These loans are not the same as payday loans while installment loans for bad credit may have higher rates and less-borrower-friendly terms. HereвЂ™s exactly just how installment loans for bad credit and incredibly short-term payday advances vary.
Beware: Some loan providers of short-term loans may blur the lines between an installment loan and a loan that is payday. As an example, you might see вЂњinstallment loansвЂќ marketed for smaller amounts with payment terms which range from someone to 12 installments and APRs up to 749%. And both on the web installment loan companies and payday lenders may guarantee delivery of funds from the next working day.
Then when searching for a loan, donвЂ™t just concentrate on the way the lender labels it вЂ” look very carefully at the APR and payment terms to learn exactly what sorts of loan youвЂ™re getting and in case itвЂ™s right for your needs.
Eligibility for installment loans for bad credit