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Frequently Asked Questions

What is an installment loan?

The installment loan definition is a loan that is repaid over time with a set number of scheduled payments.

 
What types of installment loans does Pony Money offer?

Pony Money offers quick cash installment loans. Our installment loan could give you the cash you need to help you keep up with bills, pay your rent, make a card payment, etc. Our installment loans carry a longer term than a typical payday loan, but are not as long term as some installment loans (such as mortgages).

 
What is the difference between an installment loan and a payday loan?

Both loans can provide quick cash in an emergency. The main differences between the two loans are the repayment term and the fee structure. With a traditional payday loan, your loan principal and fees are due on your next pay day. An installment loan typically accrues daily interest, and is paid back over a longer, set period of time.

 
How much can I borrow with an installment loan?

The amount you can borrow with an installment loan depends on several factors, including your monthly income, credit score, and the maximum loan amount available in your state. To see the maximum amount available in your state, view your state’s loan page.

 
How many installment loans can I get with Pony Money?

You cannot have multiple installment loans open simultaneously with Pony Money. However, you may be able eligible to get another loan such as title loan or a top-up to your existing instalment loan.

 
How do I apply for an installment loan?

Pony Money makes the installment loan process easy by phone, online or in store.

How long does it take for me to receive my installment loan?

If you’ve been thinking, “I need a loan fast”, Pony Money is the place to go! We are committed to get your money to you as quickly as possible, in some cases, even instantly!

 
What do I need to apply for an installment loan?

To apply for an installment you will need to be at least 18 years old and have the following:

  • Valid ID
  • Steady source of income
  • Checking bank account
  • Direct debit of your pay check

When you apply, you will also need a valid email address and to provide your social security number.

How do I qualify for an installment loan?
Several factors may be taken into consideration when processing your instalment loan application. These factors may include: your current income, your ability to repay the loan, your credit score, and if you have any outstanding short-term loans.
 
Can I pay off my installment loan early?
In most cases, it will be in your best interest to pay more than the minimum payment when you can, which will result in less interest accruing on your loan. Be alert! Some lenders may tack on early payoff fees. Carefully review your loan agreements for such fees. Pony Money offers an early payoff option to ALL of our Customers on ALL of our loans, including installment loans, with no early payoff fees!
 
What if I can't pay my scheduled loan payment?

Financial hardships can hit, leaving you unable to make a loan payment. When this happens, most lenders (like Pony Money) will work with you. As soon as you suspect your payment is in jeopardy, contact your lender immediately. In most cases, they will be willing to make alternate payment arrangements.

 

Disclaimer: We are a Credit Access Business (CAB) and Credit Services Organization (CSO) licensed in the state of Texas. We are not a lender. We arrange loans with independent, third-party lenders.