How do installment loans for bad credit and payday loans differ?
If you don’t know which type of a loan will be more appropriate to your current financial situation you should consider both variants of installment loans for bad credit and payday loans to know what is the best one for your needs at the moment.
How do our installment loans for bad credit differ from ordinary payday loans?
First of all, the main difference is in time of repayment which can be considered as an advantage of our installment loans online. Your loan must be reimbursed in periodic installments. Usually, you are required to make your repayments monthly with both principal and interest. Here we offer you to look through the following options to know the difference between payday loans and installment loans.
Main ingredients of Payday loans:
- The amount of online payday loans varies from $100 to $1500.
- As it is a short term loan, it must be repaid within the following 30 days.
- The borrowed money is repaid with the help of automatic electronic withdrawal.
- The amount of your payday loan can be calculated as annual percentage rate (APR).
- Payday loan refers to unsecured loans. The direct lenders of payday loans have the only guarantee of borrower’s ability to repay the loan based on the recent paychecks got by the customer
- Holders of payday loans have the possibility to overturn the loan in full when it is close to the due date of the repayment and the borrower can’t pay it back. Overturning of the loan will result in additional charges for the borrower.
What do our installment loans for bad credit provide our clients with:
- One of the main benefits of taking online installment loans instead of any other type of a loan is the possibility to apply for a larger sum which varies from $150 to several thousand dollars.
- We offer your our installment loans from direct lender with no credit check.
- You can have about 6-24 months as a repayment period when you reimburse your installment loan in fixed monthly amounts of money. The loan is meant to be paid back with a number of substantially scheduled installments. You have the possibility to make early or partial principal payments on your bad credit installment loan.
- There is a renewal option of our installment loans for bad credit after few months. This option will be available with additional charges.
- An installment loan online is called as a secured loan by personal property apart from real estate. Collaterals may consist of vehicles, home appliances, electronic items, power tools, firearms, jewelry items, etc.
- Installment loans can be of two types: secured when the lender needs some guarantee which can be anything of value and unsecured loans when the lender doesn’t require any collateral. As for our installment loans for bad credit we are ready to approve your application for our loans based on your paychecks.
We recommend you to use our installment loans for bad credit if you need money quickly with the aim to cover some unexpected expense, but you know that it will be difficult for you to afford to repay your loan in full on your next payday.