Installment Loans up to $10,000

Online installment loans get you the money you need today, and you can pay it back over a few weeks or months
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Installment Loans Online, Instant Decision

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An installment loan is one of the best options when it comes to getting a quick cash loan which can be used both for emergency expenses as well as planned purchases. Some direct lenders offer installment loan amounts of up to $10,000 and 24CashToday is here to help you find the best online installment loan lenders based on your needs, income, and credit score.

On this page:

  1. What is an installment loan?
  2. How do installment loans work?
  3. What are the benefits of getting an installment loan?
  4. How do online installment loans affect my credit?
  5. How to find the best direct lenders for installment loans?
  6. Do direct lenders offer guaranteed installment loans for bad credit?
  7. How do I apply for an installment loan?
  8. What are the requirements to apply for an installment loan?
  9. Can I get an installment loan with bad credit?
  10. Are there instant approval installment loans?
  11. Installment loans vs. payday loans
  12. Best alternatives to an installment loan
  13. Frequently asked questions

What is an installment loan?

An installment loan is a long-term personal credit that is paid back in a set of equal monthly payments or installments. Installment loan repayment terms vary by state, but typically the period ranges from 2 to 24 months. Most installment loans require no collateral and offer a lower ARP than short-term unsecured loans, such as payday loans.

How do installment loans work?

1. Complete an online application

You can complete a 100% online application on the lender's website or at 24CashToday which allows you to get in touch with even more lenders. You will need to provide your personal information, income, and bank details.

2. Receive an immediate decision

After submitting your online application, you will get an almost instant lending decision with loan offers from various direct easy approval installment loan lenders. The better is your credit history, the better options you will have.

3. Select an offer and proceed with the application

Select an offer from a lender and proceed with the application. At this point, some lenders might require additional information. Then the lender will send you an agreement with all the terms and conditions related to your loan.

4. Receive your money

The funds will be deposited into your bank account the next business day. Some lenders offer same-day funding for online applications approved in the morning. To increase your chances of getting the same-day loan, make sure that you have all the required documents on hand.

5. Start repaying the loan.

Start making regular monthly payments according to your schedule. Try not to miss any payments to avoid possible penalties by the lender. Also, if you can, you may pay back the full loan amount early if the lender allows doing so.

What are the benefits of getting an installment loan?

There are several advantages of installment loans over other types of personal credit:

  1. With installment loans, you get the money you need today with the ability to pay it back in smaller amounts over a longer period.
  2. The loan gets easier approval than traditional bank loans since the application process is simpler and requires less paperwork.
  3. You get more time to pay back the loan which makes it more convenient than short-term loans.
  4. Some lenders don't perform credit checks, while others do a soft credit check before approving the loan.

How do online installment loans affect my credit?

An installment loan can be a great way to improve your credit score if used responsibly. Making your monthly payments on time without exceptions improves your credit history. However, any late or missed payments can also damage your credit score, because most loan lenders report to major credit bureaus.

Since every credit profile is unique, there might also be other factors influencing your credit history. It takes some time to start seeing the positive effect on your credit history from disciplined payments, in general, several months.

How to find the best direct lenders for installment loans?

It doesn't matter whether you are comparing the direct lenders you found yourself or lenders from a lender-matching service, like 24CashToday, these are the main things worth considering when selecting the best installment loans lender:

Compare interest rates

The higher the APR (annual percentage rate) the more expensive the loan will be. Good installment loan interest rates vary from 6% to 36% which can be significantly higher if you have a bad credit score.

Check the terms

Interest rate is not the only factor making the loan cost. Check out what are the service fees, late payment penalties, and other possible expenses which might be not so evident at first.

Explore perks

Does the lender offer flexible terms? Can you take more loans if you already have one? Does the lender make a hard or a soft credit check? The best lenders offer great additional benefits.

Read actual reviews

See what other borrowers share about the lender. Does the lender have any user reviews at all on sites like Trustpilot, ConsumerReports or Yelp? If not, then you might want to consider other lenders instead.

Do direct lenders offer guaranteed installment loans for bad credit?

The short answer is "No". There is no such thing as "guaranteed installment loans" with easy approval, no matter if you have good or bad credit. This is a common practice among irresponsible lenders and brokers when they claim to offer "guaranteed loans" which is not true.

The reason why no online direct lender can offer a 100% guarantee is that each lender takes a risk when issuing a loan and the loan can be given only to people who can prove that it will be repaid. No lender will give an unsecured loan if the borrower has no income source to pay it out.

You can read more about guaranteed approval loans on this page.

How do I apply for an installment loan?

There are two ways how you can apply for an installment loan:


You can visit a local lender or a pawn shop to apply for a loan there. To find the nearest lender just google "installment loans direct lenders near me". This is a common choice but not the fastest one, and not the safest one during the coronavirus pandemic.

If you decide to visit a local lender, please see our COVID-19 info page.


Applying for an installment loan online is the easiest and the quickest way of getting a loan. You can apply via the lender's website, or you can use a lender-matching service like 24CashToday and connect with multiple online lenders.

If you want to see if you qualify for an installment loan, you can use this online application at 24CashToday.

What are the requirements to apply for an installment loan?

To apply for an online installment loan online you must meet these requirements:

  • You are of legal age in your state
  • You have an income source that can be verified
  • You have a government-issued photo ID
  • You must have an active email & phone number
  • You must have an active bank account
Some lenders may have additional requirements besides the ones listed above.

Can I get an installment loan with bad credit?

Yes. Your credit score is not the only factor that is being considered when lenders evaluate your installment loan application. Even if you have a bad credit history, you still may get a loan offer from a direct installment loan lender.

However, borrowers with bad credit tend to get offers with higher interest rates and less beneficial terms to compensate for the low creditworthiness. You might want to consider improving your credit score before taking an installment loan or consider other types of loans where credit score is not so important, like auto title loans.

Are there instant approval installment loans?

Yes. 24CashToday has made an installment loan application form as simple and convenient as it can get. Overall, it takes 5 to 10 minutes to complete the application and get an almost instant decision after submitting the form. Some of our lenders also offer same-day loan funding.

Read more about same-day loans and how to increase your chances of getting one.

Installment loans vs. payday loans

Installment loans and payday loans are two of the most popular unsecured online loans, but each has its cons and pros:

Installment loans Payday Loans
Interest rate
  • An average annual interest rate is around 36%.
  • The interest rate is high, on average APR is reaching 450%
Repayment period
  • A long-term loan can be paid back in 3-24 months
  • A short-term loan must be paid back in 1-2 weeks.
Repayment terms
  • Can be paid back in fixed equal monthly payments.
  • Must be paid back in one lump sum at the end of the period.
Credit history
  • Report on-time payments to credit bureaus to help build credit.
  • Do not report on-time payments to credit bureaus to help you build credit.
Credit check
  • Usually perform a hard credit check.
  • Usually perform a soft credit check.

Best alternatives to an installment loan

Payday loans

A payday loan is a small short-term unsecured credit typically up to $1500 where lenders rely on your credit score and ability to repay the loan when evaluating your application. Since payday loans have remarkably high interest rates, it is not recommended to use those loans for longer periods.

Please see our payday loans page for more information.

Title loans

Online title loans (also known as car title loans or title pawns) are secured short-term loans when an auto title is used as collateral. The borrower can freely use the car but is not allowed to sell or damage it. Title loan lenders do not rely on the borrower's creditworthiness, that is why such loans are extremely popular among people with bad credit scores.

Please see our title loans page for more information.

Frequently asked questions:

A personal installment loan should be only considered if you can afford it. It is crucial to practice responsible borrowing in order to avoid going into deep debt. If you have a hard time paying your bills and need to get a loan on better terms, then consider secured loans in the first place.

There are direct loan lenders who offer no hard credit check installment loans; however, they still do a soft background check which doesn't affect your credit score. Some other lenders may perform hard credit checks which can affect your credit history.

Typically, you get the installment loan deposited to your bank account or debit card the next business day after approval, or the same business day if certain conditions are met. You can read more about same-day loans here.

You repay the loan in fixed equal monthly payments on each installment due date as agreed with your lender. Depending on your state, repayment will take place anywhere from 3 to 36 months.

The way you may use the loan is not regulated or limited. This means that you can use it to cover unexpected expenses like medical bills or make planned purchases like a down payment for a car, home repairs, or debt consolidation.

In the event of non-payment, additional charges may be applied. Late payment penalties vary by lender. If you know that you will not be able to make the next payment on time, please contact your lender immediately to work out a solution together.

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