An installment loan is repaid through a series of scheduled payments over an agreed period.
Each payment goes toward the amount you borrowed and the cost of the loan. When the last scheduled payment is made, the loan is paid in full.
Installment loans vs. payday loans
A payday loan is generally repaid in one payment. An installment loan spreads repayment over several payments. Smaller payments can be easier to fit into a budget, but a longer loan can cost more in total, so compare the total of payments, not only the payment amount.
What to review in your installment loan offer
| Term | What it tells you |
|---|---|
| APR | The cost of your credit as a yearly rate. |
| Amount financed | The amount of credit provided to you or on your behalf. |
| Finance charge | The dollar amount the loan will cost you. |
| Payment amount | How much each scheduled payment will be. |
| Number of payments | How many payments you'll make. |
| Total of payments | What you'll have paid once every payment is made. |
| Loan term | How long you have to repay the loan in full. |
| Fees | Any charges in addition to interest, and when they apply. |
| Payment dates | The date each payment is due. |
How it works
Apply
Complete the RoosterLend application online.
Get a decision
The lender reviews your application under its eligibility and underwriting criteria.
Review your payment schedule
If you're approved, check each payment amount and date and the total of payments before you accept.
Receive funds
Funding happens only after approval and completion of every loan origination step. Once your loan is finalized, funds may be available in 30 minutes or less.
Make your scheduled payments
Pay each installment on its due date until the loan is paid in full.
Nevada rules
In Nevada, a loan with an annual percentage rate above 40 percent is a "high-interest loan" regulated under NRS Chapter 604A and supervised by the Nevada Financial Institutions Division. The law includes requirements on assessing ability to repay, written loan agreements, loan terms and repayment plans. Your loan agreement explains the terms that apply to your loan.
If a payment will be late
Contact RoosterLend before the payment date. Missing a payment can lead to additional charges permitted by your agreement and applicable law, and to collection activity.
Installment loan questions
What is an installment loan?
An installment loan is repaid through a series of scheduled payments over an agreed period.
Is a smaller payment always cheaper?
No. Spreading repayment over more payments can lower each payment, but a longer loan can cost more in total. Compare the total of payments shown in your loan agreement.
How quickly can I receive funds?
Funding happens only after approval and completion of every loan origination step. Once your loan is finalized, funds may be available in 30 minutes or less.