Especially if you don’t have another source for receiving the money you need or the option of getting another type of loan- a payday loan can be very useful.
This loan differs from a payday loan since the repayment period is carried out over a specific period of time, which is predetermined for a series of payments.
The main disadvantage of an installment loan, similar to a payday loan is that it has high-interest rates.
Installment loans will have you paying in regular payment schedules, and payday loans expect a quick turnaround with the next paycheck you receive.
Also, the repayment schedule for a payday loan might be as short as 30 days, but you can pay back installment loans over a period of many months.
