Installment Loans from $200 to $5,000
Borrow a fixed amount, repay it in equal payments over 3 to 24 months, and know exactly when you'll be debt-free. Here's how online installment loans work and how to find one through mobiloans.
An online installment loan gives you a fixed amount, $200 to $5,000 through mobiloans, that you repay in equal monthly payments over 3 to 24 months. Lenders in the mobiloans network offer APRs from 5.99% to 35.99%, and every cost is shown before you sign.
- Amounts
- $200 to $5,000
- Terms
- 3 to 24 months
- APR
- 5.99% to 35.99%
- Example
- $1,000 for 12 months at 29.99% APR = $97.48/month
What Is an Installment Loan?
An installment loan gives you a lump sum up front, which you repay in equal, scheduled payments over a set period. Every payment includes interest plus a slice of the amount you borrowed (the principal), so the balance shrinks each time you pay. When the last payment posts, the loan is done.
That's different from a payday loan, where the whole balance and fee are due in one payment on your next payday, and from a credit card, where the balance can roll on indefinitely. With an installment loan, your payment amount and payoff date are fixed the day you sign.
Fixed amount
Borrow $200 to $5,000 in one deposit to your checking account.
Fixed schedule
Equal payments over 3 to 24 months, often timed to your payday.
Clear end date
Pay as agreed and the loan is fully paid off on a known date.
How Repayment Works
Installment loans are amortized. Early payments carry more interest because the balance is larger; later payments go mostly toward principal. The chart below shows a $1,000 loan at 29.99% APR over 12 months.
Where each $97.48 payment goes
$1,000 at 29.99% APR over 12 months
Paying early saves money. Because interest accrues on the remaining balance, an extra payment cuts the principal and every future interest charge with it.
Pros and Cons
Why people choose them
- Predictable budget. The same payment every period.
- Balance always falls. No rollovers or surprise lump sums.
- Larger amounts. Up to $5,000 instead of a few hundred.
- Can build credit when lenders report on-time payments.
What to watch
- Interest adds up over longer terms, even at a lower rate.
- Origination fees may be deducted from the amount you receive.
- Missed payments can bring fees and credit damage.
- Approval isn't guaranteed and rates vary by credit.
Is an Installment Loan Right for You?
Installment loans work best for a specific, one-time expense you can pay back on a set schedule.
A good fit when
You have steady income, a clear purpose like a car repair or medical bill, and the monthly payment fits comfortably in your budget.
Think twice when
You'd use it to cover ongoing shortfalls every month, or you'd need another loan to make the payments. Free credit counseling may help more.
How to Get One Through mobiloans
- Send one request. Choose your amount and share basic details about you, your income and your bank account. It takes about five minutes.
- Get matched. We pass your request to lenders in our network that serve your state and loan amount.
- Review the offer. On the lender's site you'll see the APR, every payment and the total cost before you accept.
- Sign and get funded. If approved, funds are typically deposited as soon as the next business day.
Have these ready: a government photo ID, your Social Security number, income details and your checking account's routing and account numbers.
What an Installment Loan Costs
Lenders in our network offer APRs from 5.99% to 35.99%. Your rate depends on your credit, income, state, amount and term. Here's what common combinations look like:
| Amount | Term | APR | Monthly payment | Total interest | Total repaid |
|---|---|---|---|---|---|
| $500 | 6 months | 35.99% | $92.30 | $53.78 | $553.78 |
| $1,000 | 12 months | 29.99% | $97.48 | $169.79 | $1,169.79 |
| $2,500 | 18 months | 24.99% | $167.97 | $523.41 | $3,023.41 |
| $5,000 | 24 months | 35.99% | $295.21 | $2,085.05 | $7,085.05 |
Examples assume equal monthly payments and no origination fee. Your lender's Truth in Lending disclosure shows your exact figures. See all rates and terms or try the loan calculator.
Installment Loan FAQ
What is an online installment loan?
An installment loan is a fixed amount of money you repay in equal scheduled payments over a set term. Each payment covers interest and part of the principal, so your balance falls with every payment until it reaches zero.
How much can I borrow through mobiloans?
Lenders in our network offer $200 to $5,000. The amount you're approved for depends on your income, credit history, state and each lender's criteria. Not all lenders offer amounts up to $5,000.
How long are the repayment terms?
Terms run from 3 to 24 months. Smaller loans usually come with shorter terms, while larger amounts can be spread over up to two years so each payment stays manageable.
Can I pay off my installment loan early?
Most lenders in our network don't charge a prepayment penalty, and paying early reduces the total interest you pay. Check your loan agreement to confirm before you sign.
Will an installment loan help my credit?
It can. Many lenders report payments to one or more credit bureaus, so on-time payments may help build your credit history. Late payments can hurt it, so choose a payment you can afford.
Reviewed by the mobiloans editorial team. Last updated October 3, 2026.
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