The Advance Payday Loan Market Is Shrinking. Here’s What’s Taking Its Place:
A flurry of recent articles suggests that the payday loan market is shrinking, but fortunately for people with poor or bad credit, there are new alternatives for personal and payday loans. Although many brick-and-mortar stores have been forced to closed, we can still help you find loans online. We offer payday loans up to $1,000, and you can get an installment loan up to $5,000.
Payday lenders usually require that borrowers repay their loans fully from their next paychecks, but more lenders are now willing to extend the repayment period up to 45 days. This type of advance payday loan is still considered a short-term loan, but we can connect you with online payday lenders that offer easy-approval installment loans for bad credit. Apply now to see if you qualify.
The installment loan definition includes any type of loan that’s repaid in installments, and these loans are considered long-term loans. Installment loans include mortgages, credit card payments, personal loans, business loans, auto loans and revolving lines of credit–such as those offered by banks, retail stores and other lenders.
The important advantage of installment loans is that they enable you to repay your loan over a longer period of time. If you can’t afford to repay your advance payday loan in a lump-sum payment, you can choose an installment lender and repay your loan over an extending period. You’ll pay more total interest for longer financing, but your APR will usually be less than those of payday loans.
A Smaller Payday Loan Advance Market Generates New Lending Alternatives
The regulations of the CFPB have limited interest rates and forced many brick-and-mortar operations to close their doors, but high-risk personal loans that you repay in installments might be a more affordable option for your needs. We can help you find personal loans for bad credit while speeding up your online search.
However, if you can comfortably repay your loan in a lump-sum payment, payday loans may offer a better option. Although the annual percentage rate might be higher, you’re only financing the loan for one to four weeks, so the total interest charge that you pay will be less than the charges for a long-term installment loan. It’s always important to gauge your ability to repay any loan. You might be able to find payday lending alternatives that allow you to repay your loan in 45 days, which could reduce your total loan charges, so see if you qualify now for a payday loan or installment loan.
The Payday Lending Industry Retools to Meet Your Needs
The payday lending industry strives to meet consumer needs in an increasingly competitive loan industry. The advantages of fast payday loans include:
- Provide you with loan options when you have no other resources.
- Easy-to-obtain loans can help you handle a personal financial shortage.
- Payday loans are fast and convenient.
- Payday loans can often be obtained without a bank account and loaded on a debit card.
- These loans are a simple payday loan alternative for people who can repay their loans from their next paycheck.
- Credit score is not as important as having stable employment and bank account or verifiable source of income.
- The payday lending industry offers loans to younger borrowers who are over the age of 18 and those with no established credit.
- Rolling over your payday loan, while not encouraged, is an option if you can’t repay the loan; however you should contact your lender first to see if the current loan’s repayment period can be extended.
- Payday lenders can save you money if your cash shortage would result in bounced check fees, late fees, reconnection service fees and other expenses.
- Our lending associates are available 24/7/365.
Installment loans might make repaying your loan easier because your payments will be smaller, and many lenders allow you to reduce your total interest charges by paying off an installment loan faster. However, an advance payday loan can reduce your total interest rate.
Apply now for a payday loan or installment loan.
Fast Payday Loans Versus Easy Installment Loans: Which Should You Choose?
Fast payday loans are a workable option when you want to pay as little total interest as possible while installment loans offer lower payments and loans for higher amounts. The advantages of installment loans over fast payday loans include:
- You can get fast cash loans with monthly or biweekly payments.
- Bad credit 12-month personal loans are a good option when you need to borrow up to $5,000, which you can use for personal expenses or to finance business opportunities.
- Monthly installment loans for bad credit are predictable–your payments are set up before you close on the loan.
- You can often repay your loan faster without incurring penalties, but you should check with each potential lender to see if this option is available.
- Installment loans can be both secured and unsecured.
- Borrowers from all kinds of backgrounds choose installment loans when they’re short of cash for personal or business needs.
- You can often refinance an installment loan if you need smaller payments over a longer financing period.
- Faxing paperwork and verifications isn’t required because your details can be confirmed electronically.
Contact us today if you want to apply for an advance payday loan or installment loan.
Using Loans Responsibly with for Better Financial Management
We recommend that you carefully consider any kind of loan before you finalize the deal. In our online lending form, we request only the basic information that lenders need for processing payday or installment loans. However, lenders don’t ask about why you need the loan or what all your financial obligations might be. You can rest assured that our form, which requests minimal information, will be sent to potential lenders securely, and you cash will be sent to your bank account or loaded on a debit card by lenders that provide that option.
Only you know whether you can afford to repay any type of advance payday loan or installment loan with your current income while managing your recurring expenses. In an emergency, you can refinance or rollover your loan, but we can’t endorse this practice because it could lead to a cycle of debt that increases your interest charges, which could compromise your ability to repay the loan. It’s important that you read the fine print of any loan offer and assess your ability to repay in a lump-sum or regular installments.
Ask about the loan’s annual percentage rate, and determine how much you’ll pay in total interest charges. Consult your budget or make one to make sure that all your expenses are included. That’s the easiest way to determine whether you can realistically afford to take out any given loan.
The payday loan industry might be shrinking, but responsible lenders now offer lending alternatives that give you more repayment options to prevent getting trapped in cycles of debt. Only you can determine whether an advance loan or installment loan is right for your needs.