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 Posted: Fri Jul 18, 2008 9:13 am Subject: Difference between installment lenders and PDLs? |
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I recently got a loan in Texas for $ 1,000 from World Finance pay $ 148 for 12 months. I was wondering what the main difference between this type of loan and a PDL because going forward I was wondering which type had the best rates and maybe somebody can give me more insight on World Finance.
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Svtcobrar_410
Joined: 18 Jul 2008
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| Posted: Fri Jul 18, 2008 9:19 am Subject: |
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I'm not sure about world finance, but I can tell you that a ODL is a short term loan, if you borrow $300 most companies will either charge you $90 every two weeks for 4 payments & then start paying down the principal after that or they will continue to withdraw the "fee" until you make an arrangement to pay it off...withway you end up paying much more than the amount borrowed.
A lot of people on this site are trying to get out of the trap, myself included, and would recommend that you try another avenue instead of taking out a pdl.
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dawnlango7
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| Posted: Fri Jul 18, 2008 9:31 am Subject: |
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The main difference between installement loans and payday loans are the terms.
Payday Loans - Payment is due in full on your next payday, or in some state's you can just pay the finance fee and extend the loan. The full amount is still due and just paying the finance fee doesn't bring your balance down.
Installment loan - You borrow X amount of money, and agree to pay it back in X number of equal payments over a period of time.
As to which kind of loan has better rates, that totally varies depending on the company you are borrowing from.
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goudah2424
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| Posted: Fri Jul 18, 2008 9:41 am Subject: |
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Does anyone know the difference between how PDLs and installment loans are regulated in Texas?
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Svtcobrar_410
Joined: 18 Jul 2008
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