Getting Installment Loans Online

Installment loans are fairly simple and in fact they are the most common type of loan in the world. Just like most other loan products you’ll ever deal with, you pay the loan back using a series of payments over a period of time, or in other words, installment payments. Simple enough, right?

Just because you have a sudden expense or other shortfall doesn’t mean installment options aren’t available. In fact, they are very popular. It’s a fantastic way to get the funding you need with a payment plan that works for you. It also works for our network of lenders, because what works best for you works best for them.

Compared To Other Loan Types

Installment Loans Graph

* Number of days for repayment is determined by local law. See our Terms of Use & Disclaimer.

Getting an online installment loan through PersonalMoneyNetwork is not like getting a loan from a traditional lender. Instead of going to an individual lender and awaiting a decision, Personal Money Network connects you to a network of lenders who want your business.

Financial Implications

Like any loan product, there are things you should know upfront and consider before deciding if getting an installment loan online or elsewhere is right for you.


Installment loans may not be best expressed as APR, because installment loans through PersonalMoneyNetwork typically have loan terms of a few months at most. However, when expressed as annualized interest, short term installment loans and other short term loan products can carry APR of 547.5% to 999.45%, though it depends on the length of the term and the amount of the principal. Generally, the longer the term and higher the principal, the lower the effective APR. However, bear in mind that a $32 bounced check fee for a $100 check amounts to 2,336% APR. A $46 reconnect fee for a $100 utility bill is 1,203% APR, when annualized.


Installment loans usually carry a flat fee per $100 lent, often ranging between $15 to $40 per $100 in principal. However, loans larger than $500 have lower fees, and the fees will vary depending on the company providing the lending.

Credit Impact:

While credit rating may not play a role in whether you get approved for an installment loan, our loan lenders may rely on scores from the three (3) main credit rating agencies, namely Transunion, Experian and Equifax. Viewing such scores are entirely the decision of the lender, though the borrower’s approval may not rest on such scores. However, the lender may submit such things as the request(s) for the loan or payment(s) on the loan to these agencies, as is their prerogative. Such lenders may also rely upon their own criteria for approval decisions, such as income and ability to repay, or borrowing history with the specific lender in question or with other installment loan lenders.


Should a loan become delinquent, an internal effort will be made to collect the loan first. Generally this will be done over the phone, to find a payment arrangement that reflect’s the borrower’s circumstances and ability to repay the loan. However, should these attempts fail, a third party may be enlisted to collect the debt for the loan that was lent in good faith.

Smart Borrowing

Installment loans, online cash advances, payday loans and short term loans aren’t meant to be lifesavers or panaceas for financial problems. They are meant to be a temporary solution to a temporary problems. If you’re having long-term financial difficulties, they should be addressed with sound financial planning and advice from a debt counselor. Only borrow what you can afford to repay, which reduces risk for borrower and lender alike.

Approval decisions can be very quick. Some may be made in a few hours, though some may take a business day or two. Since our lenders can work with direct deposit, the funds can be wired straight to your checking or savings account. So, if an online installment loan sounds right for you, you can get started on the installment loan application right away!

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