There are a few different types of installment loans that you can consider if you need cash but don't want to repay the loan in a short period of time. An installment loan is a type of loan where you borrow a certain amount of money and then repay it over a set period of time, as opposed to a payday loan where you must pay back the entire amount borrowed plus interest and fees in one lump sum. Installment loans typically have longer terms than payday loans, so you can spread out your payments over several weeks or months. This can be helpful if you need cash quickly but don't want to get stuck with high interest rates and fees like you would with a payday loan. Apply Today for Short-Term Loans or Personal Loans

Installment Loan Types: Installment vs. Lump Sum Payment Loans

An installment loan is a type of loan where you borrow money and then repay it over an extended period of time, as opposed to repaying the entire amount borrowed plus fees and interest all at once like with most types of payday loans. Installment loans are longer-term than traditional payday loans; they can range from 2-4 months or even longer, depending on the amount you borrow. 

Installment loans are typically more common among people with poor credit scores or who have had trouble getting approved for other types of loans. Installment loans are offered by both banks and non-bank lenders - basically anyone that can get at least one installment loan approved will usually be able to get another if needed. 

As an example of how installment loans work, here is a breakdown of what happens during one type of an installment loan: 

1) You apply for $2,500 in installment loan cash; your lender offers this option at 12% interest over 6 months (instead of their usual 18%). This means you will repay $3,150 total in installments. The lender also charges a $50 origination fee when you get the loan.

2) You receive the cash advance in your checking account within 24hours of approval, giving you enough time to pay your rent in full with the cash.

3) The first installment is due at the end of next month when you receive another paycheck. This happens every month until you have paid off all 6 installments over 6 months. 

Installment loans are also referred to as "deferred-payment" or "extended payment" loans. Installment loans are usually more expensive than payday loans - most banks and non-bank lenders charge between 4-10% interest for these types of loans, compared to traditional payday loan rates which can range anywhere from 100%-500%. Installment loans also typically have more flexible repayment terms than payday loans, but most still require you to repay the entire amount in installments. Installment loans are different from "balloon payment" or "bullet payment" loans which are due in full at once upon maturity. 

The main advantage of installment loans is that they allow you to pay back a certain amount of money each month until the loan is paid off, giving borrowers more flexibility in being able to repay without resorting to another short-term option like a traditional payday loan.

Installment Loan Options for Bad Credit 

If you're looking for an installment loan with bad credit, here are some options available:

1) Installment Loans for People with Bad Credit: One option is an installment loan specifically designed for people with bad credit. These loans typically have higher interest rates and/or fees but can be a helpful way to get cash quickly without having to resort to a payday loan.

2) Secured Installment Loans: Another option is a secured installment loan, where you use your car or another asset as collateral for the loan. This can help you get approved for a larger loan amount and at a lower interest rate than you would usually find with an unsecured installment loan.

3) Credit Union Installment Loans: A third option is to apply for an installment loan through your local credit union. Credit unions typically have more flexible lending requirements than banks and other traditional lenders and may offer lower interest rates on installment loans. Installment Loan Longer than 2 weeks 

If you need cash and don't want to repay over a short period of time, an installment loan is a good option. Installment loans can range from 2-4 months, so they are longer than traditional payday loans - but shorter than balloon or bullet payment options which require repayment in full at once upon maturity. If you are exploring getting an installment loan just click the link to explore an option on you.