One year installment loan lenders are looking towards payday loans customers for additional business. In many cases the two types of loans are very similar but the one year loan is boasting about easy payments that even low income individuals could pay back.
How are payday loans similar to one year installment loans?
Both online payday loans and installment loans will help those who do not qualify for other money options.
No credit check loans
Money directly transferred to bank account
The difference between to the two wraps itself around the payoff. Interest is still high, but what an installment loan does is figure it all the interest in and break up the payments over a year. The smaller equal payments can be much easier to pay for those with smaller income, but defaulting on one of your payments will bring in more interest at a high rate. Payments which are defaulted on will still create financial problems for and the debt with high interest will be an issue as well. There are some of these companies which are promoting loans in six month periods. Competitive rates for online payday loans lenders are available with the half year loans. Payday loans are designed to be paid off within a few weeks and similar interest spread out over six months or even a ear will bring very expensive payoff balances.
The relief from the longer termed loans will only be found in the smaller monthly payments. The major downside to these longer installment loans is the full amount paid in the end. Whether the loan is for a year or two, paying the loan off early is the only way to keep youfrom wasting so much cash in interest. Find a good lender who will not charge you extra for paying the loan off early. When you pay off early, the lender will have to figure the amount of interest to that date and charge you only that amount.
Whichever option you take advantage of for your fast money needs, do it wisely and shop around for best rates and best lenders. Online payday lenders have lots of competition, so with some research you can find a lender who stands out above the rest. One year investment lenders are not part of such a competitive field, but continue to look for one who will offer the best practices in this field.
Spotya! a direct online payday loans lender continue to promote best practices within the payday loan industry. The staff understands that good people fall into bad money times and everyone deserves a chance. With that said, there is also the understanding that borrowers need to have best practices with their money as well. Payday loans are access to fast cash for those emergency times. A savings account is the best way to handle unexpected costs and it comes interest free. Low cost payday loans only get pricey when they are not paid off in time. Don’t pretend that the high interest will not hurt your credit. These costs are presented up front and are by no means hidden. Not paying your loan off on time, or at least a reasonable amount of time, the low cost loan no longer exists.
I am a Blogger, Web Content Writer, Teacher, Mom. A woman of many hats. As an elementary teacher, I had always encouraged my students to write more. I find myself falling back on my own teaching techniques to share what I know about building and rebuilding personal finances.