Installment Loans: Borrow Now, Repay in Fixed Payments
| How you repay | Fixed, scheduled payments until paid off |
|---|---|
| Amounts via our network | $100–$5,000, by state and lender |
| Typical terms | A few months to several years |
| Sample payment | $200.92/month on $2,000, 12 months at 36% APR |
| Credit | All credit types considered |
| Cost to use our form | Free, no obligation |
Get the money now, pay it back over time
When a big expense lands all at once, an installment loan lets you handle it today and spread the cost across manageable payments. You know your payment amount, how many payments you'll make and the date your loan will be paid off, so budgeting is simple.
Zebra Finance connects you with lenders that offer installment loans in your state. Our form takes about 3 minutes, many lenders make decisions within minutes, and approved funds are often deposited the next business day. It's free, and you're never obligated to accept. See if you qualify — it takes about 3 minutes.
What an installment loan is
An installment loan is money you receive all at once and repay in equal, scheduled payments over a set term. Each payment covers that period's interest plus part of the balance, so what you owe goes down with every payment and the loan has a clear end date.
That's different from a credit card, where the balance and minimum payment change as you spend, and from a traditional payday loan, which is repaid in one lump sum. Personal loans, auto loans and many short-term loans for fair or bad credit are all installment loans. Learn more in what is an installment loan.
How it works, step by step
- Request an amount. Fill out our form with the amount you need, your income and your bank details.
- Get an offer. A lender reviews your request and, if approved, sets your APR and term based on your credit, income, debts and your state's rules.
- Review the disclosure. You see the APR, payment amount, number of payments and total cost before you sign.
- Get funded. Accept and e-sign, and funds are often deposited the next business day.
- Repay on schedule. Payments are usually monthly or every two weeks, often by automatic debit timed to your payday.
Sample payments
Your payment depends on the amount, APR and term. Here are examples using standard amortization:
| Loan | Sample APR | Term | Monthly payment | Total repaid |
|---|---|---|---|---|
| $1,000 | 36% | 6 months | $184.60 | $1,107.59 |
| $2,000 | 36% | 12 months | $200.92 | $2,411.09 |
| $2,000 | 36% | 24 months | $118.09 | $2,834.28 |
| $3,000 | 36% | 36 months | $137.41 | $4,946.81 |
| $5,000 | 36% | 48 months | $197.89 | $9,498.67 |
A longer term lowers each payment; a shorter term lowers the total you repay. These are illustrations, not offers. Your lender shows the exact APR and terms before you sign. Try your own numbers:
Personal / installment loan calculator
Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Why people choose installments
- Predictable payments. The same amount on the same schedule makes it easy to plan.
- More breathing room. Spreading a $1,000 or $2,000 expense over months is easier than repaying it from one paycheck.
- Larger amounts. Installment loans through our network go up to $5,000.
- A clear finish line. Every payment brings you closer to a $0 balance.
- Credit building. Many installment lenders report payments to the credit bureaus, so on-time payments can help your score.
Comparing products? See payday vs. installment loans.
Installment loans also reach higher amounts. Through our network you can request up to $5,000, which can cover a car repair, a medical bill or several smaller bills combined into one payment. Many people with bad credit use a single installment loan to replace several due dates with one predictable payment.
Requirements
- Be at least 18 (19 in a few states) and a U.S. resident
- A valid government-issued photo ID
- Regular income from a job, benefits, self-employment or gig work
- An active checking account for the deposit and repayment
- A working phone number and email address
Most installment lenders review your credit, often starting with a soft inquiry that doesn't affect your score. Lenders that work with fair or bad credit may also look at bank-account history and other alternative data. A Social Security number is commonly required, and some lenders accept an ITIN. Have bad credit? See installment loans for bad credit.
Reading your loan disclosure
Before you sign, federal Truth in Lending rules require the lender to show the key numbers in a standard format:
- APR: the yearly cost of the loan, including interest and most required fees. It is the best number for comparing offers.
- Finance charge: the total dollar cost of borrowing if you make every payment on schedule.
- Amount financed: the credit you actually receive. If it is lower than the loan amount, a fee was taken out up front.
- Total of payments: everything you will pay over the life of the loan.
- Payment schedule: how many payments, how much each one is, and when they are due.
Also check the late-fee policy and whether you can pay early without a penalty. Paying extra toward the balance shortens the loan and lowers your total interest.
State rules
Each state sets its own rules for installment lenders, including licensing, maximum rates and loan sizes, so the offers you see depend on where you live. Our form only matches you with lenders that serve your state. See personal loan rates by state for your state's details.
How to apply through us
- Fill out the form. Enter the amount, your contact details, income and bank information. It takes about 3 minutes.
- Get matched. We send your request to lenders in our network that serve your state.
- Review your offer. If a lender approves you, you see the amount, APR, payment schedule and total to repay before you sign.
- Get your money. Accept, e-sign, and funds are often deposited the next business day.
Zebra Finance is a free loan-matching service, not a lender. Whether you get an offer, and for how much, is up to the lender and your state's rules. You are never obligated to accept.
See if you qualify for an installment loan — it takes about 3 minutes.
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Frequently asked questions
What is an installment loan?
An installment loan is borrowed as one lump sum and repaid in a fixed number of scheduled payments, usually monthly, until the balance reaches zero. Each payment covers interest plus part of the balance. Personal loans, auto loans and many short-term loans for fair or bad credit are installment loans.
How fast can I get an installment loan?
Our form takes about 3 minutes, and many lenders make a decision within minutes. Once you accept and e-sign, approved funds are often deposited the next business day. Applying early on a business day and having your ID, income proof and bank details ready helps speed things up.
Can I get an installment loan with bad credit?
Often, yes. Many lenders in our network consider all credit types and look at your income, bank history and ability to make the payment, not just your score. Your credit may affect your rate and term. No lender can promise approval before reviewing your application.
What's the difference between an installment loan and a personal loan?
A personal loan is a type of installment loan. Both give you a lump sum repaid in fixed payments. "Installment loan" is the broader term and also includes auto loans, mortgages and short-term installment loans. When people say personal loan, they usually mean an unsecured installment loan for any purpose.
Can I pay off an installment loan early?
Usually, yes. Because interest is typically charged on the remaining balance, paying early can lower your total cost. Some agreements include a prepayment penalty, so check your disclosure or ask the lender before you sign. Many small-dollar installment lenders don't charge one.
Sources
- CFPB — What is a personal installment loan?
- CFPB — What is a soft inquiry?
- eCFR — 12 CFR Part 1026 (Regulation Z, Truth in Lending disclosures)