Payday loans used to be the great equalizer. They allowed people with bad credit to have access to quick funds in cases of emergency. And then with the technological revolution these short term loans moved to the internet. Payday loans online allowed people to apply for quick money no matter where they were.
It is the nature of evolution for new ideas and products to replace the old. And now it seems that payday loans online are going the way of the dinosaur.
Installment loans online have the same speed, flexibility, and easy approval process of payday loans online, only without any of the drawbacks.
Installment vs. Payday Loans Online
If you have ever taken out a payday loan before, you know full well the worst part of it is the repayment schedule.
Yes, the interest rates are pretty high. But all loans have interest. What payday loans online have that other loans don’t is a “cycle of debt.”
Payday loans do not have an end date. Aside from the high interest, they are ongoing and open-ended. In theory, you could end up paying off a payday loan for years. There are horror stories of people spending thousands of dollars for a $500 loan.
If that doesn’t frighten you, it should!
Installment loans are a different animal. They have set payment dates and amounts. Installment loans do not go on forever, you will know before you sign the contact when each and every payment is due for the life of the loan. And you will know the date of your final payment.
Payday Loans Online: Obsolete and Extinct
Many people may still believe that payday loans are the only readily available alternative to the banks. This is not true! This industry is changing rapidly day by day, and many payday lenders are realizing they have to change with the times or be left in the dust.
Installment loans are different. They are better. Installment loans online are the next step in the evolution of borrowing, with no intrusive credit checks, no piles of paperwork, and no extended approval times.
Apply in minutes, approval in seconds, cash before you know it.