Online installment loans are an excellent option for those who need quick access to cash but cannot afford to repay the whole loan in one lump sum. Instead of the total loan amount (plus fees and interest) being due on your next pay date, installment loans are paid back over time through smaller scheduled payments. The longer-term payment schedule often works better for people because it makes repayment more manageable and convenient. Smaller payment amounts can allow you to repay your loan and still have enough money left over to cover your other monthly expenses. Paying through installments, with the flexibility to repay early without penalties, allows you to manage loan repayment and monthly bills in a way that suits your needs.