What is an Installment Loan?

If you are in need of some extra financing, you may have started asking friends and family for help. This is a good option, mainly because you can trust that your friends and family will help you during difficult times.

If that option hasn’t helped, however, you may have started doing some research on your own. This means looking into various options, such as online loans. There are a handful of options out there, and you may be familiar with payday loans and personal loans. So, what’s the difference between them all, and what exactly is an installment loan? We break that down, offering a look into the different times of online loans.

Payday Loans

These are incredibly popular, so you may already be familiar with them. These are short-term cash advances, usually under $1,000. They’re back by future income, such as your next paycheck or another type of regular income. These types of loans are meant to be used for emergencies and the term on these loans are usually 30 days or less.

Personal Loans

These are no-collateral loans within the range of $35,000. They can be used in a variety of ways, including consolidating debt, paying off high interest credit cards, or even for unexpected expenses.

What is an Installment Loan?

These are short-term, no-collateral cash advances, usually under $5,000. These loans are backed by future income, such as your next paycheck or another type of regular income. The difference with them is that they are paid back in a set number of scheduled payments. These “installments” and its payment schedules are arranged in advance before the loan is finalized.

What are the benefits of an installment loan? The overall loan amount is much more than a payday loan, so there is the added convenience of receiving more money. They’re a better solution for long-term cash needs because you can pay them back with increments. They can also be used in a variety of ways for a number of reasons.

It’s a great that you can apply for them online. In a matter of minutes, you can complete an online form that connects you with lenders in our network. This means you can apply from the comfort of your own home, without setting aside a great time of time to visit a physical location, such as a bank.

It’s a convenient solution for those who are in need. OnlinePersonalLoans.com makes getting the cash you need easy.

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