Installment loans change from pay day loans by having longer terms and payments that are regular. The entire amount comes due at the end of a set period, usually two weeks to a month with a payday loan. Installment loans have actually high prices вЂ“ not as high as payday advances but greater than a personal bank loan or a credit card. Additionally, like pay day loans, thereвЂ™s no credit collateral or check needed to use.
A written report posted because of The Pew Charitable Trust considers installment loans and exactly how laws that are state them. (more…)