Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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If you’re on the lookout for a fast loan or have bad credit, you might be considering an installment loan or a payday loan — also referred to as a short-term loan. To help you decide which one is the better choice for what you need, we’ve broken down each loan type to help you understand the differences between the two.
These are small credit solutions of around $100 to $1,000 designed to be repaid in the short-term. These loans can be applied for by people with less-than-perfect credit history and repaid in one lump sum, usually on your next payday. The annual percentage rate (APR) for these loans is quite high, usually in the hundredth percentile, but the actual rate you are offered depends on the state you reside in. Payday loans are not legal in every state.
These loans are for larger amounts and for longer terms than payday loans. Loan amounts typically run from $1,000 to $10,000 and terms can be from 3 to 18 months. The payments made to this type of loan are made in installments, hence the name. While installment loans have come to be associated with bad credit borrowers, they can be taken out by those with good or bad credit and are available from banks, standalone lenders or credit unions.
Find out the regulations for payday loans in your state
While every borrower differs, the flexible eligibility criteria attracts borrowers that:
As with payday loans, there is no “typical” borrower with an installment loan. Borrowers can:
You won’t be able to apply for a new loan unless you’re a returning customer.
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