payday loans vs short term installment loans

Yes. Payday loans are considered "demand" notes and are payable in full (principle + accrued interest) on the date of maturity, usually 14-30 days after the loan is taken.

"Installment" notes are not payable on demand, but rather broken up into two or more "installment" payments. The loan is ammortized such that payments are applied to principal and interest, and on the last payment the loan should be completely paid off

Here is a post I started a while back on clarifying rules and regs regarding installment loans.

The thread is called "Installment Loans Regulating Law" and just click on the name to read more.

What's interesting is that the military regs capping interest at 36% apply to payday loans and title loans, but not to installment loans. I wonder if they just didn't think of these things or if the installment lenders did a better a job lobbying the Department of Defense than the payday lenders did.

Pretty much, guest, you're right. If you think about it, "installment" lenders means every single bank, finance company, credit union, etc that gives out loans; every car purchase, home mortgage, furniture loan is considered "installment". So making a law that effect "installment" lenders does encompass every lender out there, and you bet they do have a very big lobby (in comparison to the PDL lobby).