What is the difference between a Payday loan and Installment Loan?
Date: Fri, 09/03/2010 - 09:41
I just noticed a post that stated that if you have an installment loan you will need to pay the loan off as agreed in the contract.
What is an installment loan? If you take out a loan on the internet, lets say for 500.00 and they say that unless you notify them 3 days in advance, they will extend the loan for another 14 day and charge you a roll over fee up to 6 times and on the 7th roll over, you will be charged the roll over fee plus 30.00 for principle, is that considered a installment loan or payday loan?
What is an installment loan? If you take out a loan on the internet, lets say for 500.00 and they say that unless you notify them 3 days in advance, they will extend the loan for another 14 day and charge you a roll over fee up to 6 times and on the 7th roll over, you will be charged the roll over fee plus 30.00 for principle, is that considered a installment loan or payday loan?
You have to look at your contract. Your contract will state whe
You have to look at your contract. Your contract will state whether it's a PDL, an installment loan or a CSO. What's the name of the company you have your loan through? Are you in CA?