Installment Loans vs Payday Loans
Same fast funding, very different cost and structure.
| Payday | Installment | |
|---|---|---|
| Amount | $100 – $1,000 | $500 – $10,000 |
| Term | 2 – 4 weeks | 3 – 60 months |
| Payment | Lump sum | Fixed monthly |
| APR | 300% – 700% | 36% – 199% |
| Credit reporting | Usually no | Yes |
Bottom line
If you need more than $500 or more than 30 days to repay, an installment loan is the cheaper, safer choice.
Questions
Frequently Asked Questions
Clear answers to common questions before you compare loan options or apply.