Financial troubles come without warning. When you are living your life in peace suddenly a medical bill pops out when you least expect it. For some of you, it may be something far less serious but still necessary, like grocery bills till your next salary shows up. Whatever may be your reason, in time like this the urgency of the money needed is high. That means you cannot wait around for loans to be processed or salaries to be credited. Most often you need the money the same day.
There are many loan options available these days. If you do a little online research you will know that there are many lenders available online that provide you instant cash advances that can help you out in these times. The most common loan type for instant cash needs is the payday loans las vegas. Another one is the installment loan. Both of these types are regulated by various financial departments of the state governments. Let’s first understand what these two types are.
Installment loans are similar to payday loans in the sense that the loan amount and interest rate are similar or a little less than the first. The major difference in the two is that the payday loans generally require the borrower to pay back the principal and the finance charges together on one date, whereas, installment loans give you an option to payback in monthly payments. However, due to monthly installments, the final amount that you pay back to the lender may increase as the interest keeps adding up as the tenure of a loan gets lengthier.
Though these loans are an attractive option when you are in sudden need, you should explore all your options before taking these loans.