The Important Differences Between Installment Loans and Payday Loans You Need to KnowMaybe you have used payday loans before and you know how they work, what they can do for you in a tough money situation and that these loans are fast, easy, and stress-free. Then, you hear about installment loans, and maybe it’s even a type of loan your favorite payday lender offers. But what are installment loans and how are they different from the loans you’ve been benefitting from? Let us tell you everything you need to know about this alternative to your standard payday loan.
Both Installment Loans and Payday Loans Are Available Online
First, there are some important similarities. You can get both of these kinds of loans simply, by going online, or even by using a mobile app. You can apply for both loans through a simple, single-page application and you can do it at any time of day or night, any day of the week, and from any location, as long as you have access to a device.
Installment Loans and Payday Loans from Our Lenders Have High Approval Rates
Another important similarity is that both of these types of loans are easy to get approved for, even with bad credit to your name. This is important because our lenders, while they want to offer a variety of loan products, think that it is most important to provide access. If it is impossible to get approved for installment loans, there is not much point in offering you this service.
Repayment for Installment Loans Is Different
Here is the big difference between a standard payday loan and our installment loans: repayment. With a typical payday loan, you get the cash, use it, and then repay the amount all at once, usually on your next payday. This makes borrowing really simple and means you don’t have to remember several payment due dates. The downside to this is that you may not be prepared to pay it all back at once. With installment loans you get a little more flexibility. You make repayment with several smaller installments until the total is repaid in full.
Installment Loans May Cost You a Little More, But Are Still Affordable
Our lenders provide affordable small payday loans for the average, hardworking American. You can afford these loans because they are small and short-term, so the interest payment doesn’t amount to a feel you can’t pay. With installment loans the term is a little longer, which means that your interest payments accumulate over a longer period of time and will end up being larger in the end. You may pay a little bit more for installment loans, but you are paying for the ability to manage your payments in a way that makes more sense for you.
Getting Installment Loans Today
Installment loans are pretty similar to the standard payday loans you have enjoyed in the past. You still get an easy application, quick and easy approval, fast cash delivered right to your bank account, and an affordable small loan. You also get an alternative repayment plan. When you’re ready to try out installment loans, just hop online or use our app and send in your application for approval.
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