When you find yourself in need of emergency cash to cover an unexpected bill or to avoid costly late fees and potentially ruined credit, there are several options available to you. In these situations, a traditional bank loan probably wouldn’t be best since the application and approval process can take some time to complete. However, payday or installment loans, provided by a reputable financial service like Speedee Cash, can assist you with short-term financial relief quickly.
There are key differences between installment loans and payday loans and understanding these differences can help you determine the best loan for you.
Installment Loans vs. Payday Loans
- Payday loans range from $100 to $1500; installments loans range from $150 to thousands of dollars.
- Payday loans are short-term and paid back in 30 days usually; Installment loans are paid back over a few months.
- Payday loans are repaid through a post-dated check; installment loans are directly withdrawn or paid using a check each month.
- Payday loans are unsecured; installment loans are typically secured.
- Payday loans can be rolled over when it’s due; installment loans can be renewed every few months.
How much cash you need and how long you will need it for will help decide which loan is right for you. To learn more, visit one of our many convenient locations regarding short-term loans in Mississippi.
