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.