Installment Loans

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?

Getting Installment Loans Online

Just because you have a sudden expenses 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, even with bad credit.

Installment Loans for Bad Credit

Even with bad credit you have options, and installment loans for bad credit could provide an alternative for fast cash with near instant decision. Applying for personal installment loans online is both easy and convenient, even with poor credit. Keep in mind that bad credit installment loans are not payday loans, but a type of loan that allows you to repay over time with a fixed number of payments.

Installment Loan Compared To Other Loan Types

Installment Loans comparison
* 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 direct 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.

FAQs for installment loans

What is an installment loan?

An installment loan is a short term personal loan that you can pay back over a longer period of time. They can often be paid early without a pre-payment penalty.

How much can I apply for with an installment loan?

You can get as much as $1,000 when applying for installment loans with Personal Money Network.

Does Personal Money Network offer installment loans?

Through our network of direct lenders, they could offer installment loans in some states. While not available in every one, a few of them include California, Texas, Ohio and most others.

How much does an installment loan cost?

The cost to borrow an installment loan is different per loan, and can depend on things like the amount of the installment loan, length of loan term and other factors.

How long does it take to be approved for an installment loan?

Applying is easy at Personal Money Network, with fast and near instant decision in some cases. Should your application be approved, it could take a few hours to a few business days, the process will vary with each direct lender.

Can I get an installment loan even with bad credit?

Many of our customers may have poor or bad credit and could be approved depending on the direct lender.

Do installment loans check credit?

It will depend on the direct lender. Personal Money Network works with a large network of lenders and some may check credit with credit bureaus. But not all, so even with bad credit you will still get a decision on your application.

How do I apply for an installment loan?

Simply complete our online installment loan application to get started. With our easy application and near instant decision process, you’ll know if you’re eligible for a loan.

What do you need for an installment loan?

Some requirements when applying for installment loans include; proof of employment or another steady source of income, identification showing you meet the minimum age requirements, contact details and a valid checking account.

Can I get an installment loan if I have a payday loan?

You can get an installment loan if you have a payday loan, but you need to be able to repay what you borrow, and having multiple loans can make this difficult.

Which is better payday loan or installment loan?

Installment loans tend to have longer repayment periods, while payday loans can have faster approval and more likely a better match if you have bad credit.

What happens if I do not pay back the installment loan?

If you were to stop making payments on an installment loan, it’s likely that you would eventually default on that loan. This can result in owing even more money as penalties, fees and interest charges build up, along with a negative effect on your credit score.

What if I can not make payments on my installment loan?

You should contact and work with the lender of the installment loan to discuss potential options for repayment.  While Personal Money Network can not guarantee that the direct lenders we work with will accommodate alternative methods of repayments, you should still contact the lender and discuss any available options.

What happens if I default on an installment loan?

Should a loan default, it’s usually sent to a debt collection agency. Defaulting on an installment loan can also impact your credit score and make it difficult in your ability to receive future credit. This can include the lender (or debt collector) taking you to court, which can include wage garnishment of the borrower should they win.

Do installment loans hurt your credit?

If you repay your installment loan on time it should not affect your credit in a negative way.

Financial Implications

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


Installment loans may not be best expressed as APR, or annual percentage rate, because installment loans through Personal Money Network and the direct lenders we work with typically have loan terms of a few weeks to months at most. However, when expressed as annualized interest, short term installment loans and other short term loan products can carry what appears to be a higher APR. 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, with loans larger than 500 dollar sometimes having lower fees, but can vary depending on the company providing the lending. Personal Money Network is not a lender, but works with lenders to help you find short term solutions like installment loans or payday loans and similar.

Credit Impact:

While a credit rating may play a role in whether you are approved for an installment loan, Personal Money Network works with lenders that 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, employment 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 by the lender (not Personal Money Network) may 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. Should you foresee difficulty in repaying your loan it is advised to get in touch with the lender before you default or it becomes delinquent.

Smart Borrowing

Installment loans, payday advances, payday loans and short term loans aren’t meant to be lifesavers or a quick solution for deeper 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.

After applying, you may receive an instant decision, and should your application be approved, you will be redirected to a new page where you can review your loan agreement with the direct lender. Since the lenders we work with mostly use direct deposit, the funds can be transferred directly 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!

If you have bad credit, online installment loans can be a first step towards to improving it, or to help with consolidating debt and getting your finances in order.

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