Installment Loans: Fixed Payments, a Clear End Date
One loan, equal payments, and a date when it is done. Here is how installment loans work, how Personify's version is set up, and what the payments are really made of.
How an installment loan works
You borrow once
The full amount lands in your checking account in one deposit.
You repay in equal payments
Same amount, same schedule: monthly, twice a month or every two weeks.
The balance reaches zero
On a date fixed from day one. No rollovers, no balloon payment.
Where each payment goes
The payment never changes, but what it is made of does. Early on it is mostly interest. That is why paying extra in the first months saves the most.
Example: $2,000 borrowed for 24 months at 80% APR with a 5% origination fee. Payment $178, total repaid about $4,267.
Same payment every time. An end date you can circle.
That predictability is the whole point of an installment loan, and it is what separates it from a payday loan or a credit card balance.
Request $200 – $5,000
Installment loan, payday loan or line of credit?
- Installment loanEqual payments over months or years. Ends on a set date.
- 36% – 179.5%Personify
- Payday loanOne lump sum due in 2 – 4 weeks. Easy to roll over.
- ~400%typical
- Line of credit or cardBorrow, repay, borrow again. No end date unless you set one.
- 25% – 30%typical card
How Personify sets up its installment loans
Term
12 – 48 months
Five choices: 12, 18, 24, 36 or 48.
Payment schedule
3 options
Monthly, semi-monthly or bi-weekly, often lined up with payday.
APR
36% – 179.5%
Falls 2 points for every six months paid on time.
Origination fee
5% – 5.99%
Added to the balance, so it earns interest.
Prepayment fee
$0
Pay early whenever you like.
Collateral
None
Unsecured. Your car and home are not on the line.
Frequently asked questions
What is an installment loan?
A loan you receive as one lump sum and repay in equal, scheduled payments over a set term. Each payment covers interest plus part of the balance, so the loan is fully paid on a date you know in advance.
Is a Personify loan an installment loan?
Yes. Every Personify loan is an unsecured personal installment loan with a fixed payment, a term of 12 to 48 months and no collateral.
How is an installment loan different from a payday loan?
A payday loan is due in one lump sum within two to four weeks, often at an APR near 400%. An installment loan spreads repayment over months or years in equal payments.
Can I pay an installment loan off early?
With Personify, yes, and there is no prepayment fee. Because interest is charged on the remaining balance, paying early reduces the total you pay. Other lenders may differ, so check your agreement.
Last fact-checked September 22, 2026 against Personify's rates, terms and licensing disclosures. Figures are examples, not offers. Your APR and terms depend on your credit profile, state and lender.
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