Pay Day Loans versus Installment Loans

The difference is this:

Payday loans are due in full, with a fee, on your next payday. Example - You borrow $200, and pay back $250 on your next payday.

Installment loans you borrow X amount, and make equal payments due on a certain date. Example - You borrow $200, and pay 4 payments of $65, due on the 15th of each month.

There are many reputable installment loan companies, you just have to look for a good one.

DC, have you searched in this sites search bar? you'll have to do some digging but you'll see other people's experiences with both types of loans. Goudah, nice post, easy to understand and quick to the point :)

thanks for the explanantion... it is so hard to figure out who is reputable and who are scammers... I don't want to get in the same trouble that so many of the people here have done, so I want to make sure that I use the best lender possible... I know that they all are greedy, but I have no where else to turn... thanks for your help, this is a wonderful site...

If you have to take out a payday loan, just be sure to not borrow more then you can reasonably pay back your next pay period.