An installment loan for bad credit is usually paid back all of that which was borrowed over a longer period of time, from 6 months to a year. With some stores this can be extended even further, dramatically lowering interest costs as well as fit in better with your budget. For loans under $1,000 typically good credit is not required, which is why they are often called bad credit installment loans.
Payday loans for bad credit can consist of a numerous variety of loan types. These can include installment loans, payday loans, pawn shop loans, title loans, car equity loans, home equity loans, as well as bail bond loans, vehicle impound loans, car down payment loans and bail bond loans.
Personal loans without a credit check may take into account your credit worthiness based in part on information obtained from your alternative credit report, but they come in many types. Although some loans don't require checking your credit, higher loan amounts for short term lending, such as $25,000 to start a business, may take into account your credit worthiness based in part on information obtained from your credit report, require collateral and a credit check. However, you will find that most loans under $1000 do not. This is the real difference.