What's the difference between payday loans and instalment loans. Payday loans are short-term, high-APR loans, usually designed to be paid off completely at your next payday. Instalment loans, for instance from banks or credit small personal loans houston tx, are longer-term, lower-APR loans, which you pay off in regular arranged instalments to spread the cost.
Some payday loan companies offer to let you 'roll over', paying just the interest for a small number of months to postpone paying back the original loan. However at high APRs this monthly interest alone can quickly add up to more than the total originally borrowed. If you need credit longer term it is worth looking into arranging lower-APR instalment loans, for instance from a local credit union. Why are the APRs on loans from credit unions so much lower.
Payday loan adverts often emphasise how fast you can receive a loan.
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