"Payday Loans" and "Installment Loans" in Arlington, Texas
Everyone has encountered moments in their lives when they are faced with unexpected problem which can only be solved by finances. Maybe a family member is sick, your business is going through turbulent times or you need to settle some debt. Whatever the problem that you are facing, there is always light at the end of the tunnel. The two most viable options that can help you to get out of a financial crisis are payday loans and installment loans. However, before you rush into taking a loan, it will be prudent that you know what you are getting yourself into. You don't want to take something that will come back to haunt you the rest of your life.
Payday loans and installment loans have some similarities and that is why some people call them small dollar loans or even high cost loans. The reasons for such names are mainly because of the high interests that the loans have. The high interest rate is attributed to the credit ratings of the borrowers. Most of the borrowers of these loans are perceived to be low income earners or have poor credits. These conditions make it had for them to access other cheaper credit options. Let's look at the difference between payday and installment loans and from there you will be able to make a sound decision on the type of loan that you should choose.
Payday loans in Arlington: 24/7 online approval $200-$2500 cash advance!
"What is a payday loan?"
These are loans whose amount range from one hundred dollars up to ten hundred dollars. The loans are short-term, they should be paid in a period of less than 30 days. This is done in anticipation of the payday which may be just ahead. Since the loans always have some impact on the payday, it is always advisable to use this loan if you are anticipating for other sources of funds.
Payday loan is processed through automatic withdrawal once the borrower's paycheck hits the account which was used to get the loan. A high percentage fee is always charged on the loan. Payday loan is unsecured and before it is approved, the lender will have to consider the borrower's ability to repay the loan. If the borrower fails to repay the loan, a higher fee will be charged for some other four weeks.
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Installment loans in Arlington: Up to $5000 personal loans up to 24 months!
"What is an installment loan?"
In the installment loans, the borrower can get an amount ranging from one hundred to three thousand dollars. The loans have principal interest rates and other charges may include insurance fees. Installment loan is supposed to be repaid in fixed monthly installments which are set over a specific number of months. The annual percentage rate (APR) is always higher than the one that has been written on the contract because there are different types of credit insurance.
It takes a short period of time for a borrower to renew an installment loan. With the renewal, you will be able to enjoy new interest rates, low fees and even friendlier credit insurance. With the renewal, the loan will be reset to the first amount that was borrowed though sometimes it may be reset to a higher value. In order to secure an installment loan, you need to have tangible assets such as a vehicle, jewelry, electronic device or any other valuable item.
With this valuable information, it will be much easier to decide on the type of loan that you should choose between payday and installation loan. The choice of the loan should depend on your personal needs and lifestyle.
With proper discipline, any loan can work for you!
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