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Installment Loan Calculator
See what an installment loan of $500 to $5,000 actually costs before you apply, including every payment date and the total you would repay.
Estimated monthly payment
—per month
- Amount borrowed
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- Total interest
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- Total repaid
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- Paid off by
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Estimate only. Assumes equal monthly payments made on time and no fees rolled into the balance.
Check my rate for this amountSee the full payment schedule
| Payment | Due date | Principal | Interest | Balance after |
|---|
Results are estimates for illustration only and are not an offer of credit. Your actual amount, APR, fees and payment depend on your state, income and credit profile and are disclosed in full before you sign. All loans are subject to credit approval.
What this calculator shows
An installment loan is repaid in equal monthly payments over a fixed term, so you know the end date from day one. This calculator prices our $500 to $5,000 product over 3 to 24 months, at the APR range we can offer borrowers with fair, poor or limited credit.
Payment examples at $2,000
| APR | 6 months | 12 months | 18 months | 24 months |
|---|---|---|---|---|
| 59% | $392.99 | $224.59 | $169.98 | $143.77 |
| 99% | $435.92 | $268.84 | $217.12 | $193.93 |
| 149% | $492.21 | $329.13 | $282.72 | $264.26 |
| 199% | $551.19 | $394.19 | $354.03 | $340.23 |
Shorter terms cost less overall
Because interest accrues on the outstanding balance, a longer term always means more total interest even though the monthly payment is smaller. Pick the shortest term whose payment still fits comfortably after rent, food, utilities and your existing commitments. If a payment leaves nothing spare, the term is too short.
Where to go next
Ready to see a real number? Check your rate in about five minutes. Want a lower APR and have fair credit or better? Try a personal loan instead. Comparing against a single-payment option? Use the payday loan APR calculator.
Frequently asked questions
What is an installment loan?
An installment loan is a fixed-sum loan repaid in equal monthly payments over a set term. Unlike a payday loan, which is due in full on your next payday, an installment loan spreads the cost and has a defined end date.
How long are installment loan terms?
At Loan For Any Purpose USA, installment loans run from 3 to 24 months on amounts of $500 to $5,000. Your available terms depend on your state, the amount and your income.
Are installment loans cheaper than payday loans?
Per dollar borrowed and per month outstanding, yes. A payday loan charges a flat fee for roughly two weeks, which works out to about 391% APR at $15 per $100. Our installment APRs run from 59% to 199%.
Do installment loan payments build credit?
We report installment and personal loan payment history to one or more major credit bureaus, so on-time payments can help your credit history. Late or missed payments can lower your score.
Borrow $200 to $5,000 for any purpose
Apply in about five minutes and get a decision in minutes. Checking your rate won't affect your FICO® score.