How do Instalment Loans differ from Payday Loans?

Do you need some extra money to survive till your payday or you want to make an expensive present to somebody? We don’t ask you why you need to borrow money from us and how you are going to spend it. The only thig we are interested in is supporting you when you need our help in the form of our payday loans. As you know there are a lot of different types of loans and here we are going to look at the difference between instalment loans and payday loans.

How to characterize an installment loan?

Installment loans have evolved from payday loans. As you might guess the word "instalment" means that you can repay your loan in chunks monthly during some definite period of time which must be agreed with your lender. As a rule, these loans are borrowed from 6 to 12 months.

What are the main differences between the two types of loans?

• Loan values – the maximum amount of money is larger when you apply for an instalment loan in comparison with the available maximum sum of payday loans.
• Repayment period – as the name payday loans suggest they have been designed to be repaid on your next pay day. The situation is quiet different if you apply for an instalment loan where you can repay your loan over several months depending on your payday lender, sometimes this period varies even from 12 to 24 months. On the one hand this can make your repayments more manageable but on the other hand such long repayment period will cost more expensive than usual payday loans.

Are there any principle advantages of installment loans?

The main reason why clients might want to consider getting an instalment loan is that a customer needs a relatively small loan but can pay it back over a longer period of time. Some people find it stressful to repay the whole sum on your next payday. Compared to usual payday loan an instalment loan provides you with the possibility to spread your repayments choosing the most suitable repayment period.

Is an Instalment Loan exactly what you need?

To answer this question we need to be aware of your current financial situation and your objectives. When we know your personal circumstances we can recommend you the right type of a loan that will suit you.

Can you repay your loan early?

It is good to have an aim to pay your loan back early because this will help to decrease the amount of interest that must be paid on the borrowed loan. As a rule all lenders including our company don’t mind if you pay your loan back early which lead to reducing the interest charges automatically. In any case it is better to discuss your loan's terms and conditions before signing the contract. Don’t hesitate to ask anything you want to know concerning our loans.

Our representatives are glad to help you 24 hours a day 7 days a week. Make sure there is nothing unclear left for you because getting payday loans or any other type of a loan is very responsible thing as it might influence your credit score. You should try not to spoil your credit history.