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. HereвЂ™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 вЂњinstallment loansвЂќ 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.