ONLINE LOANS WITH MONTHLY PAYMENTS – PAYDAY LOANS LAS VEGAS
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.
Payday loans are small cash advances, which need to be paid back in full on a certain due date generally after two to four weeks or as soon as you get your paycheck. The lenders who offer these loans charge a high rate of interest for this amount. The approval is instant or within a few hours and the money transfer is within twenty-four hours. There are some payday lenders or some states that ask the lenders to create a monthly payment plan for the consumers while creating the contract.
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.
So as you see there is not a major difference between the two, and usually, the laws that govern one also govern the other type of loan. Almost all the lenders that offer one type also offer the other type to the consumers. The verification process is also similar for the two. So when should you opt for one or the other?
- Go for the first when you want a smaller amount as a loan and intend to pay back all in one full payment.
- Go for an installment loan, when the amount you intend to borrow is a little higher, and it will be easier to pay it back in easy monthly installments.
Though these loans are an attractive option when you are in sudden need, you should explore all your options before taking these loans.
With a little online research, you will find many lenders that are active in multiple states across the country and offer both types of loan. Both types of loans will have certain common factors like:
- Principal amount
- Finance charges
- The term of the loan
- Repayment plans
- Clause for non-payment of the loan or non-sufficient funds in your account.