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Installment loans for bad credit vs. payday advances

Installment loans for bad credit vs. payday advances

While installment loans for bad credit could have greater prices and less-borrower-friendly terms, these loans are not the same as pay day loans. Here’s just exactly how installment loans for bad credit and extremely short-term payday advances vary.

Beware: Some loan providers of short-term loans may blur the lines between an installment loan and a cash advance. As an example, you might see “installment loans” marketed for lower amounts with payment terms which range from someone to 12 installments and APRs because high as 749%. And both on line installment loan companies and payday lenders may promise delivery of funds in the business day that is next.