The Difference Between Installment Loans and Payday Loans

Get the right type of online loan

If you’re looking for a short-term loan, you have a couple of different options. The main types are installment loans and payday loans, which are similar. You can get both types online, through Personal Money Store. Both types of loans will get you quick cash, usually transferred to your bank account in a couple of hours.

There are different advantages to both installment loans and payday loans, so make sure  you get the right type of loan for you. First, let’s look at installment loans.

Fast cash and a payment plan

If you need cash fast — as in TODAY — but you need more money than you can pay back with your next paycheck, you can get an installment loan. It is a short-term loan, so you should only borrow an amount that you can pay back within the next few weeks. The term of your loan depends on your lender, but you should expect to finish paying off your loan within a couple of months.

You will get the full amount of your loan today, but instead of having to pay back your loan amount and lender’s fees all in one big chunk, like a payday loan, you can it break up into payments. Here is my advice about installment loans: Schedule your payments for each time you get a paycheck. Make the payments as big as you can while still being able to realistically afford it. But know that once you make a loan agreement, you must stick to it. … click here to read the rest of the article titled “The Difference Between Installment Loans and Payday Loans“