Installment loans allow borrowers to repay loans in small, regular payments over time rather than one large lump sum payment. This makes the loans affordable to repay without dramatically altering monthly budgets. To qualify for an installment loan, applicants must be a US citizen over 18 with a steady income and bank account. Even those with poor credit can apply, as credit history does not impact approval for these short-term loans which do not require collateral. Borrowers can access funds quickly, sometimes within hours of approval.