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Payday Installment Loan

 

A really good alternative to a traditional payday loan is a payday installment loan. The big advantage to a payday installment loan is that a person can pay it off in a series of smaller payments rather than all at once.

One of the biggest drawbacks to traditional payday loans is that a person has to pay the entire amount of the loan plus interest back very quickly. A payday installment loan allows a borrower to make a series of payments over time rather than a lump sum.

Getting a payday installment loan may not reduce overall loan costs but it can make it easier to pay off a payday loan. Persons on a fixed income may have an easier time paying off a payday installment loan than a regular payday loan.

How a Payday Installment Loan Works

In a traditional payday loan a borrower agrees to pay the loan off with interest on their next payday. In a payday installment loan a person makes a payment for a set amount each payday until the loan is paid off.

The advantage to a payday installment loan is that the installment payments can be limited to a small amount that the borrower can afford. The disadvantage is that the borrower will have to budget part of their income for loan payment for a period of time.

Many online lenders will set up an arrangement where a lender automatically takes the installment loan payment out of the borrower’s bank account. The disadvantage to such arrangements is that they can cause a bank account to become overdrawn.

How to Get a Payday Installment Loan

Payday lenders don’t like to make payday installment loans because the profits from traditional payday loans are usually higher. Many payday lenders will make installment loans to individuals who borrow a lot of money and to established customers with a track record of paying loans off.

An individual can get a payday installment loan by asking for one at a payday lender. Some payday lenders will make installment loans available. As with any other payday loan a person will have to prove that they have the income to pay it off before taking out such a loan.

Payday Installment Loan Online 

The best place to find a payday installment loan is online. Many online lenders specialize in making these loans to people who can prove they have the income to pay them off.

In many cases payday installment loans online are called by other names including cash loans, cash advances and hard money loans. Online lenders will be more likely to make payday installment loans and loan larger sums of money.

Online lenders will require that a borrower have a bank account because online lenders usually disperse funds electronically to bank accounts. Most online lenders will also require an automatic payment arrangement that takes payments directly from bank accounts.