How is an installment loan different from a payday loan?

Installment loans are paid off over time and your financing company will typically give you a set amount of months to pay off the loan. A payday loan is often viewed as a short term loan where the consumer pays back the loan all at once. A Payday advance is typically paid back in a matter of weeks while installment loans are paid back over a period of monthly payments. Loans amounts vary with each company, but cash advance companies will typically offer far less money than what you see with a personal loan lender. One thing to consider, when you borrow money from a payday lender, the interest rates are higher than what you see with most personal loan companies.