What is an Installment Loan?
An Installment Loan is a type of personal loan where the borrower gets a loan up to $5,000 (or less, amounts vary by state), and the money is paid back over a set period of time. They can be particularly helpful for short-term financial emergencies such as home or car repair, medical or dental bills or avoiding bank overdraft fees.
If you think a personal installment loan could help you, a Minute Loan Center personal installment can have money in your bank account as soon as the same day.*
How do I prequalify?
Prequalifyng for a personal Installment loan at Minute Loan Center is quick and secure. It won’t affect your FICO® score.**
Frequently Asked Questions
What is the difference between an Installment Loan and a Payday Loan?
A Payday loan is usually a small loan between $50 and $300 dollars. Depending on the state regulations, it is due with a fee on your next pay cycle. It helps people manage critical short-term financial needs. However, sometimes people find themselves unable to pay it off in full at the end of a pay cycle. So they just pay down their fees and re-borrow. This can result in paying much more in fees than using it for just a single cycle.
An installment loan allows borrowers to borrow larger amounts of money. Pay it off over time and often with smaller payments than a payday loan.
What is a Minute Loan Center Installment Loan?
Installment loans, like most others, allow you to generally borrow more than a Payday Loan. Pay it off over time, and can often have smaller payments than a Payday Loan.^
Minute Loan Center Installment loans ALSO provide pre-calculated interest and a fixed number of payments. This means you always know how much you owe, and how many payments you need to make to pay down the loan. Additionally, every payment in a Minute Loan Center Installment loan pays down the amount borrowed. There are no interest-only payments.
* Minute Money Guarantee. If you hold a participating Debit Card, once approved you can be funded virtually instantly to your Debit Card. If your Debit Card does not accept Minute Money, you will provide a free ACH, which may take up to 1 or more business days. See here for more details.
** Certain limitations apply. All loans subject to approval pursuant to Minute Loan Center underwriting criteria. Minute Loan Center does not perform traditional credit checks as part of its credit transaction approval process, but does verify applicant information via national databases including, but not limited to, Clarity Services Inc and will reflect as such on your credit report. Due to state and verification requirements, not all applicants for on-line request may be eligible for on-line approval by Minute Loan Center. Some customers applying for Minute Loan Center loans may be required to submit additional documentation due to state law and qualification criteria. See your local store for more details and additional disclosures or visit the Products page for more details.
^ Payment amounts are determined by the amount of principle borrowed, the interest rate you qualify for and the term or the number of payments you have to pay off your loan. In many instances this provides a lower payment than a Payday Loan. Obviously, if borrowing more than a Payday Loan, there are situations where the payment may be more as you are borrowing more.