An installment loan is a convenient way to borrow money and pay it back over several payments. Your payment amount will be an equal amount with the potential exception of the first and last payments. The payment schedule is developed based off the loan amount, interest rate, and number of payments. MaxLend offers customers a variety of products based upon the periodicity of their income. For example customers that are paid biweekly and semimonthly have a 12 payment product, weekly have a 24 payment product and customers that are paid monthly are offered a 6 payment product and all programs are over approximately 6 months. All of MaxLend customers have the option of paying off the loan at any time without any penalties or fees other than the interest owed through the day that they pay off. In the event that the customer wants to make extra principal payments they can on regularly scheduled payment dates. Any additional principal payments may shorten the total number of payments and potentially lower the overall finance charges paid. It is the customer’s choice how long they need the loan for and MaxLend promotes responsible borrowing.