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Solving Your Money Problems
There are many different ways to solve a money problem, and you may have more options than you think.
Depending on your qualifications and the amount of money that you need, you may be offered either an installment loan or a payday loan. Both can help you in times of financial need, but these loans do have some major differences. Here are the basics.
Installment loans are generally for larger amounts, in excess of 500 dollars, all the way up to many thousands of dollars. Generally, credit requirements are higher for an installment loan but you still may be able to get an offer, even with poor credit.
The great thing about this type of loan is that you can break up the repayment over multiple installments. This can make loan repayment much easier on your budget.
Obviously, another benefit is that you can borrow more money. You may be able to qualify for thousands of dollars which is important if you are having a larger financial problem.
Keep in mind that all loans have fees and or interest and installment loans are no different. The more you borrow and the longer the loan term, the more you will end up paying back.
A payday loan is a short term, small dollar loan. The average payday loan is for around 300 dollars. These loans are easy to qualify for but amounts are limited and they must be paid back entirely on your next payday.
The good thing with this loan type is that it is very easy to qualify for. If you have a checking account and a source of income, you are well on your way to getting approved. The income does not even have to be a job, just money that you receive regularly
Additionally, payday loans fund very quickly which means that you can have the money that you need to handle your problems as soon as the next business day.
Of course, like all loans, payday loans also come with fees and lots of them. Effective APR’s on these loans can be quite high, so use caution.
Also, keep in mind that with this variety of loan, you will need to pay back all of the money in one lump sum. Be certain that you will have the extra money with your next check, before committing.