Which loan fits your situation?
| Payday loan | Installment loan | |
|---|---|---|
| How you repay | Generally one payment on the due date in your agreement | A series of scheduled payments over a set period |
| Typical use | A short-term gap until your next payday | An expense you'd rather repay over time |
| What to compare | Finance charge and APR against the amount you borrow | Total of payments, not only the payment amount |
| Where terms are shown | Your loan agreement, before you accept | |
- Payday LoansShort-term loans generally repaid in one payment.
- Installment LoansLoans repaid through scheduled payments.
- Loan RequirementsWhat the application may ask for.
- How It WorksFrom application to funding.
Loan approval is subject to eligibility and applicable underwriting requirements. Rates, fees, loan amounts and repayment terms vary by product and applicable law.