Payday loans and installment loans have several key differences. In this article, we will explore the meaning of each type of loan. Find out which one may be right for you.

Payday Loans

Payday loans are organized around your payday schedule. That carries a built-in convenience as you don’t have to second-guess your payment due dates. However, payday loans are typically short-term and high-interest. If you need to take out multiple payday loans over time, you may get trapped in a payday loan cycle. You may have trouble repaying the loans over a period of time.

Still, if you’re confident in your ability to repay the one-time expense and don’t anticipate needing to take out multiple payday loans over time, this may be a valid route to pursue. It’s important to weigh the pros and cons relative to your unique financial situation.

Installment Loans

Online installment loans are not organized around your payday schedule, specifically. They are typically longer-term loans that must be repaid in full, including any applicable fees or interest. Instead of paying off multiple payday loans, you could be paying off a single installment loan. This loan will provide you with money for a longer period of time than a typical payday loan. In this way, you could dodge the payday loan repayment cycle.

Here at OntarioCASH, we don’t do credit checks as part of the application process! Once you apply, we will instantly connect you with one of our online installment lenders based on your application.

If you wish to check your credit score or credit report, use Credit Verify! Registration takes only a few minutes, allowing you to access your personal financial information and enjoy added benefits and features. Learn more at Credit Verify.

Conclusion

It’s important to be informed and make the right decision for your financial needs. Payday loans can be risky, especially if you get stuck juggling multiple payday loans. It may be more beneficial to take out a single installment loan over a longer period of time. If you’re in need of online installment loans for bad credit, try OntarioCASH!