What Almost No One Knows About Lenders
Two of the most sought and popular types of short-term loans are installment loans and payday loans. Installment and payday loans do not require traditional credit checking. The best option for people who have low credit score or poor credit standing and need quick cash is either an installment loan or payday loan. These loans are easy to get and a borrower can apply online, wherein the money will be credited to the account by the next business day. In this article, let us discuss the differences between an installment loan from a payday loan.
A payday loan is a type of short-term unsecured loan involving a small amount of money that is taken against or linked the borrower’s next paycheck. In terms of payday loan’s minimum requirements or eligibility, the borrower should have a regular or stable source of income, at the legal age (at least 18 years old), and a bank account. A payday loan amount ranges from $100 to $1000. Once all the needed documents are submitted, a lender can approve the payday loan in just a matter of minutes. The borrower has the option to collect the money in cash or have it credited to his bank account. The amount borrowed should be paid off on the next paycheck. On the other hand, an installment loan can be paid in several months or in an installment basis, which is its difference from the payday loan that needs to be paid in full in a month. While it is true that the interest rates and fees of payday loans are usually high, payday loans are the best option for those who have a poor credit score, and those who want to obtain fast cash. It is relatively easy to borrow money from lending companies offering payday loans online and throughout the key cities in the country, so you can get fast cash if you have medical emergency or you need money for your child’s project or unexpected educational expense.
When it comes to installment loans, the loan amount is higher as compared to payday loans, which range between $200 and $2000, and some lenders or lending companies even provide higher loan amounts than these. The interest rates are lower than payday loans. The requirements are basically the same: a copy of your payslips, checking bank account information, and you must be at least 18 years old. There is a fixed interest rate and this is the best option for those who need fast cash but won’t be able to pay it in just a month. If you are looking for a reliable, and reputable lending company that is willing to help you get either a payday loan or an installment loan, then your best option is Wire Lend because they are committed to providing the best signature loans to everyone who needs it.