10,000 | $100 – $1,500 |
| Typical APR | 59% – 199% | 200% – 600%+ |
| Best for | Larger planned expenses | Short-term cash gaps |
Compare Installment Loan Lenders
| Lender | Loan Range | Term | Min. Credit | Funding | Action |
|---|---|---|---|---|---|
| CashNetUSA | $100 – $3,000 | Varies | Any | Same day | Apply Now → |
| OppLoans | $500 – $4,000 | 9 – 18 mo. | Any | Next day | Apply Now → |
| NetCredit | $1,000 – $10,000 | 6 – 60 mo. | Any | Next day | Apply Now → |
| Advance America | $100 – $1,500 | 2 – 12 mo. | Any | Same day | Apply Now → |
| MoneyMutual | $200 – $5,000 | Varies | Any | 24 hours | Apply Now → |
How to Apply — Step by Step
- Apply online in 5 minutes — Fill in personal and financial details. No faxing or in-person visit needed.
- Get matched with lenders — Our network finds lenders that match your credit profile and loan amount needs.
- Compare your offers — Review APR, monthly payment, term length, and total repayment cost across offers.
- Accept and e-sign — Select your best offer and sign your agreement electronically.
- Receive your funds — Money deposited directly to your bank account, typically within 1 business day.
Installment Loan Requirements
- ✅ US citizen or permanent resident, 18 years or older
- ✅ Active checking account (some lenders accept prepaid debit cards)
- ✅ Verifiable income source — employment, benefits, or self-employment
- ✅ Valid government-issued photo ID (driver's licence or state ID)
- ✅ Active email address and working phone number
Frequently Asked Questions
What credit score do I need for an installment loan?
Many online installment lenders work with any credit score, including scores below 580. Your income and ability to repay matter more than your credit history with these lenders.
Can I pay off my installment loan early?
Most online installment lenders allow early repayment with no prepayment penalty. Paying early reduces your total interest cost significantly.
How fast are installment loans funded?
Approval decisions are often instant. Funding typically arrives within 1 to 2 business days. Some lenders offer same-day deposits for applications approved before noon.
Do installment loans build credit?
Yes, if your lender reports to the major credit bureaus. OppLoans and NetCredit both report to Equifax, Experian, and TransUnion, helping you build credit with on-time payments.
Are installment loans better than payday loans?
For larger amounts or longer repayment needs, yes. Installment loans have lower APRs, fixed payments, and longer terms making them far more manageable than payday loans.
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⚠️ We are a free comparison service, not a direct lender. Loan approval and terms are set by individual lenders. Read all agreements carefully before signing.