How Is Installment Loans Different From Payday Loans?

Finance is something most people have difficulties with. There can be times when you run into trouble and require a loan; however, there are many different types of loans available. Two of the most popular are payday loans and installment loans. However, you can find it very difficult to know which loan is best for you, so what type of loan should you choose?

  • What Type Of Loan Do You Need?
  • Do You Want A Short Or Long Term Loan?
  • Do You Want To Build Credit?

A Payday Loan

A payday loan is simply a short term loan – at least it’s designed to be a short term loan. This is when you can borrow a certain amount, usually a small amount, and pay the money back on your next pay day. The length of time in which the loan usually lasts for is anywhere between five days to three weeks. More often than not, the entire loan amount should be paid within a month or thirty days.

However, there is a huge amount of interest in which you have to pay along with the loan amount. The loans can in fact run longer if you fail to pay back the amount within the thirty day period which adds more interest. For more details, visit:

Installment Loans

With installment loans, you take the loan out for a lengthier period of time. Usually you take the loan for more than three years, and this can be anything from a vehicle loan to a mortgage for your home. The amount in which you repay can vary as well; depending on the amount of money you choose to borrow but the payments can be low and affordable.

The time in which you can repay the loan can be over a course of ten years or so, and the payments can be low so that you can repay the loan. This also allows you to build your credit. Banking a good form of credit can be possible when you choose installment loans.

The Actual Differences Between Payday and Installment Loans

Both payday and installment loans can be great, however, there are differences. The first being the length of time in which you take the loan out for; with installment loans you can take this over a period of years. However, with payday, they are short term loans and they have a huge amount of interest that you have to pay back. With installment, you still need to pay interest however you don’t pay as much.

Installment loans can offer you the ability to build and establish credit. Payday loans don’t always offer a huge amount of credit which isn’t good if you are looking for a loan to specifically help you to build credit. With the installment loans, you can build a good record of credit and history of repayment which is great. Though you must ensure you keep the repayments up at the same time and not miss any.

Payday loans can be good for short term loans, however, for long term, installment loans are a great option. Check here!


Is It possible to get a loan with bad credit history.

Do you need a bad credit loan? There may be a number of reasons as to why you might need a loan. However, what do you do if you find yourself in need of a loan whilst also having a bad credit history? Have no fear, this article is here to help you through this and present you with the options that you still have.

What is a credit score and how to improve it

A credit score is a number based on a person’s credit files, it then is used to represent the creditworthiness of a person, which means it represents how responsible they are to pay back a loan. A person with a low credit score is not very trustworthy person and thus would more often than not be rejected for a loan application. There are several ways in which you can improve your credit score. One of the first ways to start improving your credit score is to pay off any debts that you are able to and to refute any suspicious activity that you don’t recognise. This can help you improve your credit score.  

Next steps

The next steps after improving your credit score is to go to the association or bank from whom you wish to borrow money. The best starting point may be the bank that you already use as they already know your financial history. Once you have selected with whom you are going to do the action the next step is to prove that you are able to pay the loan back. This can be either by proving a source of income or by giving the name of a consignee. A consignee is a person who accepts to pay back the debt if the original borrower is unable to. This gives the lender more confidence and helps in the borrowers application for a loan. Read more!  

Types of loans to consider

What type of loans for bad credit exist? So now we know what credit score is, how to improve it and the first few steps of how to take out a loan we must now focus on what type of loan we wish to take out. There are several different types of loans: personal loans, secured personal loans, unsecured personal loans, payday loans and peer-to-peer lending. All of which have both pros and cons that must be taken into account at the time of deciding. It is important here that you review your needs and your options well. Some types of loan take advantage of your situation, such as the payday loan, and try to cover you an extortionate amount of interest on top of the loan.  

In conclusion, having a bad credit history is not the end of the world. whilst it does make difficult trying to get a loan with a bad credit report, it is not impossible and there is still a range of options that you have, you just need to pick one that best fits your needs. There still exists plenty of options for bad credit loan. Check out this site:

Can You Get A Cash Advance With No Bank Account?

There are thousands who look for payday loans online every day. Half of all borrowers need a few hundred to help tide them over until payday, and it’s often a simple way to borrow. In a way, payday loans are a cash advance and that’s a concept most borrowers love. Cash advances are essentially a loan, but, what happens if you don’t have a bank account? Will it be possible to get a cash advance then? That’s when the problems start because while it might seem like a simple task, it’s not always the case. So, can you get a cash advance without a bank account?

Yes But No

Cash advances come in a variety of forms and there are several lending streams which will offer a cash advance without the need of a bank account. For example, your employer, if they pay by check or cash, could offer an advance and they don’t have to worry about a bank account. However, payday loans and lenders might be a little more skeptical. Some cash advances aren’t going to be possible because there is no bank account to tie it back to. Why does that matter? Lenders will use the bank account to recoup their money if you don’t pay it back within the specified timeframe. However, if a lender offers a cash advance and there isn’t a bank account available, they have a major problem. So while it’s possible to get a cash advance without a bank account, it’s very difficult to obtain. Check here!

Secured Credit Cards Are Slightly Different

However, it might be possible to obtain a cash advance when you don’t have a bank account, through the use of a secured credit card. These are slightly different than loans in terms of that they are secured so there is some form of security in place should the borrower default. However, these aren’t always available and you need to find a lender that will offer this. Even with payday loans online, you may still need a bank account so that’s a sticky point as well. Sometimes it can be easier to have a bank account just to help get loans and cash advances.

Explore All Cash Advance Options

Getting a cash advance without a bank account is going to be extremely difficult, even with a secured credit and debit card. Even some prepaid cards aren’t going to be eligible for a cash advance. The trouble is that without bank accounts, things are a lot more complicated and confusing and that’s why you have to get some advice. You should talk to a number of lenders and look at all options available so that you find the one that suits you best. You might find a payday loan is something you want to look into, but again, you need to find a lender that’s willing to offer a loan without a bank account.

Know Your Choices

Bank accounts are useful. While you might not have much money in them, they can often enable you the ability to obtain loans and cash advances easier than you think. It’s strange that a simple bank account determines your ability to get a cash advance because you probably have the intention of repaying the advance, but of course, lenders can’t take the risk. That doesn’t mean to say lenders won’t, but, you’ll have to find them first. Maybe payday loans online can be a useful cash advance option, but if that’s the route you want to take, you’ll need to find one that offers one without a bank account. Click here for more information:

Will “Installment Loans” Be the New Payday Loans?

You have to take into account the situation before deciding which type of loan is better. Both payday loans and installment payments for bad credit can be helpful in various ways, in spite of recent criticism from consumer advocates. There are those that are useful and legitimate, and others that have the effect of dragging consumers into a debt cycle owed.

Payday loans and installment loans are usually called small cost and high-cost loans. This is because they generally carry high interest. This is because borrowers are often low-income or lack credit with no credit. Therefore, they are considered high-risk borrowers and, in general, do not have access to cheaper credit options such as credit cards or lines of credit with mortgage guarantee through institutions such as credit unions and banks.

Payday Loans

Payday loans are those that can range between one hundred and fifteen thousand dollars. They are meant to be short term and paid in 30 days or even less. Normally, the refund is due on the next payday. This is where things get difficult for the consumer, as they fall short on the next payday and then on the next. It is best to use only this type of loan if additional funds are received.

Typically, the loan is set up by post-dating date a check or by automatic withdrawal after the borrower’s paycheck has been deposited into the account used to secure the loan. A fee is charged, and it is generally a very high percentage, so it is better to be ready. In addition, the loan is not guaranteed and the lender will consider the ability of the borrower to pay before approving.

Installment Loans for Bad Credit

Installment loans for bad credit from $ 150 to thousands of dollars. They carry capital, interest and finance charges to include insurance as well as fees. Everything is reimbursed in monthly installments that are fixed and set in a fixed amount of months. The APR is higher than the one that appears in the contract, generally due to the different types of credit insurance, so it is something to pay attention to.

Another vital note about installment loans for bad credit is that they can be renewed in as little time as every few months with new interest charges, credit insurance as well as fees. Generally, the loan amount will be restored to the first loan amount and, sometimes, it will increase. To secure the loan, you will need to use a property such as a car, an electronic device, a firearm, jewelry or other higher priced items. Real estate cannot be used as collateral in installment loans for bad credit.


With this information, anybody looking to decide between a payday loan or an installment loan for bad credit can make a better decision based on what they need and what they can work with. Both options can work when one is strict with the payment and keeps abreast of the terms. A lot of discipline is required, particularly with a payday loan or one can find themselves in that endless cycle of loans and repayments.
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Do You Have Bad Credit? We’re here to Help!

Payday loans near me aren’t always given much thought when someone needs to borrow money. For most people, they think a payday loan isn’t going to help them much and that it’s not really an option open to them. While that might have been true once, it’s not quite true today. One of the biggest reasons why so many choose a payday loan over many other loans is quite simply because of their credit. When your credit isn’t at its best, it’s a problem when it comes to borrowing money. However, just because you have bad credit it doesn’t mean to say a payday loan is out of your reach.

A Short-Term Manageable Loan

One of the best things about choosing a payday loan is that this is a short-term loan that is essentially more manageable. If you have bad credit and struggle to get a loan from elsewhere, this loan might suit you better. Payday loans can be fairly easy to obtain and the only real thing you have to worry about is being able to make the loan payment at the time of your next payday. This is something you need to remember when you borrow money from a payday loan lender.

Understand the More You Borrow, the More You Have To Pay Back

You have bad credit and there is no denying it. When you are thinking about taking out payday loans near me you have to think about how much you really need to borrow. A lot of people think since they are borrowing money, they should borrow the maximum allowed by the lender. However, it’s not the smart move to make. When it comes down to it, you should only ever borrow the exact amount you require. For instance, if you need to borrow a hundred and fifty, that’s how much you borrow. Remember, the more you borrow, the more you need to pay back.

Choose Good Lenders to Get a Good Loan

The secret to getting a good loan is to quite simply get a good lender. While you might think all lenders are the same, in reality that’s not the case. Every lender is able to offer different loans which are catered to certain needs. Some lenders will be able to offer a great loan that suits your needs well and others that really miss the mark. That’s why you have to be extra cautious and careful over which lenders you choose. If you choose wisely then you can hopefully get a lender that helps your finances and potentially helps to improve your bad credit as well. Payday loans can help in a lot of ways.

Get a Great Payday Loan

Bad credit is a nightmare and the problem with it is that there is very little you can do about it to correct it overnight. That’s a nightmare and really it’s problematic to say the least. However, if you potentially looked at getting a payday loan, you might find it actually works for your finances slightly better. Interest rates may be slightly higher but it’s a short term loan that you might benefit from. Payday loans near me can be a great option for any individual to consider.



Most middle-class citizens are no newcomers to being bitten by cash crunch. This sometimes causes “making ends meet” very improbable, with credit cards reaching their lending limits and banks enacting stricter rules for loan processing, a new alternative must be found. For many, payday loans may seem to be the savior in perilous times especially with their relatively easy mode of operation, but on a closer examination of their services, it is evident that there is more to it than meets the eye.


Credit card interest rates become a child’s play when compared with payday loans interest rates. The exorbitant rates are blamed on the fact, that many people who access this loan facility have little or no option left. While these loans are meant to be short term solutions to problems, the echoes of the interest may linger for some time. Imagine paying over 200% interest rate on a month, as a long loan. Also note that during the application process, your bank details are given out for direct deposits or e-deposits transaction, this means that they have access to your bank account for accessing their interest rates.


Similar to hidden bank charges, payday loans also possess their own hidden charges. These charges are apart from the capital and the high interest rates.  Hence for every $100 borrowed, the lender charges about $17.50 up to a cap of $300. This is hidden from many borrowers because with the euphoria of accessing “easy loans”, they fail to pay apt attention to the terms and conditions of the contract. These fees make payday loans online a nightmare for borrowers, who can’t cope up with their repayment plan.


During the loan application process, your bank details and employer’s information; this facilitates lending company to deposit the money into your bank account electronically and then collect their payments in the same manner. This makes you vulnerable to scam if your information falls into the wrong hands. Also, you have approved the lender access to your checking account, which is a great breach of privacy. This may be used against you for blackmail, if the wrong people gains access to your  checking account. Read more.


A major con of payday loans is that they impose rigid financial boundaries and deficits in the budget of the borrower. After the loan settlement and paying up of the high interest, there is little or no money to cater for one’s self and family. Else, there is no need for emergency cash; the settlement period can be very trying. This underlines why, payday loans are needed for only urgently important issues only.


Payday loans can provide quick relief from debt, problems, and emergencies but in the long run, they are not smart financial options. The unfavorable conditions that come alongside such loans make them very unwise options to take on. Taking payday loans online can also drive people into a cycle of debts because after struggling to pay out one loan, they may not be able to make ends meet, so they resort to picking another loan.


Payday lending agencies may make their services attractive and customer friendly, but on defaulting any of the terms, you will certainly pay additional fees through your nose. Also, picking a payday loan today usually may not be of greater help to you but will compound your financial woes. Click here for more information:

All You Need to Understand about Payday Loans

Payday loans near me are quite simply some of the most popular search terms today. There are now millions searching for payday loans and it’s quite easy to understand why. These loans are able to offer a lot of good benefits and they have helped so many people out already. However, what should you understand and know about a payday loan? Read on to find out a few things as to all you need to understand about payday loans.

Short-Term Loans with No Need for Credit Checks

One of the most unusual aspects of these loans has to be the fact that even though you are borrowing money, most lenders don’t really require a check on your credit. That is really great and it’s something which appeals to most people too. However, you also have to understand payday loans are designed for short-term use. These are short-term loans and yet most people don’t realize that and end up getting into a lot of debt because of that.

The Money Goes Directly into Your Bank Account

A lot of people think when they apply for Payday loans near me they will get the money sent to them. However, money doesn’t go through the post and there are no checks issued either! The money will go directly into your chosen bank account. Far too many people don’t understand that and wait for the money to be sent to them. In most cases, lenders will send the money via bank transfer to your account as soon as the loan is approved. It is really quite important to understand that so you don’t get mixed up and wait a few days for the money to arrive! Visit to know about the typical payday loan process.

All You Need to Understand about Payday Loans

It’s a Discreet Affair

There are no middle men involved in the loan process and no one else needs to know you are borrowing money! That is truly great because at the end of the day, borrowing money is a private affair. You should have that privacy and with these loans you get that and more. Payday loans really do offer privacy and since it’s all discreet, you can feel far more comfortable dealing with these lenders. Having a little more discretion will make all the difference in the world. There are going to be more people happy to know there is more privacy when they are taking out a loan. Learn more about payday loans.

Understand a Payday Loan before Applying

There are more and more choosing these loans each and every day and with good reason; however, you shouldn’t apply until you fully understand what they have to offer. Yes, they can be great loans but they need to be right for you in order for them to work to your advantage. Far too many people don’t think about that and end up with a loan that’s not quite right for them. You can find applying for a payday loan is very simple to do and you can get an answer within a short period of time too. Payday loans near me are useful. Click here for further detail on payday loans.

Top Myths for Payday Loans

Payday loans near me have become so sought after. There are now more and more looking for these loans and you can’t blame people for looking into them either. They offer so much and they offer a great array of benefits too. However, there are still many who say these are not the loans for them and that these loans are a little bit unusual. What’s more, there are lots of myths that surround the payday loans. The following are a few top myths that surround payday loans.

It Doesn’t Matter if You Repay or Not

A lot of people think if they take out a payday loan, they don’t actually have to pay it back! While that would be ideal, it’s not realistic! This is a myth most people associate with payday loans but it’s really not true. It does matter if you repay the loan or not as it will affect your credit. If you do not repay the loan then more fees will be added and it might be that the lender comes after you for repayment. What’s more, you will find the loans appear on your credit report and if you totally fail to repay, your credit will be affected badly. Visit to know more.

Top Myths for Payday Loans

You Can Keep Rolling the Loan Over

Some borrowers seem to think they can continue to roll over the loan until the next month and then the next and keep going but in reality that’s not the case! These are short-term loans and ideally they should not be rolled over for the next month. When you do this, the interest will keep increasing and in the end you will end up paying far more, potentially two or three times as much. Payday loans near me are good and if you need a loan, they can be a great option but they are not long-term loans. These are short-term and they shouldn’t really be rolled over time and time again.

Payday Lenders Are Scammers

Payday loans are highly sought after but there are many who seem to think the lenders behind them are total scammers. It’s easy to see why this myth has been given a lot of thought as some lenders are just not the best. However, while there might be a few poor lenders out there, there are also many good lenders that offer great loans for all borrowers. Not all payday lenders are scammers and you will find if you take the time to look for a good lender, you can get a loan that works for you. It’s not something most people think about but it’s vital to remember. Learn more about payday loans.

Forget the Myths

While there are lots of myths surrounding payday loans and lenders, you shouldn’t take them as being real. Yes, there are some drawbacks to these loans but if you take the time to learn about them, find a good lender and loan you shouldn’t run into too much trouble. That is so important to remember and in reality, you don’t always have to listen to those rumors! Myths are just stories that have been greatly exaggerated so don’t take them to heart. Payday loans near me can work and most myths are just that. Click here for further detail about payday loans.

Typical Payday Loan Process

Choosing payday loans online can be a smart solution for thousands. When you have the need of a loan, you can often look towards payday loans and they do offer a lot of great benefits for those in need. However, while you can love the idea of the loans, you might not really be too sure over their loan process and how it all works. It’s easy to get a bit confused as unless you get loans all the time, you really don’t know how it all works. The following is a typical process when applying for a payday loan.

Applying for a Loan Online

First and foremost, you will usually approach a lender either via the telephone, in branch or online. Payday loans are available in a variety of ways and most people are going to use the online options. However, this can be very simple to do. You will go onto the site of the lender and click the apply link. You will have to fill out some personal information such as where you want the money sent to, your name, address, date of birth and potentially your employment status. Most lenders, even online ones, have to ensure you have the ability to pay the loan back. Once you have filled in the information you can send the application away. Learn more about top myths for payday loans.

Typical Payday Loan Process

A Short Waiting Period Before the Answer

After the application has been sent, it will be processed. So, what the lender will do will be to review the application and make a decision as to whether or not you will be given the loan. This review and waiting period can be very short, in most cases, but it might be that some lenders take a closer look at your application. You do have to remember that payday loans online are usually approved or rejected within a short period of time but some lenders want to be thorough before they hand their money over. Don’t be too worried if the waiting time is longer than twenty four hours.

The Money in Your Account

Once your application has been approved, the money will be deposited into your bank account. The money is then yours to do what you wish with and you shouldn’t have too much trouble after that. However, you do have to remember about paying the loan back. You wouldn’t think about forgetting this but it does happen! You have to ensure you make arrangements with repayments and then you can find the payday loans are paid off and that’s that. Click here to get more detail on payday loans process.

Make a Payday Loan Your Friend

While some loans can seem very tough to obtain, payday loans are a lot more available. These are some of the best loans and they can do wonders for you too. There has never been a better time to look at these loans and you can get a great loan. Once you understand the typical payday loan process you can also feel a lot more comfortable and happier too. Payday loans online are great options to consider and they really can be far easier to deal with. Visit for latest news and updates about payday loan.

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