Installment loans generally are paid off over six or more payments on a monthly or bi-monthly basis versus the one-time payment required on a payday loan.
One of the most overlooked benefits of installment loans is the increase in your credit score. Installment loans are usually available for three- or five-year terms.
An installment loan will almost always be cheaper versus a payday loan. That’s because most states have maximum interest rates that can be charged for loans.
The application includes your contact information, bank account, monthly income and employer info.
Installment lenders will make a soft check on your credit to estimate your rate. If you agree to the rate and the payments look manageable, the lender will deposit the money directly into your bank account.