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Installment Loans

Updated November 14, 2019

2019 Installment Loan Rankings

Installment loans are quick, simple, do not require good credit, and can get one up to $10K cash often by the next day. They are expensive only make sense for short-term, emergency funding. We only review direct lenders so you know your lender before you apply, their reputation (Sniff Test), and their history. Tribal loans are identified under the lender descriptions as "Governing Law: Tribal."

Filter lenders by state:
Company Name Description Sniff Rating
Check Into Cash
  • Direct lender online or at stores.
  • Founding member of CFSA. Live chat.
  • Governing Law: State Lic.
Great
Loan By Phone
  • Online site powered by Check Into Cash
  • Member of CFSA, Live chat.
  • Governing Law: State Lic.
Great
OppLoans
  • Competitive rates based on amount and eligibility.
  • Loans from $1K-$10K. All Credit Types.
  • Governing Law: State Lic.
Great
Ace Cash Express
  • Large online established lender. A+ BBB Score.
  • Multiple loan options. Physical store fronts too.
  • Governing Law: TX
Great
CashNetUSA
  • Large, publicly traded online lender.
  • Use promo code: NEWCASH25 to save 25%
  • Governing Law: State Lic.
Great
LendUp
  • Single-payment and installment loans.
  • Rates improve and higher loan amounts over time.
  • Governing Law: State Licensed
Great
Cash Central
  • Discounts for repeat customers. Live chat.
  • B BBB rating. All credit types.
  • Governing Law: State Lic.
Great
RISE
  • Military members not eligible.
  • Money back guarantee.
  • Governing Law: State Lic.
Great
Cash 1
  • Nevada Licensed storefront and online lender.
  • Payday loans for NV only. Same day cash pick up at stores.
  • Governing Law: State Lic.
Great
Quik Check
  • State licensed lender. Pricing shown based on Utah.
  • Competitive pricing. They have store fronts.
  • Governing Law: State Lic.
Great
Jora
  • New lender with experienced team.
  • Loans up to $2,600. All credit types.
  • Governing Law: State Lic.
Great
Check 'n Go
  • State licensed lender.
  • A+ BBB rating. Has physical storefronts.
  • Governing Law: State Lic.
Great
Speedy Cash
  • State licensed lender. Pricing shown is based on TX rates.
  • Pricing appears high. They have store fronts
  • Governing Law: State Lic.
Great
Cash Store
  • State Lic lender only. Pricing shown is based on TX rates.
  • Must go to store to complete application.
  • Governing Law: State Lic.
Great
Blue Trust Loans
  • Offers loans up to $2,000 in 39 states.
  • All credit types. Minimum Income Required: $850/mth.
  • Governing Law: Tribal
Fair
MaxLend
  • Offers loans up to $2,000. F BBB rating.
  • All credit types. Minimum Income required: $850/mth.
  • Governing Law: Tribal
Bad
American Web Loan
  • Tribal Lender based in Oklahoma.
  • Very little information provided on their site
  • Governing Law: Tribal
Fair
Cash Advance Now
  • Tribal lender. Upfront disclosures and pricing.
  • Purchased name and domain in Sept 2012.
  • Governing Law: Tribe
Fair

* Rates and fees vary by state. Not all lenders operate in all states. Check each lender's website for up-to-date information.

What Are Installment Loans

They are short term loans available to individuals with bad or no credit, typically unsecured, and linked to your pay date. This means it is generally easy to get one of these loans but the trade-off is they can be very expensive. They are best used to meet unavoidable emergency expense like utility bills or medical bills.

These loans are paid back over multiple periods with a set payment amount. They are also called term loans because they are paid back over a set term. The payment amount is calculated based on the interest rate, payment periods, and loan amount. The borrower then makes a set payment at every period. Each payment consists of interest and principal. Once the borrower has completed all payments the entire loan is paid off. Personal loans, fixed mortgages, auto loans, and student loans are examples of term loans. The Payday Hound categorized installment loans as loans with a term generally less than 2 years. For loans that have a term greate than 2 years see personal loans Personal loans typicall have a 2-5 year term and offer larger loan amounts but are generally require a better credit profile than installment loans.

These loans are also referred to as short term installment loans, military loans, tribal installment loans, and quick fast loans.

Secured Or Unsecured

There are two types of loans: secured and unsecured. Secured loans have collateral so, if the borrower fails to re-pay the loan, the lender can seize the collateral. Secured loans are generally cheaper than unsecured loans. Mortgages and auto loans are examples of secured loans

The installment loans reviewed here are unsecured loans. This means no collateral is needed. When a borrower fails to pay back an unsecured loan the lender generally has no recourse to recover their funds. As a result, the lending decision around unsecured loans depends on evaluating the ability of the borrower to repay the loan. To determine this likelihood of replayment lenders traditionally rely on credit history, expenses, and income.

Paycheck Installment Loans

The loan listed in this section are paycheck based loans. This means that the payments for these loans often occur on your pay date. These loans, unlike normal unsecured loans, do not consider your credit history and instead, are based solely on your paycheck. To increase the likelihood of being repaid most lenders require access to the account where you receive your paycheck so they can deduct your loan payments as soon as you are paid.

Companies offering paycheck installment loans have made these loans very convenient. They are quick, simple, and do not require good credit. This convenience, flexibilty, and availability comes at a cost -- these loans are expensive.

How Installment Loans Work

If installment loans are right for you, the application process can take less than 5 minutes. Typically, the lender requires that you be 18+ years old, employed, and have direct deposit. If approved, cash can be deposited into you account within one business day. This money must be repaid in full and payments are generally automatically deducted from your checking account on payday.

Once approved the lender will give you a payment plan. For example, $1,000 could have a repayment plan with a ~$125 payment every pay period (14 days) over the next 24 pay periods. In the end ~$1,000 costs ~$2,400. This is cheaper than what you would have to pay if you took out a payday loan for the same timeframe, but clearly not cheap so make sure you really need this loan. See borrow money options for other ideas such as delaying the expense or getting help from a friend.

Licensed Versus Unlicensed Lenders

Installment loans may be regulated by both federal and state laws. State licensed lenders are regulated and monitored by the state. Unlicensed lenders operate in states under the assumption they can export laws from their state or tribe (Indian Tribes are generally treated as federal entities) into other states. The Payday Hound believes licensed lenders are a safer choice for borrowers. For more information see Payday Loan Laws or Installment Loan Lenders

Installment Versus Payday Loans

The difference between the two is that installment loan payments are spread out over time while payday loans are do all at once. Spreading payments out reduces the amount of individual payments and APR but the total fees paid increases. See Payday Loans or Term Loans for more information. Many consumers prefer installment loans because paying the entire loan at your next pay period, as payday loans require, is often too difficult or impossible and renewing payday loans becomes extremely expensive.

Find Loan Lenders by State

Select your state below to find the lenders in your state.