| Loan type | Collateral | Allowed in | Largest amount state law allows | Guide |
|---|---|---|---|---|
| Personal loans | None | 51 of 51 | $100,000 (Nebraska) | Learn how it works |
| Installment loans | None | 51 of 51 | $100,000 (Nebraska) | Learn how it works |
| Emergency loans | None | 51 of 51 | $100,000 (Nebraska) | Learn how it works |
| Payday loans | A post-dated check or bank access | 35 of 51 | $2,500 (Virginia) | Learn how it works |
| Title loans | Your car title | 28 of 51 (+4 restricted) | $25,000 (Wisconsin) | Learn how it works |
Illustrative cost examples
Title and payday loan costs depend on each state's fee rules, so no national example is shown for them. Your state guide has the rules. Start with your state
Installment loans
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Other ways to borrow
Credit union PALs
Small loans from federal credit unions with an APR capped at 28% under NCUA rules. (12 CFR 701.21)
Credit-builder loans
A small loan held in savings while you pay it off, which can help build a payment history.
Secured credit cards
A card backed by a deposit you make, which can help build credit when you pay on time.
Payment plans
Many utilities, hospitals and lenders offer hardship plans if you ask before you miss a payment.
Important disclosures
Illustrative range for installment loans: APRs from 5.99% to 35.99%. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.
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