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Payday and installment loans are two types of personal (non-collateral or unsecured) loans. A payday loan is a short-term loan that must be repaid in full with a single payment, and when taking out an installment loan, the borrower pays back the debt in regular fixed payments over a specific period. People typically prefer personal installment loans like mortgages, car loans, student loans, etc., due to affordable monthly payments, lower interest rates, and flexible repayment terms, which matter a lot when it comes to big purchases.
At the same time, we can see that some lenders offer so-called payday installment loans online. Such a mix of definitions may confuse a borrower, but it is actually very simple. “Payday installment loan” is not a separate financial term but rather the specific lender’s urge to show that their offering combines the ease and speed of getting a payday loan with an opportunity to repay the loan with several scheduled payments (installments). Thus, “installment” is the operative word here, but the lender promises a quick and straightforward loan approval process.
A payday loan is an unsecured loan for a small amount, usually from $100 to $1000. As the name suggests, the borrower is required to repay it with their next paycheck, typically in two to four weeks. Payday loans are considered one of the fastest ways to get funds and are accessible even to people with poor credit history.
Unlike a payday loan, a personal installment loan must be paid back with at least two fixed payments. The borrower can typically get a lump sum up to $5000 or more and repay the borrowed amount in monthly installments for a specific period (up to a few years). Installment loans usually come with fixed interest rates, making a convenient choice for those who have faced significant expenses or need to consolidate existing high-interest debt.
Anyway, all the available loan options, including secured and unsecured loans, cash advances, installment loans, revolving credit, etc., have unique advantages. Still, they differ depending on the maximum loan amount, repayment period, interest rates, required credit score, and many other features and conditions. That is why one cannot rely on any single loan type without considering their specific circumstances and priorities.
For example:
If you face emergency expenses, are looking for fast cash, and do not care much about the interest rates, short-term payday loans or cash advances can be a solution.
If you are planning for life events like a wedding or making large purchases, have a good credit score (670-739 according to FICO), and are ready to pay back over a more extended period, you can choose to apply for an installment loan.
In fact, the list of examples is unending, as loans can be used for any purposes related to any unexpected costs people face every day. Besides, different lenders may have different loan terms and policies, even within the same loan type, so you should consider each loan offer on a case-by-case basis and review the specific agreement carefully before accepting the loan.
The first and most crucial step in taking out an installment loan is finding a reputable lender who would approve your application. A direct lender is a common term for all banks, credit unions, financing companies, and loan organizations that provide funds directly to the borrower.
But don’t let the wide range of choices confuse you. Here are several factors to consider when picking out a loan organization and applying for an installment loan.
Eligibility requirements
Lenders may have different loan approval standards and requirements. In particular, these requirements may relate to credit scores and history, the necessary documentation, the borrower’s employment history and source of income, citizenship, residency, and more.
Interest rate and APR
Installment loans typically come with a fixed interest rate. So, you have a predictable monthly payment and always know when and how much to pay. However, as the interest rate cannot be changed, it is worth making a special effort in advance to shop around for the competitive rate. Installment loan interest rates can vary from lender to lender, depending on their overhead costs and willingness to take risks. Besides, be sure to consider any additional fees, which may also affect the APR (annual percentage rate) even if the stated interest rate is the same.
Loan processing time
The time needed to consider your loan application varies depending on a particular lender’s policies and workload. Typically, approval time ranges from one to seven business days. Besides, you may also be interested in how quickly the lender responds to your emails, messages, or calls if you have any questions about loan terms, etc. For people who need money urgently, response and
loan approval time can be a decisive factor, so they often prefer online direct lenders, available 24/7.
To find the right lender as quickly as possible, you can take advantage of PaydayLoanOrganizations’ services and our broad network of vetted direct lenders. Just complete our initial online form, and we’ll connect you to the one willing to work with you in a matter of minutes. This website is neither a lender nor a broker but a helping hand to submit your loan request effortlessly, saving time and avoiding extra fees.
Although instant loan approval cannot be guaranteed before the lender evaluates a specific request, seeking installment loans from direct lenders online often ensures the fastest possible application and approval process.
Applying for a loan using PaydayLoanOrganizations.com instead of addressing a bank or any other traditional lender, you can easily submit your loan inquiry from the comfort of your home anytime, day or night.
Complete the following steps to access the trusted same-day installment loans from direct lenders online:
1
Complete the initial online form, specifying your name, contact information, credit score, installment loan amount sought, etc.
2
Once you submit your inquiry, you won’t have to wait long for a loan offer. We will connect you to one of the lenders in PaydayLoanOrganizations’ network in a few minutes.
3
Familiarize yourself with the loan repayment method and schedule, applicable interest rate, late fees, and provisions regarding default. Accept the loan only if you understand and agree to comply with all the listed terms.
4
You can receive your money as soon as today. Once you accept the loan, the lender will deposit the money directly into your bank account.
Contrary to popular belief, you can get an unsecured installment loan even if you do not have excellent or good credit. Moreover, some lenders work specifically with bad credit borrowers, including some online lenders in the PaydayLoanOrganizations network.
The loan application process through Paydayloansorganizations.com is the same, whatever the credit score is. And even if you are not approved for a loan on the first try, you can submit another request anytime.
Shopping for a lender can be time-consuming and confusing, but what if you need money fast? PaydayLoanOrganizations.com was developed to help you find a reputable lender in minutes, with no fees, no hassles.
Just fill out our brief online form to enjoy our benefits:
Easy-to-use service
Instead of adjusting your plans and fitting into the bank working hours, you can complete the whole process online whenever and wherever you want. Please provide all the necessary information by filling out an initial form on PaydayLoanOrganizations.com, and it will be instantly submitted to the lenders from our network.
Speedy loan application processing
Whether you are looking for payday loans or loans with monthly installments, PaydayLoanOrganizations.com strives to ensure fast and smooth service. Having a broad base of vetted lenders helps us increase each borrower’s odds of getting approved for a loan, regardless of their unique circumstances, desired loan amount, credit scores, etc. Thus, once you submit your loan request using the online form, one of our lenders will likely respond in a matter of minutes and provide you with the loan as soon as by the next business day.
Strong information security
Dealing with users’ sensitive data, we realize how important data protection is. PaydayLoanOrganizations.com uses only up-to-date security measures that comply with federal law, like the advanced encryption standard (256-bit encryption), to ensure that any personal data provided by our users are safe.
We provide borrowers with a straightforward tool to connect to vetted lenders with just one click. You don’t have to deal with tons of paperwork or pay broker fees. Using PaydayLoanOrganizations.com is always free, whatever type of personal loan you apply for or the number of repeated requests.
Generally, there are three most common types of installment loans: auto loans, mortgages, and personal loans. The lenders in our network mainly focus on personal loans, implying less documentation and less stringent requirements.
However, even within one loan type, the borrower may be interested in its particular aspects and features or have some specific requests. Luckily, online direct lenders in the PaydayLoanOrganizations network offer a wide range of loan options to meet any borrower’s needs.
Installment credit is almost any credit that is not revolving. Revolving credit allows the borrower to spend the borrowed money more flexibly, i.e., pay down and use the credit repeatedly, without applying for another loan. It is also called an open-end credit, which does not imply a determined repayment deadline. However, within the provided credit limit, the borrower still must pay a minimum monthly payment, which can vary depending on how much money was spent during the given period.
On the contrary, an installment credit means a borrower gets a lump sum, which must be repaid with fixed payments until the loan maturity date. Interestingly, even short-term payday advances, which do not imply repaying by, actually, installments, work similarly to this type of credit, as they are also provided in a lump sum.
Cosigning on an installment loan implies that the third party signs for a loan jointly with the borrower. Thus, the co-signer takes equal responsibility for repaying the borrowed amount of money if the primary borrower defaults on the loan.
Getting an installment loan with a co-signer is the same as the regular application process, except the co-signer must also complete all the relevant paperwork so the lender can run the credit check on them. While bad credit is the main reason people resort to cosigned loans, having a co-signer with a good (670 and above) credit score allows them to secure a loan and get more favorable terms and lower interest rates.
Actually, there is no official definition of “long-term loan,” but some lenders provide repayment terms for personal installment loans for up to 84 months, depending on the loan amount.
Such long-term installment loans can seem attractive as they are associated with more affordable monthly payments and lower interest rates than payday loans with a shorter repayment period. However, to take out a long-term loan and avoid getting bogged down in debt, you should plan your debt repayment thoroughly and have good budget management skills. Thus, long-term loans are most suitable for borrowers with good credit scores who do not have other outstanding loans.
“Pre-approval” is not a separate loan type but one of the stages of the loan process. Roughly speaking, pre-approval is a way to determine whether you are qualified for a particular loan product without actually applying for it and, thus, without any impact on your credit score.
This term is often confused with “pre-qualification,” but the latter precedes pre-approval. Pre-qualification means a primary consideration of the borrower’s creditworthiness (for example, when the PaydayLoanOrganizations’ user submits an initial request, and the lender responds to their inquiry).
In turn, pre-approval implies that the lender determines the specific amount of money the borrower can get and the applied interest rate. Unlike pre-qualification, to have the loan pre-approved, the borrower may need to submit various documents, credit history reports, etc.
Installment loans for federal employees are specifically designed for people on the payroll of the government. Also called allotment loans, they allow federal government employees to get money quickly and at the most favorable terms, even if they have bad credit. No collateral is typically required, and loan payments are deducted directly from the borrower’s monthly salary.
If you qualify for this type of loan, you can get it from some banks, credit unions, online direct lenders, and Federal Employee Education and Assistance Fund. FEEA is a non-profit organization providing federal employees (including USPS workers) and their families with scholarships and no-interest emergency loans.
A credit-builder loan is a type of installment loan that works in reverse, meaning that first, the borrower makes payments and accesses the money only when the approved loan amount is repaid in full. Besides, a credit-builder loan often does not require a traditional credit check, just proof of income. Unlike putting money into the usual savings account, a person builds their credit simultaneously, which is the main reason for taking out the eponymous loan.
A credit-builder installment loan is an attractive option for those with no credit history. Paying back your credit-builder loan in time can be an excellent starting point to developing a good credit score and qualifying for favorable loan terms in the future.
Tribal installment loans come from American Indian Tribes’ lenders.
As Native American tribes have inherent authority to govern themselves within the U.S, tribal lenders can offer terms and rates different from other personal loans, as they do not have to follow federal laws or regulations of a specific state.
Thus, tribal loans have their unique features, advantages, and disadvantages:
Super easy to get approved
Tribal loans can be a good source of financing for people with bad credit or no credit history.
Almost instant loans
Tribal lenders typically offer quick funding on the same day.
Longer repayment period
Most tribal loans, including payday loans, can be repaid in installments.
But:
The main benefit of tribal loans that makes people (whether living on tribal lands or not) consider this loan option is that the requirements to be approved for a loan are minimal, and most tribal direct lenders offer installment loans for bad credit borrowers.
However, you should keep in mind that the specific loan terms vary from lender to lender. So please carefully review all the proposed conditions, including interest rate, APR, applicable fees, and potential penalties, to minimize risks commonly associated with tribal loans.
Tribal lenders still perform a credit check to determine the applicant’s credit risk. They typically look at the borrower’s credit report and credit score. Some people having bad credit may wonder if it is possible to avoid credit checks, as they are afraid that otherwise, the lender would reject their loan application.
Actually, there is no such thing as a no-credit-check loan, but some lenders (and most tribal lenders) do not pay much attention to a negative credit report and are willing to work with all kinds of credit scores.
Although you might not be able to expect a large personal loan or favorable rates having a poor credit score, this doesn’t mean you cannot apply for a loan to cover some emergency expenses.
Bad credit refers to the borrower’s history of mishandling credit and loans, like late payments, defaulting on loans, etc. To evaluate an applicant’s creditworthiness, the lenders use formulas developed by credit-scoring companies. The most recognizable and widely used model, FICO, implies determining the borrower’s credit score within one of the following ranges:
Poor
300 to 579
Fair
580 to 669
Good
670 to 739
Very Good
740 to 799
Excellent
800 to 850
So, any credit score below 580 is typically considered bad. And even though bad credit doesn’t mean an applicant cannot be approved for an installment loan, do not rush to google “installment loans for bad credit near me.” You should consider that having a poor credit score, you are likely to receive a higher APR and interest rates, so it is worth spending some time shopping around for the best loan offer.
Using PaydayLoanOrganizations.com, you can access an extensive network of vetted lenders, including ones specializing in poor credit loans, and you can submit as many requests as you need until you get approval on the funds you seek.
Unfortunately, we cannot speak about some guaranteed installment loans with no credit check from direct lenders, not only for bad credit but for any credit rating (i.e., without considering a particular application and one’s compliance with the lender’s requirements). Still, using our online service, you may have a very good chance of getting an installment loan.
Where you need money fast, you probably would seek installment loans with instant funding. However, you must be vigilant to avoid scammers promising guaranteed instant approvals.
The thing is that instant loan approval is almost impossible since all authorized lenders need some time to review the loan application and perform a mandatory credit check. However, some direct lenders may still offer you same-day installment loans.
In particular, you can use PaydayLoanOrganizations.com to access installment loans with easy approval. Just complete an initial online form on our website, and we will connect you to one of the lenders from our network in minutes so that you can receive your money directly into your account as soon as one business day.
If you are in urgent need of money and therefore looking for installment loans nearby, what could be nearer than just one click away?
Taking out an online installment loan is much more convenient than addressing traditional lenders for a variety of reasons, including no paperwork, the ability to submit an inquiry at all hours of the day and night, saving time spent to get to the bank and back and, respectively, saving on transportation costs. Besides, you can reach different direct lenders simultaneously, submitting as many requests as you need.
You can apply for a loan with the help of PaydayLoanOrganizations.com right now to enjoy all the above benefits. So, there is no point in surfing the internet to find information about “installment loan places near me” when you can get matched to a potential lender even faster.
PaydayLoanOrganizations.com ensures a quick, convenient, and safe way to get connected with reputable direct lenders and apply for an installment loan online, wherever you are. We take into account your location and connect you to the online lenders who legally operate in your area and comply with all the state-specific laws and requirements.
Lending activities are regulated at a state level in the U.S. California Code sets maximum loan amounts for different loan types and some fee restrictions. At the same time, the California Consumer Protection Act grants special rights regarding personal information to online lenders’ customers. In particular, according to California laws, the maximum payday loan amount cannot exceed $300, and the maximum lender fee cannot be more than 15% of the check amount.
Personal loans, including online payday advances and installment loans, are legal in Texas. Moreover, they are not subject to strict regulations: Texas law does not provide for the maximum loan amount a borrower can take, and there is no fixed maximum financing fee either (so be careful, APR can reach three-digit numbers)
As for Texas installment loans, they imply a repayment term of about six months, and the number of installments varies depending on the borrower’s payroll schedule.
Payday lending is legal in Florida. Moreover, Florida laws provide two payday loan options: single and installment payday loans.
Single payday loans for no more than $500 must be repaid within 31 days. In turn, installment payday loans allow you to receive up to $1000, which must be paid back within 60-90 days.
However, according to Florida law, one cannot have more than one outstanding payday loan at a time. If you need to take another payday loan, you should consider a mandatory waiting period of at least 24 hours between two consecutive loans.
In Ohio, credit transactions requiring equal monthly payments, i.e., installments, are governed by the Ohio Consumer Installment Loan Act (CILA). According to CILA, all short-term loans must be precomputed, meaning that the amount due to be repaid must be fixed and final, and the lender must ensure that the loan terms are clear to a borrower.
If the loan repayment time is longer than 90 days, a borrower must provide the lender with one or more recent pay stubs or other proof of regular income (for example, a bank statement.
Another law, the Fairness in Lending Act, regulates the payday loan industry in Ohio. It sets a maximum loan amount ($1000) and maximum interest rate (no more than 28% APR). Besides, the presumed loan duration must be no less than 91 days but no longer than a year.
Illinois has strict regulations concerning short-term loans. Under the Predatory Loan Prevention Act, the interest rate (APR) cannot be more than 36%. Along with it, state law sets the allowed loan duration (from 13 to 45 days) and maximum loan amount, which cannot exceed $1,000.
In addition, the borrowers can have no more than two outstanding loans at once and must wait for seven days (after having a loan for at least 45 days) before taking out a new loan.
In Utah, both installment and payday loans are legal and quite common. The state law does not provide severe restrictions for payday lending. Thus, the lenders can provide a borrower with any amount, with a loan duration of up to 70 days (ten weeks). Besides, a borrower is not prohibited from taking out several loans at once.
However, such a relaxed policy leads to the fact that interest rates are also almost unregulated, and in some cases, APR can reach triple digits.
Georgia Code contains stringent regulations regarding short-term loans, even down to prohibiting payday lending practices and considering “predatory lending” as a felony.
Only a few companies can legally provide small cash advances in Georgia, as long as they abide by the Georgia Payday Lending Act.
As for installment loans, they are also regulated by law, Georgia Senate Bill 462, which applies to any individual providing a borrower with installment loans up to $3,000.
Most popular finance websites provide their version of the Installment Loan Calculator designed to help borrowers determine the monthly payment for the installment loan and the number of installments they should pay to satisfy the loan. Such calculators typically consider the desired loan amount, annual percentage rate, and duration. Yet, a person must already know the specific loan terms to benefit from this tool. Otherwise, the figures obtained can give only a basic idea of the repayment process.
Along with that, loan terms depend significantly on the lender’s policy. And that is why the most straightforward way to learn how much you can expect to get and pay is to complete the online form on PaydayLoanOrganizations.com and submit your inquiry right now. Reliable direct lenders in our network provide cheap installment loans and payday advances. Based on your information, we can quickly connect you with the lender willing to offer you a loan and describe its terms in greater detail.
You risk nothing, as PaydayLoanOrganizations’ services are free of charge, and you will have enough time to familiarize yourself with the loan terms. Please accept the loan offer only if the proposed conditions are appropriate to you.
An installment loan is a type of loan providing a borrower with a lump sum of money that must be paid back in scheduled payments, i.e., installments.
Installment loans can be either secured or unsecured by any form of collateral, depending on what kind of installment loan you need (your loan purpose). For example, mortgages, auto, and home equity loans are typically secured, yet personal and student loans are often unsecured.
Taking out an installment loan, you receive the borrowed money at once, deposited by the lender directly into your bank account. Depending on the loan terms you’ve accepted, you are expected to repay this installment loan with at least two fixed payments according to the agreed schedule (typically, for a set number of weeks or months).
Besides, for each installment payment, you will need to repay not only a portion of the lump sum you’ve borrowed but also interest on the loan. Almost all personal installment loans have a fixed interest rate, meaning the interest rate remains unchanged until you repay the loan in full.
A personal installment loan is a kind of installment loan, along with mortgages, auto loans, student loans, etc. However, unlike them, a personal installment loan is not tied to some specific purpose, so the borrower can use it for anything they want.
When you take out a personal installment loan, you immediately receive a lump-sum payment and have to pay back your loan with regularly scheduled payments over a set period.
Most personal installment loans are unsecured, so you do not need to use your home, car, or any other property as collateral to get approved for a loan. Instead, the lender will likely consider your credit score, employment history, sources of income, any outstanding debts, etc., to determine whether they can provide you with a loan and on what terms.
A payday loan cannot be attributed to either installment loans or revolving credit. Although a payday loan involves getting a lump sum (like an installment loan), it must be paid back in a single payment as soon as the borrower receives their next paycheck and not through a series of fixed payments.
Credit cards are one of the most common examples of revolving credit.
Revolving credit is a so-called open-end credit automatically renewed within the set spending limit as soon as the debt is paid. To continue to have access to money, the borrower needs to make at least a minimum payment each month, which is a small percentage of the total balance due and varies depending on the amount of money spent during the previous month. Typically, if the borrower pays their balance off in full by the beginning of next month (i.e., the next pay period), they do not have to pay interest.
The answer is no. Credit cards are examples of revolving credit.
Installment loans and revolving credit are the two primary options for borrowing money that are used for different purposes. Unlike installment loans, revolving credit does not provide a borrower with a lump sum which must be repaid in fixed, scheduled payments until full repayment of the loan. Instead, a person can borrow money repeatedly within a set limit, making minimum monthly payments for each pay period when the balance was not off in full. Thus, these minimum payments can vary from month to month as they are calculated considering the interest on the unpaid balance.
As “small-business loan” refers to the loan purpose, not the type of loan, it can be either installment or revolving. The borrowed money can be used for various things, including buying supplies, equipment, or real estate, dealing with cash flow issues, and anything that may help to develop the business.
Most small-business loans are installment loans, where a borrower receives a lump sum up-front, but revolving loans are also available. Typically, a revolving business credit line allows you to access money without reapplying once a portion of the original loan is repaid.
