Installment Loans

Updated January 20, 2015
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2015 Installment Loan Rankings

Installment loans are quick, simple, and do not require good credit. They are an expensive option so considered banks, credit card companies, or friends and family before taking one of these loans. Installment loans are best used for short-term, emergency funding only. We review installment lenders and rank them according to our Sniff Test (reputation), costs, and licensing. Inclusion in our rankings is not an endorsement. We aim to rank every lender who provides installment loans online.

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
Avant
Loans from $1K-$35K. Poor Credit OK.
Reports to credit bureaus. Rates as low as 9.95%!
Governing Law: State Lic.
APR: 9.95% - 36%
Amount: $1k - $35K
Payments: 12 - 60
Freq: monthly
Cost: $27 - $41K
Great
RISE
Rates my be 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
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
CashNetUSA
Large, publicly traded online lender.
Use promo code: NEWCASH50, to save 50%
Governing Law: State Lic.
APR: 388.93%
Amount: $300-$2,000
Payments: 7-15
Freq: monthly
Cost: $492 - $7.9K
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
Check 'n Go
Could not find rates on website
F BBB rating. Agreer to arbitration.
Governing Law: State Lic.
APR: ?
Amount: ?
Payments: ?
Freq: ?
Cost: ?
Great
Plain Green Loans
Stopped marketing for new applications
Tribal based lender
Governing Law: Tribe
APR: 300%
Amount: $1,000
Payments: 24
Freq: bi-weekly
Cost: $1,980
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
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
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

Installment loans are 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 of installment loans is they can be very expensive. They should generally not be used except to meet unavoidable emergency expense like utility bills or medical bills.

Traditionally, installment loans are loans paid back over multiple periods with a set payment amount. The payment amount for these loans 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. Fixed mortgages, auto loans, and student loans are examples of installment loans.

Installment 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 installment 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

Unsecured loans are loans that have no collateral. The installment 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. Personal loans made by banks are examples of traditional, unsecured, installment loans.

Paycheck Installment Loans

Installment loans offered on this site are paycheck based installment 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 the pay check. To increase the likelihood of being repaid most lenders offering installment loans 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. These loans are quick, simple, do not require good credit, and have lower payments. Yet, users must approach these installment loans with caution as their fees do make them an expensive option so make sure you have considered other options such as bank loans, credit cards, or friends and family before taking one of these loans. installment loans are designed for short-term, emergency funding and are best used for this purpose.

How Installment Loans Work

If installment loans are right for you, the application process can take only 5 to 25 minutes. In general the lender will require that you are 18+ years old, are employed, and have direct deposit. Money can be deposited into you account within one business day. This money is a loan and must be repaid in full. Payments are generally automatically deducted from your checking account on payday.

When taking out installment loans, your 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. Also consider other borrow money options such as delaying the expense or getting help from a friend.

Licensed Versus Unlicensed Lenders

Installment loans are regulated by both federal and state laws. State licensed lenders are regulated and monitored by the state so are more closely regulated than lenders not licensed by your 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 and would avoid unlicensed lenders. For more information see Payday Loan Laws or Installment Loan Lenders

Installment Loans Versus Payday Loans

The difference between installment loans and payday loans is that payments are spread out over time. This reduces the amount of individual payments and APR for an installment loan but the total fees paid increases. See Payday Loans or Installment 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

Installment loans are state regulated so not all lenders make loans in all states. To find the best rates that are available in your state select your state below.