Installment Loans with Fixed Monthly Payments

By the Cash Quick teamSources

Installment Loan Payment Calculator

Amount

$1500

Months

12

APR (%)

60

Monthly payment

–

Total of payments

–

Total interest

–

Apply Now

An example only: enter the APR from your offer. Fees that are not part of the APR are not included.

How an Installment Loan Works

1. RequestFill out the Quick Apply form or visit an office. It takes a few minutes.
2. ReviewThe lender verifies your identity and income and may check credit. A request is not an approval.
3. Your payment scheduleBefore you sign you see the amount, the APR, every payment and the total you will repay.
4. Money and monthly paymentsFunds are deposited or paid out; you repay in equal monthly payments until the loan is paid off.

What an Installment Loan Costs

The cost depends on the amount, the APR and the number of months. These examples use ordinary monthly amortization with no extra fees; they are illustrations, not quotes – use the calculator above with the APR from your offer.

A longer term lowers each payment but raises the total cost. Paying ahead of schedule usually saves interest; ask how prepayments are applied.

Installment Loan Rules in Alabama

• Under $1,500 – the Alabama Small Loan Act: interest of up to 3% a month on the first $200 and 2% on the rest of the unpaid balance, plus up to $3 a month for maintenance, with terms of up to 25 months (an alternative fee method allows terms of 3 to 18 months).
• $1,500 to under $2,000 – the Alabama Mini-Code: a finance charge of up to $15 per $100 a year on the first $750 and $10 per $100 a year on the rest.
• $2,000 and up – the rate agreed in the contract, with consumer protections still applying.

Installment Loan Rules in Georgia

Lenders making loans of $3,000 or less must be licensed by the Georgia Department of Banking and Finance under the Georgia Installment Loan Act. The law allows interest of up to 10% a year on the face amount of the contract plus a loan fee (8% of the first $600 and 4% of the rest) and a $3 monthly maintenance charge, for terms of up to 36 months and 15 days – so the APR is higher than 10%. Because payday loans are illegal in Georgia, an installment loan is the usual alternative.

What You Need to Apply

• Age 18 or older and a resident of Alabama or Georgia.
• A valid picture ID and proof of regular income.
• An active checking account and a working phone number and email address.

Is an Installment Loan Right for You?

A good fit for a bigger expense – a car repair, medical bill or deposit – that you can't repay from one paycheck but can budget for monthly. Not a good fit if the monthly payment would squeeze essentials; borrow only what you need and compare the total repaid, not just the payment.

Pros and Cons

Installment Loans Compared

Where to Get Installment Loans

• Installment Loans in Opelika, AL1993 Pepperell Pkwy · 334-759-7222
• Installment Loans in Phenix City, AL1153 US-280 · 334-664-0011
• Installment Loans in Columbus, GA3548 Macon Road · 706-641-2330

Installment loan requests are taken online and at all three Cash Quick offices, in Alabama and Georgia.

If You're Having Trouble Repaying

Call your lender before the due date and ask about a payment arrangement. In Alabama, a payday lender must offer a written plan of four equal monthly payments at no extra cost before suing on an unpaid payday loan. Before taking new high-cost debt, ask the biller for an extension, check for employer hardship help, or ask a bank or credit union about a small-dollar loan.

Free, independent help:

• Consumer Financial Protection Bureau – borrowing guides and complaints, 855-411-2372.
• Alabama State Banking Department – licensed lender complaints, 334-242-3452.
• Georgia Department of Banking and Finance (installment lenders) and the Georgia Attorney General's Consumer Protection Division (payday and title pawn concerns).
• NFCC – nonprofit credit counseling; ask about any program fees.
• Active-duty service members and covered dependents: the Military Lending Act caps covered credit at a 36% MAPR. Talk to your legal assistance office.

Installment Loans FAQs