All about payday loans: Is payday loan installment or revolving?
Are payday loans good for people in need? Short answer: yes, they can be. Long answer: There are two types of payday loans: installment loans and revolving loans. With an installment loan, you pay back the loan over a set period of time, usually between 15 and 30 days. A revolving loan allows you to borrow money up to a certain limit multiple times in a row. Which is better for you depends on your specific needs. What are payday loans? A payday loan is a short-term, unsecured loan that typically ranges from $100 to $1,500. The loan is designed to cover a borrower’s expenses until their next payday. To obtain a payday loan, borrowers must provide proof of income and identification. Payday loans are available through online lenders and storefronts. Online lenders offer quicker approval times and smaller loan amounts than storefronts. However, storefronts may offer lower interest rates…