A payday loan is a small short-term personal loan or a cash advance which should be repaid in two to three weeks. Payday loans require no collateral or co-signer and have remarkably high interest rates.
An installment loan is a personal loan which can be used for a longer period. Installment loans are unsecured and have lower interest rates than payday loans. These loans can be repaid in smaller monthly installments over a period up to 36 months.
There are no limitations on how you can use the loans. Personal loans are often used to overcome unforeseen expenses, as well as pay medical bills, car repairs, utility bills.
Yes, these loans are available to people with any credit score.
Interest rates for personal loans vary from lender to lender and in some states are limited by state laws.
The basic requirements include: being of legal age, having a valid personal ID, having a stable income source, having an active checking account and contact details.
No. Many lenders require no employment verification, however having a valid and stable income source is a must.
Applying online is the most safe and convenient way of requesting a payday loan or an installment loan. You can apply at the lender's website, or by using loan-matching services like 67CashToday which is also free of charge.
You will get an email notification, or a lender will contact you by phone.
Payday loans start from $100 to $1500 and installment loans reach $10000. There may be other limits set by your state regulations.
Typically, the loans are credited the next business day after approval, but in some cases, you may get the funds the same business day.
The loan will have to be paid by the next pay cycle if it is a payday loan. Installment loans have longer repayment periods.
Contact your lender immediately to find a solution.