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By Ben Harper

What is an Instalment Loan?

Looking to buy a house, replace that old A/C, or maybe a new car?

An installment loan is one way of borrowing money to cover your expenses.

Once the lender approves your application, you receive the amount in a lump sum. This is where it gets interesting. In an installment loan, you can repay your principal over a set period, in the form of monthly installments.

What is an installment loan?

Before you look for different installment loan options, it’s essential to familiarize yourself with all the ins and outs.

These loans work a lot differently than the revolving credit, like our credit cards. With credit cards, you can spend as much as you want until you reach your card’s limit.

With installment loans, you receive the entire amount in a lump sum at once and must repay it as per your agreement.

In the case of revolving credits, you can borrow money again after paying the past due amount. However, when it comes to the installment loan, your account is closed once you repay your installments.

For example, let’s say you applied for a $1,000 loan with a 15% interest rate for 24 months.

Loan Amount $1,000
Interest Rate 15%
Return Period 24 Months
Monthly Payment $48
Total Interest $166
Final Borrowing Cost $1,166

Let SimpleDirect help you find the best installment loans in the market.

Types of Installment Loans

The most common types of installment loans are:

Auto Loans

Want to buy a vehicle? It’s time to apply for an auto loan. These loans are secured with your car as collateral. In case you fail on your payments, your car can be seized. You can expect lower interest rates for auto loans in comparison to unsecured loans.


Looking forward to buying a house? Time to seek a mortgage. Here, your home will act as collateral, and if you miss out on your monthly payments, your home will be at risk.

Personal Loans

You can apply for a personal loan for different purposes like medical expenses, debt consolidation, home renovation, etc. All you have to do is get in touch with our experts, and we will help you get one with ease.

Learn more about the best personal loans and the best installment loans in the USA

Payday Loans

You can apply for a payday loan to cover your expenses until you receive your next paycheck. However, the interest rates and fees are VERY high.

Student Loans

Want to build a better and brighter future? You can apply for student loans to cover your higher education expenses. A private lender or federal government issues these loans.

Pros & Cons of Installment Loans

Pros Cons
Build Credit Strict Qualification Requirements
Fixed Interest Rates Some Carry Prepayment Penalties
Lower Interest Rates Less Flexible
Fixed Monthly Payments May Require Collateral
Short and Long-Term Loans Available Inaccurate calculation for principal needs will lead to unnecessary future payments.

Here’s What You Should Consider Before  Seeking an Installment Loan

Check Your Credit Score

Your credit score will highly impact your best installment loan options. So, before you start exploring different installment loan options, it’s essential to check your credit score.

Explore Your Loan Options

If you have a good credit score, then you may receive a significantly lower interest rate. If you are qualified or have a 0% interest credit card, then we'd suggest you go with the credit card.

Look for a Co-Signer

What if you have a not-so-good credit score? In that case, if you have a co-signer with a good credit score, then you may be subject to a better interest rate.

Consider a Secured Loan

Using your savings account, car, or other assets as collateral may help you obtain a lower rate.

Best installment loans - consider a secured loan to get personal loans

Assess Your Financial Well-Being

We advise you to opt for an installment loan only if it fits your plan. Avoid adding a financial commitment you may not be able to sustain.

Do you have any current debt? Or any existing loans?  Will you be able to manage all of it?

Take into consideration all of these points and prepare a perfect plan for you.

The Installment Loan Process

There are tons of different best installment loan options.

  • First, explore different options and choose your perfect fit.
  • Fill out an application with the lender. You’ll have to mention the purpose of the loan.
  • Discuss different options concerning the loan term, down payment, payment amounts, payment schedule.
  • Once the application's approved, you will receive the entire amount in a lump sum.
  • Begin making monthly payments. Once you have successfully repaid your loan, your account will be retired.

If you have any more questions about Installment loans or want to know what your best options are, connect with SimpleDirect today!

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Ben Harper

Ben is a personal finance writer with SimpleDirect, where he focuses on topics such as personal loans, credit cards, and offering financing.

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Best personal loan options

Lending PartnerAPRLoan Amount
Upstart Personal Loans by SimpleDirect9.99 - 35.99%$1k - $35kApply Now
Avant Personal Loans by SimpleDirect9.99 - 35.99%$2k - $35kApply Now
Sofi Personal Loans by SimpleDirect5.99 - 16.19%$5k - $100kApply Now
Prosper Personal Loans by SimpleDirect7.95 - 35.99%$1k - $35kApply Now

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