Installment Loans

Updated February 20, 2017
Loan review team sm

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2017 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.

Company Name Description Costs* Sniff Rating
Net Credit
Rates based on amount and eligibility. Bad credit OK.
Build credit with timely payments. $1k-$10K.
Governing Law: State Lic.
APR: 35% - 210%
Amount: $1k - $10K
Payments: 36 - 130
Freq: bi-weekly
Cost: $300 - $11K
Great
OppLoans
Competitive rates based on amount and eligibility.
Loans from $1K-$10K. Bad Credit is OK.
Governing Law: State Lic.
APR: 59% - 199%
Amount: $1K-$10K
Payments: 9-36
Freq: bi-weekly
Cost: $4,742-$10,237
Great
CashNetUSA
Large, publicly traded online lender.
Use promo code: NEWCASH25 to save 25%
Governing Law: State Lic.
APR: 388.93%
Amount: $300-$2,000
Payments: 7-15
Freq: monthly
Cost: $492 - $7.9K
Great
Ace Cash Express
Large online payday lender. A+ BBB Score.
Spanish version of application.
Governing Law: TX
APR: 398%
Amount: $200-$2K
Payments: 1-5
Freq: bi-weekly
Cost: $31 - $1K
Great
Cash Central
Discounts for repeat customers. Live chat.
B BBB rating. Bad credit okay.
Governing Law: State Lic.
APR: 150% - 240%
Amount: $1K-$5K
Payments: 39-52
Freq: bi-weekly
Cost: $3K - $11K
Great
RISE
Rates maybe lowered with timely payments.
Money back guarantee and other helpful features.
Governing Law: State Lic.
APR: 125% - 364%
Amount: $100 - $5K
Payments: 8 - 50
Freq: bi-weekly
Cost: $72 - $13.2k
Great
Avant
Poor Credit OK.
Reports to credit bureaus.
Governing Law: State Lic.
APR: varies
Amount: varies
Payments: varies
Freq: monthly
Cost: varies by state
Great
Check 'n Go
State licensed lender.
A+ BBB rating. Has physical storefronts.
Governing Law: State Lic.
APR:
Amount:
Payments:
Freq:
Cost:
Great
Speedy Cash
State licensed lender. Pricing shown is based on TX rates.
Pricing appears high. They have store fronts
Governing Law: State Lic.
APR: 610%
Amount: $750
Payments: 12
Freq: bi-weekly
Cost: $1,539
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.
APR: 583%
Amount: $1,000
Payments: 12
Freq: bi-weekly
Cost: $1,946
Great
Blue Trust Loans
Offers loans up to $1,000 in 39 states.
Bad credit OK.
Governing Law: Tribal
APR: 782%
Amount: $1K
Payments: 1
Freq: bi-weekly
Cost: $290.50
Fair
Great Plains Lending
Stopped marketing for new applications
Tribal based lender
Governing Law: Tribe
APR: 350%
Amount: $1,000
Payments: 24
Freq: bi-weekly
Cost: $2,387
Fair
MaxLend
Offers loans up to $1,000 in 39 states.
Bad Credit OK. F BBB rating.
Governing Law: Tribal
APR: 782%
Amount: $1000
Payments: 1
Freq: 14
Cost: $290.50
Bad
Cash Advance Now
Tribal lender. Upfront disclosures and pricing.
Purchased name and domain in Sept 2012.
Governing Law: Tribe
APR: 695%
Amount: $300
Payments: 34
Freq: bi-weekly
Cost: $1,842
Fair
Just Military Loans
Specialize in Military Loans. Pricing not listed.
15 day cancellation policy. Full refund of fees.
Governing Law: Delaware
APR: 0.00
Amount: 0.00
Payments: 0.0
Freq: 0.0
Cost: 0.00
Fair
Mobiloans
Tribal Lender. Line of credit product
Rates similar to payday loans
Governing Law: Tribe
APR: 279%
Amount: $500
Payments: 20
Freq: 14
Cost: $730
Bad
American Web Loan
Tribal Lender based in Oklahoma.
Very little information provided on their site
Governing Law: Tribal
APR: ?
Amount: ?
Payments: ?
Freq: ?
Cost: ?
Bad

* Costs vary by state. Cost shown are based on pricing for Delaware residents when available. Check each lender's website for updated information. Some lenders will not provide pricing data until an application is completed.

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.

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 personal loans offered on this site 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

Loans offered on this site are paycheck based loans. This means that the payments for these loans often occur on your pay date. These loans do not consider your credit history and instead are based solely on your pay check. To increase the likelihood of being repaid most lenders require access to the account where you receive your paycheck so they can deduct your loans payments as soon as you are paid.

Companies offering paycheck installment loans have made these loans very attractive. Theu are quick, simple, and do not require good credit. This convenience and flexibilty does come 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. In general the lender will require that you are 18+ years old, are 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. Payments are generally automatically deducted from your checking account on payday.

If 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 time-frame, but clearly not cheap so be careful to make sure you really need this loan. See borrow money options for other borrowing 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 validity of this assumption is unclear. 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 installment and payday loans is that payments are spread out over time. This 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 these 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

To find the best rates that are available in your state select your state below.