How installment loans work
What happens after you apply, what a loan costs, and how you pay it back.
An installment loan is repaid in several fixed payments, usually every two weeks, instead of all at once on your next payday. Lenders in our network lend $300 to $3,000 over 90 to 120 days.
1. You apply once
The application asks for your contact details, your income and the bank account where the money should go. It takes a few minutes, and it's free.
2. We match you with lenders
Urgent Loans isn't a lender. We send your application to lenders in our network that offer loans like the one you asked for. The lenders in our network don't run credit checks. A lender may ask for more documents, such as ID, proof of income or a recent bank statement, and may verify your bank account online.
3. A lender makes you an offer
A lender that can help contacts you directly. Its offer shows the amount, the annual percentage rate (APR), any fees and every payment date. You can say no. If you sign, many lenders deposit the money the same day.
4. You repay in installments
Payments come out of your bank account on the dates in your contract, usually on your paydays. If you think you'll miss a payment, call your lender before the date. Lenders can often move a payment, while a missed one can bring fees.
What it costs
Most lenders in our network charge an APR of 22% to 32%, depending on the risk of the application. Terms vary by lender, and membership fees may apply.
Example: a $300 loan at 32% APR over 98 days is repaid in 7 bi-weekly payments of about $44.99. You pay $314.93 in total, so the loan costs $14.93.
This is an example for illustration only. Your lender shows you the actual amount, rate, fees and schedule before you sign.
Is it the right choice?
An installment loan can cover a short gap, but it's still debt. Borrow only what you need and can repay on time, and avoid having several loans at once. If your goal is to rebuild your credit, a secured credit card may serve you better than a loan.