To make a decision about the right loan product for you or your family you need to know all the information. Please take a minute to review our most frequently asked questions.
WHAT IS THE DIFFERENCE BETWEEN A PAYDAY LOAN AND INSTALLMENT LOAN?
There are a few differences between installment loans and payday loans. The first one is that payday loans online are typically only meant to tide you over until your next payday and are not a long term financial solution. Also, payday loans typically range from $100-$500 where installment loans typically can be larger sometimes $500 to several thousand dollars.
Installment loans are also paid back over a longer period of time with payments that typically include principal and interest. Installment terms can range from several weeks to months or even years depending on the amount and whether it is unsecured or a secured type loan.
HOW DO INSTALLMENT LOANS WORK?
Installment loans are a loan that is repaid by regularly scheduled payments over time typically consisting of part principal and interest. Because of this payment structure, installment loans don’t require you to make a single lump-sum payment on your next pay-date to pay off your loan.
This loan product provides many advantages such as flexible payments that are spread out over time, no early payoff penalties, online application process, and in some instances these loans can be a more affordable alternative to certain types of payday loans.
HOW TO KEEP YOUR BUDGET IN PLACE WITH OUR INSTALLMENT LOANS ONLINE?
Responsible borrowing and lending is a primary focus at Achieve Finance. We want our customers to make sure that they keep their budget in mind when apply for installment loans. It is important that you do not borrow more than you can afford to pay back and we ask that you keep your current expenses in mind when requesting a loan amount.
If you can’t make your payment on time please contact your lender and know that many states allow for you to make installment payment plans. Installment loans are a short-term lending solution for temporary financing needs, and are not substitute for long term financial planning and management.
With that said if you need an installment or another type of small dollar loan Achieve Finance is your trusted partner to get you the money you need.