Installment loan calculator

With the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly rate (APR ÷ 12) and n is the number of monthly payments. A $3,000 loan at 36% APR over 24 months works out to $3,000 × 0.03 ÷ (1 − 1.03^−24) ≈ $177.14 a month — 24 payments totaling $4,251.36. The calculator above runs this math for every size and term in this market.

It depends on the license and your credit. State-licensed installment lenders price against each state's small-loan caps; where no payday-style fee schedule exists, 36% APR is the common benchmark ceiling this market quotes — and the figure our tables use. Strong credit can land in the single digits; damaged credit on unlicensed or tribal products can face triple digits. The lender's written APR and total of payments are the only binding numbers.

With a compliant licensed loan, yes, without a penalty — prepayment penalties are banned for most consumer installment credit, and the interest you avoid simply never accrues. Confirm the line in your agreement before signing: any lender charging an early-payoff fee has said so in the contract, and that clause is a reason to walk. Paying early is the single cheapest way to cut this product's cost.

Per dollar and per month, almost always. A $300 installment loan at the 36% benchmark over 3 months costs about $34 in interest; a storefront payday fee for the same $300 runs $45–$75 for two weeks in the states that allow it — and renewal doubles it. The installment product buys the same cash at a fraction of the annualized cost, which is why it is the licensed route in states that price payday out of the market.

Online installment lenders typically offer $1,500–$5,000, sized against your income and credit profile; federal credit-union PALs run $200–$2,000 under a 28% APR ceiling. Amount caps are also a state matter — the state guides linked from the table above list each jurisdiction's ceiling and the regulator to check it with.