An installment loan is a type of loan that is paid off in a fixed number of regular installments, usually monthly payments. The repayment includes both the principal and interest. These loans are beneficial for paying off for personal needs such as house renovation, car repairs, funding tuition, paying for utility bills, etc. It can also be used for business needs. Installment loan, in general, has definite valuable features such as convenient rates, flexibility, easy terms, and other money saving features.

Find below the distinct characteristics of Installment Loan:

  • It is relatively easy, simple and quick to apply online. It has greater approval rate and shorter approval period.
  • It caters to a broad-spectrum of borrowers, having varied cash needs. However, it is ideal for salaried class of employees who need instant access to cash in a stress-free way.
  • It comes with an unsecured access, as no collateral or security is needed for approval of the loan
  • Typically, it allows you to borrow anything between $500- $ 1000. However, few installment loan lenders allow the consumers to borrow relatively high loan amount, in comparison to traditional lenders
  • It delivers rapid access to working capital or for business development requirements to SMEs
  • It charges no prepayment penalty or fee. If you desire to pay off your loan beforehand to save interest overhead, you can, by all means.
  • It offers flexibility to reimburse the loan in easy regular payments. It is fashioned to suit your cash needs and affordability to repay
  • It offers different interest payment schedules such as, annual, semi-annual, quarterly or monthly.
  • It gives the convenience to convert variable-rate loan to a fixed-rate loan, should there be any financial change
  • The number of installments are worked out based on the length of the loan term and the income frequency of the borrower
  • Repayments are usually smaller. Thus, you can pay your loan installments, spreading them over a longer period of time
  • It offers lower annual percentage rates (APRs) than payday loans. The APR over the loan is calculated considering the number of installments, loan amount, loan duration, interest rate, etc.
  • It helps you manage your budget for timely and easy repayment with an extended payback period
  • Regular and sensible payment of installment loan helps you improve your credit score. This can positively influence your chances of getting a loan in future

Join Our 50,000+ Customers Who Get Money Right When They Need!

Reviews are the independent opinions of our users, and we do not hold any of them to be representative of all CashAmericaToday borrowers’ experience.

A trusted single lending source for your cash crunch. Apply now!
Get Started

Applying Does NOT Affect Your Credit Score

We are registered with Utah’s Department of Financial Institution to provide Consumer Credit. If you submit this application via the internet to us, we will receive and process it the same as if you submitted it to us in person thereby making Utah the place of negotiation, execution and performance of all applications and/or agreement. If we approve your application, the funds will be disbursed from our account in Utah. Utah law governing consumer loan agreements may differ from the laws of the state where you reside. Applicant is responsible for complying with all statutory obligations regarding obtaining loans by internet that may exist in their state of residence. This service may or may not be available in your particular state.

CashAmericaToday does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors’ creditworthiness from a third party source.

Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM EST will be processed on the next business day which is usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday-Friday: 8:00 AM to 7:00 PM (EST) or email to

* I have read and understand the Terms and Conditions & Privacy Policy of this loan. All loans financed by CashAmericaToday