What is an Installment Loan?

Installment loans are the most commonly used type of loan. These loans are credit based and can be paid back over a period of time usually anywhere between 3 and 36 months at Always Money. The loan limit for installment loans vary from state to state and company to company, but usually start at $100 and go up to $15,000 (when collateral is involved). Since most of us are on a budget, the set monthly payment can be more appealing than a loan that requires full payback within a shorter period of time.

At Always Money, personal installment loans range from $100 up to $1,475 in Alabama with payment schedule from 3 to 18 months. In South Carolina, our installment loans range from $650 and up to $2,000 with 12 month term. Always Money also offers auto secured installment loans ranging from $2,100 to $15,000 in Alabama and $650 to $15,000 in South Carolina with terms up to 36 months.

With the installment loan option, a set payment amount is usually due on the same day of every month. The payments combine both your principle and interest charges, so with each payment the balance decreases and the loan is repaid in full at the end of the term.

The payback amount of an installment loan depends on the amount of money financed, the number of months the loan is financed for, and the interest rate given by your financial institution. Installment loans usually come with an amortization schedule that breaks down the amount of interest the payback will require.

A credit check is required to get approved for an installment loan. This is completed to determine the ability to repay and the amount of money that you can afford.

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