What is an Installment Loan and How is it Different from Payday Loans?

This is where an installment loan becomes your new best friend.

Payday loans are a type of loan that many people are at least a little bit familiar with. Lots of working Americans have used these loans to get quick cash when living paycheck to paycheck. They help when you run out of money before the next payday or have an unexpected bill because they are easy to use and really fast. But, you may encounter a difficulty when repaying payday loans. What if you don’t have enough cash to cover the full amount? This is where an installment loan becomes your new best friend.

An Installment Loan Has All the Great Characteristics of Payday Loans

If you find the right lender, an installment loan can be as useful to you as a payday loan. Especially when working with an online lender or someone who normally offers payday loans, you can still get all these great aspects of payday loans:
• An easy, convenient online application or mobile app that you can use to apply in minutes at anytime and anywhere
• Minimal approval requirements that are easy for most working adults to meet
• High approval rates and no need for a credit check
• Quick approval in about two minutes or less
• An overall easy process that ends with your lender transferring cash right to your bank account

When you get an installment loan from an online payday lender you still get all of these great things. You can still benefit from what makes payday loans so useful to those of us who work for a living. So what makes installment loans different?

Installment Loans Include More Flexible Repayment

If you have used payday loans before, you know that they must be repaid in full on the due date. Usually by your next payday the lender deducts the entire amount you owe from your bank account. This is great for many people because it means you get out of debt quickly. But, maybe you have experienced a situation in which you realized there wouldn’t be enough money in your bank account to make that full repayment.
This is where an installment loan comes in handy. If you feel there is a chance you won’t be able to cover the full cost of the loan on payday, choose this loan instead. It allows you to repay the loan in smaller amounts on a fixed schedule rather than all at once.

Is an Installment Loan Right for You?

Only you can make this decision ultimately. If you feel confident you’ll be able to make the full repayment on time, go with standard payday loans. It’s best to get out of debt sooner rather than later because you will pay less in interest. On the other hand, if you can’t repay, you’ll face late fees and the added stress. Take a careful look at your situation and decide the type of loan that is best for you right now.

For more information about National Cash Credit, the products and services they offer, and how to apply, please visit NationalCashCredit.com