MDG Personal Installment Loan: $1,000 to $5,000 at a fixed rate
A fixed amount, a fixed rate and a fixed payoff date. Borrow between $1,000 and $5,000 over 6 to 24 months, with nothing deducted from your funds and no penalty for finishing early.
Last updated 15 September 2026Rates as of 15 September 2026
What an MDG installment loan is
A fixed amount between $1,000 and $5,000, repaid in equal payments over 6 to 24 months. Your rate is fixed at signing, your payment never changes, and the loan closes on a date you know from day one.
This is the product for a planned expense that is too large to absorb from one paycheck: a major car repair, dental or medical work, a move, or rolling several small balances into one payment. Because the term is longer and the amount larger, it usually carries a lower APR than a cash advance.
Nothing is secured against your car or your home. If things go wrong we work with you on the balance; there is no asset for us to repossess, because there is no collateral.
Fixed means fixed
- The APR on your agreement is the APR for the life of the loan.
- The payment amount never moves, so it can be budgeted like rent.
- The payoff date is printed on your agreement before you sign.
- No origination fee is deducted, so you receive the full amount you borrow.
The only things that change your schedule are payments you choose to make early, which shorten it.
Choosing your term without overpaying
Term length is the single biggest lever on what a loan costs you. Here is the same $3,000 at the same rate, over two different terms.
$3,000 over 12 months
Higher monthly cost, far less interest.
- Monthly payment $285.12
- Total interest $421.44
- Total repaid $3,421.44
$3,000 over 24 months
Easier each month, $420.96 more in interest.
- Monthly payment $160.10
- Total interest $842.40
- Total repaid $3,842.40
Both are at 24.99% APR. The honest advice is to take the longest term you might need and then overpay when you can, because there is no prepayment penalty. A schedule you can always meet beats a shorter one that you miss.
Installment loan rates and examples
APR runs from 18.00% to 35.95%, set by your credit profile, income stability, the amount, the term and your state. Larger amounts over longer terms tend to price nearer the bottom of the range.
| Amount | Product | APR | Term | Monthly payment | Finance charge | Total repaid |
|---|---|---|---|---|---|---|
| $1,000 | 29.99% | 12 months | $97.48 | $169.76 | $1,169.76 | |
| $1,500 | 29.99% | 18 months | $104.50 | $381.00 | $1,881.00 | |
| $2,000 | 27.99% | 18 months | $137.34 | $472.12 | $2,472.12 | |
| $3,000 | 24.99% | 24 months | $160.10 | $842.40 | $3,842.40 | |
| $5,000 | 18.00% | 24 months | $249.62 | $990.88 | $5,990.88 |
Full fee detail, including the returned payment fee and late fee, is on our rates and fees page.
Using one to consolidate small balances
Consolidation only helps if the new loan costs less than the debts it replaces. That is arithmetic, not a marketing promise, so do it before you apply.
Work it out in three steps
- Add up what you currently pay each month across the balances you would replace.
- Add up the total interest left on those balances if you carried on as you are.
- Compare both numbers against the payment and finance charge in the table above.
Where consolidation goes wrong
Replacing a 22% credit card with a 29.99% loan costs you more, not less, however much tidier one payment feels. And clearing cards without closing them often means the balances come back within a year. If that is a real risk for you, consolidation is not the answer.
What you need to qualify
Larger amounts get a closer look at affordability, because a payment you cannot sustain for two years helps nobody.
Required
- 18 or older, or the age of majority in your state.
- Valid Social Security number and government-issued photo ID.
- Verifiable recurring income, employed or self-employed.
- An active checking account in your own name.
- An address in a state where we are licensed to lend.
What we look at for larger amounts
- Whether the new payment fits alongside your existing commitments.
- Stability of income over the last three to six months.
- Recent returned payments or overdraft patterns.
- Whether the amount requested matches the stated purpose.
Questions about this product
How much can I borrow with an MDG installment loan?
Between $1,000 and $5,000, repaid over 6 to 24 months. For amounts under $1,000, the same application is assessed for a cash advance instead.
Is the interest rate fixed?
Yes. Your APR, your payment amount and your payoff date are fixed at signing and do not change for the life of the loan.
Is there an origination fee?
No. Nothing is deducted from your funds, so the amount you sign for is the amount that arrives in your account.
How quickly is an installment loan funded?
Most are funded within one business day of final approval. Larger amounts can take slightly longer because verification is more thorough.
Can I use it to consolidate other debts?
Yes, and many borrowers do. It only saves money if the new APR is lower than the rates on the balances you are replacing, so compare the total finance charge before you apply, not just the monthly payment.
What happens if I pay extra each month?
Extra payments go against your principal, which reduces the interest charged from that day and shortens the schedule. There is no penalty and no need to tell us in advance.
Other MDG products
One application is assessed against all of them, so you do not need to apply separately.
MDG Cash Advance
$200 to $1,000, funded in as little as 3 hours
See the detailsMDG Line of Credit
A revolving $500 to $2,500 you can reuse
See the detailsMDG Shop Now, Pay Later
Finance electronics, furniture and appliances
See the detailsMDG Club membership
Optional perks at $8.95 biweekly
See the detailsCheck what you qualify for first
Two minutes, a soft credit inquiry, no fee and no obligation. You will see your amount, your rate and your exact payment before anything is binding.