Wednesday, July 3, 2019

Installment Loan – Just One Type of Payday Loan

Installment Loan – Just One Type of Payday Loan


If you have never tried payday loans before you may have thought there was just one kind. These useful, fast loans that help more people get approved to borrow are actually more flexible than you realize. There is more than just one option and more than the standard payday loan. You can also choose to get an installment loan that has many of the same benefits of a traditional payday loan.

What Makes a Payday Loan a Payday Loan


A payday loan is a type of loan that revolves around your payday. Most other loans, like traditional bank loans, revolve around credit score. You have to meet a minimum credit number to be considered. With payday loans approval is based on how much you earn and the fact that you have a regular paycheck and payday. It’s all about ensuring that with your income you can afford to borrow a certain amount. Payday loans are generally smaller in amount than other loans, and they are easier to get and provide cash much faster.

How an Installment Loan is Different


Traditionally, repayment for a payday loan also revolves around your payday. Your lender deducts the full amount you owe on your next payday. This is a benefit for many borrowers. It means that you don’t have to remember when your loan repayment is due and it means that you can get rid of the debt quickly. However, there are times and situations in which repaying the full amount of your loan just doesn’t make sense. You may have an emergency expense come up that drains your funds, for instance, An installment loan is like a payday loan except for the fact that it is set up with repayment in multiple, smaller installments. Instead of repaying all of it at once, you stretch out the repayment a little longer.

Is an Installment Loan Better?


Whether or not a traditional payday loan or an installment loan is better really depends on individual factors and your own preferences. If you can repay a loan all at once on your payday, you get the benefit of having no more interest charges and being rid of the debt quickly. But if you are in danger of being unable to make that full repayment, you could face penalties. In that situation, having an installment loan is a smarter decision. You may also prefer one or the other, depending on how you like to deal with loans and repayments.

How to Get Installment Loans


To apply for an installment loan is just as easy as with any other payday loan. Go online to use the application on the website or use the free app to get to the same application. With both options you get quick access to a lender who will give you an answer in less than 90 seconds. Once approved you will have the cash transferred to your bank account for quick access. If you get an installment loan make sure you understand the terms before signing. Your lender will be ready and willing to answer any questions you have.