How to Get Payday Installment Loans Online
People tend to get confused about payday installment loans, thinking they are simply installment loans but they are definitely separate types of loans. It is true that both loans do give you funds, if you need fast loans, you’ll probably want to go with payday loans.
You will want to be careful about what lender you go to though because quite a few lenders use payday loans to get people to sign into very unfair agreements. Just keep this in mind, don’t get bullied into anything you wouldn’t agree to if you weren’t struggling. Read over the contract completely before you ever sign to make sure you know what you’re getting yourself into.
About Payday Installment Loans
Payday loans are considered to be a short-term loan. They typically go up to about $1,500 and are under the branch of cash advances or blue sky financial loans. Since payday loans don’t require a credit check, the process is almost instant to get approved for a loan. Where most people get into trouble is that they must repay the loan plus any interest on their next payday. You may be required to go ahead and write a check to the lender before your payday to cover to loan. You could also give the lender access to your checking account so they can automatically collect the amount owed, but this may not be a good idea if they are untrustworthy. If you aren’t able to repay the original amount by your next payday, you can renew the loan but this can lead to a cycle of debt where you always have to renew the loan because you cannot pay it off.
Because of the cycle of debt most people get into, it is a good idea to go with a smaller loan if you can. You’re going to need to be sure you can pay it off very quickly so you don’t end up always owing the lender. This nasty cycle has actually made Payday Installment Loans illegal in a few states across the US. The interest rates are also typically very high, so make sure you know how high they are before signing anything. Just because you need fast cash doesn’t mean Payday Loans are your only option, look into other routes before agreeing to one.