What is the difference between an installment loan and a payday loan?

The biggest difference between installment loans and payday loans/cash advances is the duration. Payday loans and cash advances tend to be short term loans which are generally due within a few weeks, by your next payday. The amounts for such loans are also smaller. Installment loan amounts tend to be larger and the repayment takes place in the form of monthly installments over a long period of time.

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