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 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, even with bad credit. It also works for our network of direct lenders, because what works best for you works best for them.

Installment Loans for Bad Credit

Even with bad credit you have options, and short term installment loans online for bad credit can provide speedy cash with near instant approval. 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, we offer installment loans in many 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 easy approval. From a few hours to one or two business days, each application time varies.

Can I get an installment loan even with bad credit?

Many of our customer have poor or bad credit and are still approved.

Do installment loans check credit?

In many cases they do not. 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 can still be approved.

How do I apply for an installment loan?

Simply complete our online installment loan application to get started. With our easy application and fast approval process, you’ll know if you’re eligible quickly.

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 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 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 try and arrive at or work out options for yourself to make payments.

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 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 dollar 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 the 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.

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!

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

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