The rate is the whole story. Here it is in dollars.
Every lender site quotes a range. None of them tell you what the range means for the amount you actually need. Pick a figure below and you get the payment, the total, and the fee gap — before you type anything into a form.
Start with what you need.
Not with what you might be approved for. The payments below are at a mid-market rate over a mid-length term — each page shows the full grid.
| Amount | Term | At APR | Monthly | Total interest |
|---|---|---|---|---|
| $500 | 9 mo | 75% | $74.31 | $169 |
| $1,000 | 12 mo | 60% | $112.83 | $354 |
| $1,500 | 18 mo | 60% | $128.32 | $810 |
| $2,000 | 18 mo | 50% | $160.13 | $882 |
| $3,000 | 18 mo | 40% | $224.32 | $1,038 |
| $5,000 | 18 mo | 35% | $360.99 | $1,498 |
Illustrative, fee-free arithmetic at representative rates. Not offers. Origination fees raise the real cost above the interest rate before fees; each amount page works that through.
Three things that decide the cost.
Amortization
Each payment covers interest on the balance outstanding, and whatever remains reduces the principal. Because the balance shrinks, so does the interest — which is why early payments buy less principal than late ones, and why repaying ahead of schedule saves more than people expect. It is also the reason the debt has an end date at all.
The fee, not the rate
An origination fee is normally deducted before the money reaches you, while interest is charged on the full amount. On a short term a 5% fee can add ten percentage points or more to the real cost of credit. Compare offers on estimated APR — with fees folded in — or you are comparing two different things.
Term, and the trade in it
A longer term always lowers the payment and raises the total. Lenders lead with the monthly figure because it is the flattering one. Sometimes the longer term is right anyway — a payment you can reliably make beats one you cannot — but make the trade knowing both numbers.
Your state sets the ceiling
Payday loan availability and fee limits vary by state. The applicable rules also depend on the type of loan and lender. Our state guides distinguish verified information from entries still awaiting review.
This matters commercially as well as legally: if you live in a capped state, the alarming end of every published APR range simply does not apply to you, and knowing that changes what counts as a bad offer. We do not publish per-state ceilings we have not read from the statute — these two sources are free and definitive.
Cheaper routes, first
None of these pay us anything. They are listed first because at most amounts they are cheaper than what does.
- 01Credit union PALCapped at 28% APR by federal rule. The cheapest realistic option under about $2,000.
- 02Biller payment planFree, and routinely granted on medical and utility accounts if you ask before the due date.
- 03Employer earned-wage accessMany payroll providers advance wages already earned at little or no cost.
- 04Personal loan pre-qualificationAbove roughly $2,000, banks and online personal lenders compete — and several quote with a soft inquiry.
Work it out properly
Installment loans: common questions
What is an online installment loan?
A fixed sum repaid in scheduled monthly payments, each covering interest on the outstanding balance and reducing the principal. The defining feature is amortization: the balance falls with every payment and the loan has a date on which it ends. That is the structural difference from a single-payment short-term loan, where the principal stays whole until it is cleared in one go.
How much can I borrow with an installment loan?
Lenders in this market commonly work between $100 and $5,000, though the amount you are offered depends on income, credit history, and state law. Borrowing the smallest sum that solves the problem is almost always the better decision — an approved maximum is a ceiling, not a recommendation.
What APR should I expect on an installment loan?
The market range is wide: roughly 6.63% to 225% depending on the lender, your credit profile, and your state. Where your state caps covered credit at or near 36%, the upper end cannot apply to you — confirm the current limit with your state regulator. The amount pages below show what each rate costs in dollars, which is more useful than the range.
Are installment loans better than payday loans?
Structurally, usually yes, because the balance amortizes and the debt ends on a known date rather than renewing for a new fee. That is a genuine improvement. It does not make an installment loan at 200% APR inexpensive — the structure removes one specific trap without changing the price.
Can I get an installment loan with bad credit?
Lenders in this market do consider applicants with imperfect credit, and initial matching often uses a soft inquiry that does not affect your score. Final underwriting may involve a hard inquiry. Nobody can guarantee approval before verification, and any site that says otherwise is describing a fraud pattern rather than a product. Credit-check practices vary by lender and by stage. Some lenders use a soft inquiry for initial review; final underwriting may involve a hard inquiry, which can affect your credit score. Review the lender's consent language before continuing.
How fast is funding?
Some lenders fund the same or next business day after approval, but this is never guaranteed. Timing depends on identity and income verification, cut-off times, your bank's processing, and weekends. Speed is also the weakest reason to choose a lender — the rate outlasts the wait by every month of the term.
StraightSum is not a lender, loan broker, or credit services organization. We do not make credit decisions, issue funds, set rates or fees, guarantee approval, or service loan accounts. Submitting an inquiry is free and does not guarantee a match, approval, funding, a specific amount, APR, or repayment term. Calculators and guides on this site are educational estimates, not offers of credit and not financial, legal, tax, or credit advice. Actual terms depend on the lender, your state, verification, underwriting, and applicable law.