Installment cash advance: borrow once, repay monthly
Get $200 to $5,000 in a single deposit and pay it back in equal monthly payments over 3 to 24 months. No lump sum on payday and no surprise balloon payment at the end.
An installment cash advance is a loan of $200 to $5,000 that you repay in fixed monthly payments over 3 to 24 months. Through GridMoney, lenders offer 5.99% to 35.99% APR and show every cost before you sign.
How an installment cash advance works
You request a specific amount, a lender in our network reviews your information, and if you're approved the money lands in your checking account in one deposit. From there, you repay the same amount every month until the loan is paid off.
Every payment does two jobs: it covers the interest that built up since your last payment, and it chips away at the amount you borrowed. Because your balance shrinks each month, the interest portion gets smaller over time while the payment stays the same.
Fixed schedule
Payments are usually set to land a few days after your payday.
One deposit
The full amount arrives at once, so you can pay the bill right away.
Clear finish line
Your last payment date is in the agreement from day one.
What 12 payments look like
Here's the representative example, $1,500 at 24.99% APR over 12 months, broken down payment by payment.
12 equal payments of $142.56
Balance falls to $0
| Payment | Amount | To your balance | Interest | Balance after |
|---|---|---|---|---|
| Payment 1 | $142.56 | $111.32 | $31.24 | $1,388.68 |
| Payment 2 | $142.56 | $113.64 | $28.92 | $1,275.04 |
| Payment 3 | $142.56 | $116.01 | $26.55 | $1,159.03 |
| Payment 4 | $142.56 | $118.42 | $24.14 | $1,040.61 |
| Payment 5 | $142.56 | $120.89 | $21.67 | $919.72 |
| Payment 6 | $142.56 | $123.41 | $19.15 | $796.32 |
| Payment 7 | $142.56 | $125.98 | $16.58 | $670.34 |
| Payment 8 | $142.56 | $128.60 | $13.96 | $541.74 |
| Payment 9 | $142.56 | $131.28 | $11.28 | $410.46 |
| Payment 10 | $142.56 | $134.01 | $8.55 | $276.45 |
| Payment 11 | $142.56 | $136.80 | $5.76 | $139.65 |
| Payment 12 | $142.56 | $139.65 | $2.91 | $0.00 |
Installments versus one lump sum
Installment cash advance
- Repay over 3 to 24 months
- Each payment lowers your balance
- APR capped at 35.99% in our network
Payday-style lump sum
- Full amount plus fee due in about two weeks
- Renewing adds a new fee without lowering what you owe
- A $15 fee per $100 equals almost 400% APR (CFPB)
See the full breakdown in cash advance vs payday loan.
Is an installment cash advance a good fit?
It tends to work well when you have a single, specific cost and steady income to cover a monthly payment. It's a poor fit if you'd need to borrow again to make the payments.
- Good fit: a car repair, a dental bill, a security deposit or a utility catch-up you can repay over a few months.
- Good fit: you want to avoid a lump-sum payment that would empty your next paycheck.
- Think twice: the payment would leave too little for rent, food or other bills.
- Think twice: you're covering an ongoing shortfall every month. A nonprofit credit counselor may help more.
What it costs
| Amount | Term | APR | Monthly | Total interest |
|---|---|---|---|---|
| $500 | 6 months | 35.99% | $92.30 | $53.78 |
| $1,000 | 9 months | 29.99% | $125.45 | $129.07 |
| $1,500 | 12 months | 24.99% | $142.56 | $210.71 |
| $2,500 | 18 months | 19.99% | $161.90 | $414.13 |
| $5,000 | 24 months | 14.99% | $242.41 | $817.83 |
Examples assume equal payments and no origination fee. See rates and fees or try the payment calculator.
How to get one through GridMoney
- Send one request. Choose your amount and share contact, income and bank details. About five minutes.
- Get matched. We share it with lenders in our network that serve your state and amount.
- Review the offer. The lender shows the APR, each payment and the total before you accept.
- Sign and get funded. Money arrives as soon as the next business day if approved.
You'll need to be 18 or older (19 in AL and NE, 21 in MS) with regular income and a checking account. See the full process.
What paying early saves
Extra payments go straight to your balance, so less interest builds up afterward. Here's the representative example with a little extra each month.
| Extra each month | Paid off in | Total interest | You save |
|---|---|---|---|
| No extra | 12 months | $210.71 | — |
| +$25/month | 11 months | $177.30 | $33.41 |
| +$50/month | 9 months | $154.13 | $56.58 |
| +$100/month | 7 months | $122.97 | $87.74 |
Estimates. Most network lenders don't charge a prepayment penalty; check your agreement.
Common questions
What makes a cash advance an installment loan?
The repayment structure. Instead of one payment on your next payday, you repay in equal monthly installments over 3 to 24 months. Each payment covers interest plus part of what you borrowed.
Can I pay my installment cash advance off early?
Usually yes. Most lenders in the GridMoney network don't charge a prepayment penalty, and paying early reduces the interest you pay. Check your agreement to be sure.
Is the monthly payment the same every month?
Yes. Installment loans in our network use fixed payments, so you'll pay the same amount on the same schedule until the balance is gone.
How is this different from a credit card cash advance?
A credit card cash advance draws on your card's credit line, usually with an upfront fee and interest from day one, and the balance can linger. An installment cash advance has a fixed amount, rate and payoff date.
Ready to see your options?
Request $200 to $5,000 in about five minutes and repay it month by month.