Let Fast Payday Loans, Inc. help grow your financial literacy by showing you the difference between payday and installment loans. These quick and easy loans can be helpful options for anyone needing urgent cash, but each one has some unique differences worth knowing. Check out the rest of this guide to learn what those differences are so you can choose the best one for your needs!

What Is A Payday Loan, And How Does It Work?

Let’s begin by understanding what a payday loan is and how it works. A payday loan like the one from Fast Payday Loans, Inc. is a short-term, unsecured loan. That means you don’t need to provide any assets as collateral to secure the money. Instead, you must meet this short list of requirements:

• Adult: First, you must be at least 18 years old.
• Identification: You must provide identification, like your driver’s license or government-issued ID.
• Proof of income: Your most recent pay stub is also necessary as proof of income.
• Blank check: You’ll also need to provide a blank check from an active checking account in your name.

With these items, you could access a payday loan and receive between $100 to $1,000 in quick cash. That could be helpful to you in a financial emergency to cover urgent costs and overcome whatever challenges are in your way.

Payday loans are generally due when you receive your next paycheck. However, you must always refer to the terms and conditions of your loan to understand your obligations.

What Makes An Installment Loan Different?

Installment loans share some similarities with payday loans. However, they’re different enough that you should consider both options carefully before choosing one. Just like payday loans, installment loans are an unsecured finance option. You do not need to provide any asset as collateral, though there will be a short list of requirements you must fulfill. 

Besides, the amounts you could qualify to borrow will differ from that of a payday loan. Suppose you go through the process and get approved for an installment loan. In that case, you’ll receive a lump-sum payment. Then, as the name suggests, you’ll have to repay that loan in regular installments according to your loan agreement.

What Can You Use Payday And Installment Loans For?

The good thing about payday and installment loans is that you can use them for any urgent financial need. That flexibility is crucial because people experience different financial crises, and these solutions could be useful for most of them. Here are some common uses for emergency funds gotten through payday and installment loans:

1. Medical Bills

The fast processing times that come with payday and installment loans make them potentially helpful when dealing with things like medical bills. When you suffer an illness or injury, one of these loans could help you settle your bill with little or no delay. Then, you can focus your time and energy on recovering as best as possible.

2. Household Repairs

Repairs around the house, such as for your plumbing or roofing, are not the kind you can delay for long. Instead of waiting, accessing emergency funds could enable you to get the work started and keep your home livable.

3. Car Maintenance Or Repairs

Similarly, maintenance and repairs for your car also can’t be delayed for too long. That’s because you’ll need a working vehicle to get to work, send the kids to school, and run other daily errands. Spare parts, repairs, maintenance, and upgrades could be paid for using money from a payday or installment loan.

4. Rent And Bills

Lastly, you could rely on one of these loans for your housing situation. For example, you can use the funds to catch up on rent to avoid an eviction. Similarly, catching up on your overdue bills can help you avoid late fees, penalties, and service disruptions.

How Do I Get A Payday Loan?

If you’ve taken time to consider your options and decide that you want a payday loan, here’s what you’ll need to do:

1. Reach out to Fast Payday Loans, Inc. with the online form. You’ll need to submit your basic information like your name, number, and ZIP code to receive a callback soon after.
2. Wait for the callback from a helpful representative. They’ll tell you everything you need to know about the loan and set an appointment to meet them in person.
3. Bring the required items to your meeting, as discussed. The representative will verify your paperwork and help you complete the process.
4. If all goes well and you’re approved, you could receive the money as early as the same day or by the next business day.

That’s all it takes to get the urgent money you need fast!

Get A Payday Loan Now!

Part of financial literacy is learning how to compare your loan options carefully. That way, you can make the best decision to meet your needs and preferences. If you decide that a payday loan is what you want, get in touch with Fast Payday Loans, Inc. anytime! Remember, the online form is available on this website 24/7. Use it to submit your information, then wait for a call!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.