Payday loans and installment loans differ in several important ways. You must consider which type of loan is right for you. Read on to find out more.
Payday Loans
Payday loans are short-term, high-interest loans, which are organized around your payday schedule. The loan amount must be repaid in full plus any applicable interest or fees. While the payday schedule may be predictable and may coincide with the times when you are flush with cash, remember that taking out multiple payday loans can be risky. If you need to take out multiple payday loans, you may get stuck in a payday loan repayment cycle.
It is important to take out only what you need and what you can afford. Weigh your situation carefully and make the right decision for your financial needs.
Installment Loans
Unlike payday loans, installment loans are repaid over a longer period of time at a lower interest rate. Therefore, instead of juggling multiple payday loans, you will be able to focus on repaying a single loan.
This may help you stay on track with your repayment schedule and avoid extra charges and interest. As with any other type of loan, you must repay the loan amount in full, including any applicable fees or interest.
Here at LendProConnect, we don’t do credit checks as part of the application process! Apply online, and we will instantly connect you with one of our online installment lenders.
If you wish to check your credit score or credit report, use Credit Verify! Register at Credit Verify. It only takes a few moments.
In Summary
Payday loans are short-term, high-interest loans, whereas installment loans can be repaid over a longer period of time, allowing you to focus on repaying a single loan. Consider which scenario works best for you.
If you’re ever in need of installment loans for bad credit, consider LendProConnect. You could get online loans no credit check via LendProConnect.
