How Does an Installment Loan Work?

Getting an installment loan can be as easy as 1, 2, 3!

Apply Online or In a Store
Get Your Cash
(upon approval)
Pay Back Over Time

Installment Loan Overview

If you need quick cash, but require more time to pay back the money you borrow than a payday loan offers, than an installment loan might work for you. Rather than being paid back in one lump sum on your next pay day (like a traditional payday loan), installment loans are paid back in scheduled installment payments that typically coincide with your pay days. Even though installment loans have a longer term than payday loans, they are still a method of short-term credit and are not intended to be used as a long-term financial solution.

Requirements to Apply for an Installment Loan

Most lenders have the same basic requirements to apply for an installment loan. Some lenders may also require minimum time at your current job or a minimum amount of income to qualify. When applying for an installment loan, most lenders will require the following:

Personal Information including your phone number, home address, birth date (showing that you meet the minimum age requirement), and identification number
Income Information including your pay frequency, gross (before taxes are taken out) and net income (after taxes are taken out), and information about the source of your income
Banking information including your checking account number and routing number

How to Apply for an Installment Loan

There are a couple of different ways to apply for an installment loan including online, in a store or over the phone. Some of the steps vary depending on how you apply and the lender you apply with, but they all have the same basic process.

Apply Online

The need for cash can come up at any time, so many lenders offer an application process for online installment loans. With online applications, you can apply from your smart phone, computer or tablet any time of day or night without having to work around business hours. The process for getting an installment loan online is very similar to the loan by phone process, the only difference is you are filling out your application directly online instead of over the phone with a customer service representative.

Your loan funds can be direct deposited to your checking account, and periodic loan payments will be scheduled around your pay days. Most lenders offer an AutoPay option where your payments can be automatically processed on your due date without having to take any action.

Apply Now

Apply at a Store

If you prefer to speak with a loan expert in person, you can apply at a physical store. The process typically entails filling out a paper application with your personal and income information. You will fill out a paper application, provide your method of payment for your installment payments, and get your cash on the spot (some lenders will provide a money order rather than cash).

Find a Store

Apply Over the Phone

Many online lenders have a loan by phone service where a customer service representative will ask you to provide your information over the phone and they will enter it into an application for you. Have the following information handy to complete the application: personal information including your Social Security Number and an identification number, income information including your net and gross pay and employment information, banking information including your checking account and routing numbers (this will be used to get your money to you, and also may be used to process your payment).

Once your application is complete, they will provide you with a lending decision over the phone. Upon approval, you will most likely have to go online to sign your loan documents. Once you have agreed to the loan terms by signing your documents, your loan funds can be direct deposited to the checking account that you provided during the application process. Just like with online installment loans, most lenders will give you the option to enroll in AutoPay during your application process. If you agree to AutoPay, then your payment will be automatically processed (using either your checking account information, or debit card information) when your payments are due.

Call 1-888-333-1360 to Apply

Installment Loan Questions

A: Installment loans usually have a higher maximum loan amount than payday loans. The amount that you’re approved to borrow can be based on a number of different factors, including your monthly income, credit score and the maximum loan amount in your state.

A: That depends on the state you live in. In most cases, you will not be able to borrow multiple installment loans simultaneously. However, there are some states that will allow you to borrow an installment loan plus a payday loan. This is subject to approval, loan availability and state restrictions.

A: This is an excellent - and important - question! There are several different types of lenders out there. Installment loans are provided by direct lenders, offshore lenders, tribal lenders and more. Speedy Cash recommends that you research the lender before you choose to apply with them.

Ready to Get Started?

No matter how you choose to apply, Speedy Cash is here for you. As we like to say, just "Call, Click or Come In!"

Subject to state regulations, eligibility, credit check, underwriting and approval. Rates, terms and conditions apply. Installment title loans subject to minimum auto value requirements. See associate for details. Lending decisions and funding times subject to system limitations. Some applications may require additional verification, which can delay the lending decision. Same day funding only available for Opt+ cardholders and in-store pickup.

NOTICE: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Consumer Financial Protection Bureau, 1700 G Street NW, Washington DC 20006 and the Federal Trade Commission, Equal Credit Opportunity, Washington DC 20580.

Alabama: Minimum age to apply in Alabama is 19.

California: Speedy Cash is licensed by the California Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law. California loans other than deferred deposit loans are issued pursuant to the California Financing Law. Installment Title Loans subject to minimum auto value requirements.

Nevada: The use of check-cashing services, deferred deposit loan services, high-interest loan services or title loan services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

New Mexico: Speedy Cash is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website

Ohio: SCIL, Inc. dba Speedy Cash, is a registered Ohio Credit Services Organization (CS.900174.000) operating pursuant to the Ohio Credit Services Organization Act. The actual lender is an unaffiliated third party. The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Tennessee: The State of Tennessee requires a minimum principal reduction. In order to comply with the minimum state-required principal reduction, Speedy Cash requires that minimum payments include a principal reduction of 2% or $2.50 for Customers who get paid bi-weekly/twice-a-month, or 4% or $5 for Customers who get paid monthly, whichever is greater.

Texas: Speedy Cash operates as a Registered Credit Access Business (CAB). The actual Lender is an unaffiliated third party. Speedy Cash engages in the money transmission business as an authorized delegate of Western Union Financial Services, Inc. under Chapter 151 of the Texas Finance Code. Speedy Cash engages in the money transmission and/or currency exchange business as an authorized delegate of MoneyGram Payment Systems, Inc. and Western Union Financial Services under Chapter 151 of the Texas Finance Code.

Opt+: This card is issued by Axiom Bank or Metropolitan Commercial Bank, Member FDIC, pursuant to a license from Visa. Visa is a registered trademark of Visa USA Inc. All trademarks and service marks are property of their respective owners. ATM: Free withdrawals at any Speedy Cash or Rapid Cash location. Transaction fees will apply for all other ATMs. No charge loads/unloads at Speedy Cash and Rapid Cash locations only.

Google Play is a trademark of Google Inc. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Data rates may apply.

Customer Notice:
There are a wide variety of loan products available in the marketplace, so your choice of lending products should match your financial needs. Small-dollar loans used over a long period of time can be expensive.