What is a Personal Installment Loan Versus a Payday Loan?

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Just about everybody has heard of a payday loan. Some of what you've heard may be good, or bad. But, regardless of what you've heard, millions of payday loans are made each year. And, with all those payday loans being made, there will inherently be good stories and bad stories and stories in-between.

In a nutshell, a payday loan is a short-term loan based on your paycheck. If you don't have a paycheck, you cannot get a payday loan. Needless to say, in order to have a paycheck, you must be employed. Typically, you get a payday loan and you pay it back within two weeks or whenever your next paycheck is. There are exceptions and some lenders are willing to offer extensions under some circumstances. The maximum amount of a payday loan is typically $1500.

Typical qualifications for a personal installment loan and/or a payday loan:

• Must be at least 18 years old; and
• Must be employed; and
• Must have a checking account

A payday loan and a personal installment loan are similar and the qualifications are the same. But, the way you pay the loans are different. … click here to read the rest of the article titled “What is a Personal Installment Loan Versus a Payday Loan?“