It is no big secret that when you need money because you are in a tight spot, payday loan companies are a simple and logical solution. The next time you have to pay a visit to your favorite payday loan company, you may be surprised to find that they offer a fairly new service. Installment loans are no longer something that you have to go to a finance company or bank to obtain. Many payday lenders are now offering installment loans to their customers. If you are considering taking out an installment loan with a payday lender, it is likely that you have a few questions.
Do the same qualifications pertain to these installment loans?
This can depend on the location you choose to do business with. However, in a lot of cases, the loan process is just as simple as it would be with a traditional cash advance. This means minimal paperwork, no credit check required, and only a few pieces of pertinent information, such as your identification and proof of employment. Most of the payday loan companies offering installment loans also have the same time frames offered for installment loans, which means you could be able to get your money right away.
What are some of the differences with installment loans from payday lenders in comparison to other financial institutions?
There are several differences between taking out an installment loan at a payday lender and a regular financial institution. Of course, the simple loan process is one aspect to be considered, but in addition, you should expect:
- Less of a wait time to obtain your money once you are approved
- Shorter term payment plans
- Acceptance of bad credit or no credit check at all
Can you get more money if you choose an installment loan over a traditional cash advance?
Because you will have longer to pay back the installment loan than you would a regular cash advance, you may be approved for a larger amount of money. However, you should keep in mind that even if you can get more money, it is best to borrow wisely. Shorter payment terms than installment loans offered from other financial institutions will mean that your payments may be larger.
When it comes down to it, the installment loans offered by payday loan companies are just another reason why these companies are so valuable to the average consumer. If you think an installment loan is a good choice for you, be sure to talk to a payday loan representative who can answer all of your questions.