Articles for Installment Loans
Save money and make prudent decisions. Our articles and analysis aim to provide fact-based analysis to make it easier to understand borrowing, fees, rates, and payments. Our articles can help you make informed financial decisions to protect yourself and save money. Get the facts so you can make a decision that's best for your situation.
There are two types of short term loans in the market that are underwritten based on your paycheck: payday loans and installment loans.
Payday versus Installment Loans
Payday loans are a single advance on your paycheck. Once approved, money is deposited into your checking account the next business day. Then on the next payday, the loan amount plus fees are
Figuring out how to choose between payday loan providers can be complicated. In general, our approach is to find the lowest priced, state licensed lender. There are situations where going with a different approach makes sense. For example, there may be a lower priced non-licensed lender or there may be no state-licensed lenders in your state. In general, if you
Payday loans are designed to meet short-term, emergency cash needs. They were created to get cash into a borrower’s hands as quickly as possible. The application process is streamlined with minimal documentation. The loan is due for repayment on the next payday.
Payday loans are not a good choice for longer-term borrowing needs. Rolling over or renewing payday loans greatly