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"A Payday Loan" and "An Installment Loan" - What Is It?


Before you apply for payday loans and installment loans make sure you have gathered all the facts right; the qualification requirements, terms, and conditions for the loan repayment depending on your state.

So what is a PAYDAY LOAN?
A financial crisis may strike before the next paycheck and find you financially broke. It could even be a few days to your salary. Payday loans are quick fix loans which are aimed at helping you meet financial problems till you receive your paycheck. Usually, it is convenient in helping you meet the fundamental bills like rent, food or mortgage. However, it must be repaid back in one installment.

In the usual circumstance, your payment period is limited up to the next payday, but other lenders might allow you to suggest your appropriate loan repayment duration.

To receive the loan, the transaction can be performed electronically or by the physical writing of your check stating the loan amount.

Does it need collateral?
To have access to payday loan one does not require collateral other than your paycheck. Naturally, payday loans attract the huge amount of interest rate.

INSTALLMENT LOANS
These are unsecured loans advanced to the borrower and have to be repaid over a short duration, like several months (up to 24). For example, car or mortgage loans are the best examples.

Payday loans and installment loans have the following differences:

• Payday must be financed in one month, while installment can be spread over months
• Collateral is not necessary for a payday loan, installment loan may or may not demand a collateral


Basic requirement for getting payday loans

To qualify for a payday loan, you must have;

• A valid bank account
• An identification document
• A proof of a reliable and regular source of income


The processing of these loans is normally carried out electronically. However, prior to giving your consent for the loan, you will be required to come up with a continuous payment authority. This authorizes the lender to deduct the exact amount you owe him upon the expiry of the agreed date, from your debit card.

However, when faced with financial crisis that calls for a loan, consider the following factors to help you decide on the right loan;

1. The amount of cash you need to borrow. Payday loans are ideal for one-time expense requiring a smaller amount of money. A larger amount may be difficult to repay in one month hence calling for an installment loan.

2. Your credit rating status. When you need larger sum of money and therefore an installment loan, your creditworthiness becomes an issue.

Although payday loans and installment loans attract the significant amount of interests, many consumers still opt for them. One major reason is that they are processed faster even through the electronic media. At times especially for payday loans, even an asset as a security won’t be required.

Where To Get Payday Installment Loans?

To get these loans, you can apply online, using our secure forms:








Besides, there are always plenty of local firms that deal with giving out payday installment loans (find office near You). However, their interest rates are always skyrocketing.