Online loan providers fall into two categories, installment loans and payday loans. You can Google search providers on your electronic device.
Installment loans and payday loans differ in the amounts you can borrow. Payday loans have a lower limit, usually up to $1000. Installment loans have a higher limit, and are offered for $1000 up to $50,000. There are also differences in the way you pay them back. Payday loans are paid back in one lump sum and installment loans have scheduled payments over time. Both have fast approval and payout.
When you need a loan, the amount and your ability to pay it back may determine whether you need a payday loan or an installment loan. Payday loans are short-term loans, you are borrowing the money from your next paycheck. They top out at $1000. The loans are paid back in one lump sum by your next pay period. Installment loans are paid back, usually in 1-5 years incrementally—payments are made each month. They can be for as much as $50000 but $35000 is more common.
Both payday and installment loans are unsecured loans. That means they have no leverage to repossess an asset should you not make your payments. Usually they have more stringent requirements to qualify for a loan. You must have a full-time job, make at least $1500 per month, agree to arrange direct deposit with your bank and you must be over age 18.
You might use the money from a loan to invest in yourself. This could be the best use of the money and give you a better chance to pay off the loan. Get some training. Take a class. Learn something to sharpen your skills in what you already do or something new. It is a chance to change your life. It is a chance to change your future.
You might need quick cash for an emergency. There are many times when quick cash can make a difference. It is aggravating to have your car break down. It is almost impossible to get to work or take the kids to school. And, car repairs are very expensive. Having a plumbing problem on a holiday can ruin your celebration. The plumber is going to charge extra for working on a holiday in addition to the service call. It is well documented that whenever there is a freezing, cold day, our most vulnerable elderly residents can lose their lives if their furnace quit working. Sometimes a loan can save a life.
When you need cash in a hurry, consider either a payday loan or an installment loan. Payday loans can provide $100-$1000 in minutes with no credit check. It is based on your next paycheck. It is a quick lump sum payback, but might be the best for you. If you need more than $1000 and up to $50000, an installment loan may make more sense. It is more flexible, with lower payments and is paid over 1 to 5 years. It is up to you depending on your need and resources.