What’s the difference between a payday loan and an installment loan?
Well, essentially, payday loan is a cash advance that must be repaid in full with one payment, while installment loans can be repaid in parts within particular period of time. Besides, payday loans are usually small, thus, the amount can be successfully repaid at once, and installment loans can be rather large, thus, the amount will be divided for several months, for instance. In fact, people choose the types of these cash loans depending on the situation.
Different states regulate their short-term loans in various ways. In some states, your Planet Cash affiliate may only be able to offer payday loans. In some states, you may be offered only an installment loan. A few states allow both and you will have the option to choose which ever suits your current financial needs. A payday loan is a two-week loan. The full amount of the loan is due in full on the maturity date. While some states do allow you to renew a payday loan, this process is functionally getting a brand new two-week loan to pay off the existing two-week loan. A new contract will be signed and the original contract will be deemed paid in full. Even in the states that allow renewals, however, there is a strict limit on the number of renewals allowed and the full amount will need to be paid sooner than with an installment loan. An installment loan is an 18-week loan with 9 equal payments due in two-week intervals. You will sign one contract and every two weeks your lender will d
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