Short term installment loans

There are key differences between installment loans and payday loans and understanding these differences can help you as a consumer determine the best loan for you.

Installment loans
These loans are characterized by the equal payments that individuals pay back each month to the lender. Each “installment” and payment schedule is pre-arranged before the loan is finalized. Typically, installment loans offer larger amounts of money than payday loans.
Benefits of installment loans include:
· Obtain more money than a payday loan
· Easier to refinance installment loans for a smaller principal and extended maturity
· Solution for long-term cash needs that individuals prefer to pay back in increments

Payday loans
These loans are offered in small amounts and are paid back in a short-term time frame.
Benefits of a payday loan include:
· Offers simple, quick way to get extra cash
· Provides solution for short-term cash needs in between paychecks
· Allows individuals to promptly take care of emergency expenses

Interesting facts

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