What is an Installment Loan?

An installment loan is a type of personal loan where the borrower gets a loan of 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, Minute Loan Center can have money in your bank account as soon as the same day.* Apply for an online installment loan and get approved in minutes.

How do I prequalify?

Prequalifying for an online loan at Minute Loan Center is quick and secure. It won’t affect your FICO® score.**

A smiling woman looking at her online installment loan approval on her phone.

How It Works

Getting an online installment loan has never been easier. Minute Loan Center’s simplified 3-step process ensures that you have the funds you need, whenever you need them.



Our simple installment loan application forms cut out the fluff and take just minutes to complete. There’s no credit hit for applying!

Get Approved

Minute Loan Center’s team of experts goes the extra mile to approve your loan in minutes – and it’s all online.

Instant Funding

When we say same-day loans, we mean it. We also provide free ACH transfers if your bank doesn’t accept Minute Money transactions.

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. 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 borrowers paying much more in fees than if they had used it for just a single cycle.

An online 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?

Minute Loan Center provides pre-calculated interest and a fixed number of payments for personal installment loans. 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 loan pays down the amount borrowed. There are no interest-only payments.