It can be a challenge to obtain a payday loan if you’re not sure where to start. There are several different options available but you may be concerned about the interest rates associated with payday loans and installment loans. When you understand the difference between these types of loans you can better understand the loan rates and which ones are affordable to you. The best way to learn about rates is to do your research online or call local lenders in your area.
Different Rates
Installment loans and payday loans are similar and different in very important ways. The interest rates between the two are not different at all. A payday loan can be obtained for typically no more than $1,000. If you are looking for a loan to use on a personal basis and you do not have good credit, an installment loan may be a better option for you. The rates for both types of loans are much higher than a standard bank loan but they come with the added convenience of being available in your bank account right away.
Installment loans can be obtained by almost anyone but are commonly used by individuals and small businesses that do not have established credit. Installment loan rates will be high but you may have access to your funds as soon as the next day, which is not always the case with a personal loan.
If you are in between paychecks and are looking for easy loans online, then Short Term Loans can help you find the right one to fit your needs.
