90 day installment loans are particularly popular for people who want to borrow more than your typical cash advance amount ($500-$1500). They want to borrow between 1500 – 5000 dollars and they want to pay it back over a period of time more than one week, or one month (which is what most short-term lenders insist you do). They want to pay back the interest and principal in installments over a 90 day period.
Why Ninety Days of Installments?
Because the interest is very high on most of these loans and the smarter borrowers want to have the entire loan paid off quickly. They know that getting approved for an installment loan for an 18 month term (1.5 years) is a real killer on interest. If your credit score is bad, then you will be paying an APR at 350% or higher – sometimes much higher!
So this is why the 90 day term is so important. There is only so much interest and fees a lender can charge you under the laws of their State, and they want to you to be paying high interest rates for as long as possible. See this example of a $2,500 loan taken out for and 18 month period – it’s not pretty.
But if you a borrower finds a lender that does actually approve 90 day installment loans, then “Bob’s Your Uncle!”
90 Day Installment Loans in Texas, California, New York, Florida, North Carolina, and Ohio
With this short of list of States we will compare the rates you would pay for each. Each State has different laws on usury limits, etc. We’ll do our own little study. See the table below.
| Law Currently on Books | State | Fees | Loan Amount(s) | Term Length(s) |
| Texas is the wild west when it comes to high interest installment loans. The typical APR for every 2 weeks of lending is just over 300%. |
Texas | 10% per loan plus 48% annual interest + $12 monthly fee |
No Limit | 1 Wk. – 1 Mo. |
| Can’t charge more than 10% for deferred deposit payments. Lender can’t cash your check after a month. (turns into pumkin) |
California | 15% of loan | $300 | 1 Mo. |
| New York is the wild wild wild east when it come to short-term lending, and the lender can charge ANYTHING they want. Of course you have to sign the agreement before they can do anything. |
New York | No Data | No Data | No Data |
| Max APR is 390% – Florida has passed strict legislation for all high -interest, high-yield lending. |
Florida | 10% max + $5 fee | $500 + fees | 1 Wk. – 1 Mo. |
| Max APR is around 450% – just like Florida. In NC there are strict laws and guidlines on the books regarding high risk lending. |
North Carolina | No Data | No Data | No Data |
| Lenders can charge an APR as high as 400%. |
Ohio | 5% per month on unpaid balance plus $5 fee; plus $3.75 fee for every $50 above $500 |
$800 Maximum | .5 Yrs. |
When you run these numbers over a 90 day period you can very well see what an installment loan will cost you in interest. An installment loan can/could cost you more in interest than your typical payday cash advance product.
Disclaimer: The views expressed by this author don't necessarily reflect the opinions of Lazerloan.com, it's owners, or it's affliates.
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