Small Loans vs. Installment Loans

What exactly is a small loan?

Answer:

A "small loan" is a small, short-term cash loan. Generally, consumers write a post-dated check for the desired amount, in addition to an interest fee. The lender will hold onto the check until the next payday (usually 14 days) and then deposits it. Consumers also have the option to return with cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement which allows the lender to electronically withdraw the funds from their bank account on a pre-determined date.

A "small loan" can also be referred to as a:

Payday Loan
Cash Advance
Personal Loan
Payday Advance
Cash Loan
Bad Credit Loan
Installment Loan*

*Installment loans usually have a longer loan term than a payday loan. They are defined as a small loan that the borrower repays in installments or payments over the term of the loan. In an installment loan, the number of payments is fixed.

As with any financial product, there are a few things to keep in mind. Short-term loans are designed to be repaid within two weeks. Therefore, you should have a plan in place to repay the loan in full. If you cannot repay the loan, it's best to look into alternative options. For example, try asking family or close friends. Borrowing money from family is a great way to avoid costly interest fees. Another idea is to sell luxury items that you really don't need. Ask yourself: Do I really need the latest high-tech gadget? Or, would the money be better spent repairing my car? The answer is obvious- you don't need an Iphone but you do need transportation to and from work.

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