Installment Loans
Best Installment Loans of 2025 – Same Day
- Rates from 5.99% - 35.99% APR
- Loan amounts from $100 to $50,000
As seen on
The Right Loan. Right on Time.
At RightPaydays.com, we make it easy to compare installment loan offers from trusted lenders - quickly, securely, and with no pressure.
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What are installment loans used for?
Installment loan rates are influenced by market conditions and personal factors such as credit score, income, and debt. Checking rates from multiple lenders can help you find the best option for your needs.
Prequalification lets you see potential rates without affecting your credit score. However, submitting a full application may trigger a hard inquiry, which could cause a temporary dip in your credit score.
How do installment loans work?
Installment loans are medium to long-term loans that provide borrowers with a larger sum of money than payday loans, which is repaid in fixed installments over a set period. These loans are designed for individuals who need financial assistance but can repay over time rather than in a lump sum on their next payday.
Application: Borrowers apply online or in person, submitting personal and financial details. Lenders may require proof of income, a valid ID, and an active checking account. Some lenders may also request a credit report to assess the borrower’s ability to repay.
Loan Approval: Approval can take anywhere from a few hours to a few days, depending on the lender’s process. While some lenders conduct thorough credit checks, others may approve loans with minimal credit assessment, focusing instead on income verification.
Loan Amount & Terms: Loan amounts can range from $500 to $5,000 or more, depending on the borrower’s income, creditworthiness, and the lender’s policies. Repayment is typically spread over several months or years, with fixed monthly installments. The loan terms can vary, usually lasting between 6 months to 5 years.
Repayment: Repayments are made through fixed monthly installments, which are often deducted automatically from the borrower’s bank account. Unlike payday loans, installment loans offer more flexibility, and borrowers have a longer period to repay the loan. If repayment is missed, lenders may offer options such as a payment deferral, but this can result in additional fees and interest.
Key Considerations
- Installment loans generally have lower interest rates compared to payday loans but still carry significant fees and interest, leading to higher APRs depending on the loan amount and term.
- Borrowers should be mindful of the total cost of the loan over the repayment period, as long-term repayment can add up.
- Late payments or missed installments can result in penalties, negative credit impacts, and, in some cases, repossession of collateral for secured loans.
Before taking out an installment loan, borrowers should carefully review the terms and compare offers from different lenders. It’s important to ensure that the loan is affordable and that the repayment terms align with the borrower’s financial situation to avoid long-term debt.
Calculate your savings with Right Paydays
Use our debt consolidation calculator to see how different terms and interest rates can change what you pay over time.
1. Enter your current loan details
2. Choose a rate to compare
Our lender rates vary from 6.94% to 35.99% APR1
3. Check the results
Right Paydays rating criteria incorporates 700 data points spanning interest rates, fees, loan terms, repayment options, customer service, eligibility, efficiency, options for poor credit and no credit, cosigner options, discounts, and more.
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With Right Paydays, you can save money while enjoying a simple, intuitive personal loan shopping process.
in 2025 We've helped over
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save money on their loans
Our customers have requested
over $100 million
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Whether you want to consolidate debt or cover an unexpected expense, Right Paydays makes it easy to find a personal loan that works best for you.
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personal Loans FAQs
There's no such thing as too many questions
An installment loan is a type of loan that is repaid over time with fixed monthly payments. It can be used for various expenses such as debt consolidation, home improvements, or emergency costs.
To get a personal loan, you’ll generally need a reliable source of income, a credit score that meets the lender’s minimum requirement — many lenders prefer a FICO score above 670 — and a debt-to-income ratio (DTI) under 36%. But different lenders have different eligibility criteria. For example, some lenders consider applicants with fair and bad credit, while others only consider applicants with good credit or better.
The required credit score varies by lender, but many lenders offer installment loans to borrowers with fair or even bad credit. However, a higher credit score generally leads to better interest rates and loan terms.
Yes, some lenders offer installment loans to borrowers with bad credit, though interest rates may be higher. Securing a co-signer or providing collateral can improve your chances of approval and better terms.
Yes, installment loans can impact your credit score. Making on-time payments can improve your score, while missed or late payments can lower it. Additionally, applying for a loan may result in a temporary dip due to a hard credit inquiry.