Paydayr is a quick and easy way to get a loan offer in as little as 5 minutes.
How it works: Simply complete one brief application, online or by phone, and get an offer from our network of lenders. It’s that easy!
Payday installment loans can be approved and processed the same day you apply and funded the next day or next business day on weekends or holidays.
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Payday Installment Loans Online
Repay on a schedule that works for you
Installment loans are always available to get you the cash you need to meet any and all financial obligations, in as little time as possible. Applying online is as easy as answering a few brief questions.
Simply decide how much money you need and provide some basic background information about yourself. There are no fees for applying and you’re in no way obligated to accept any loan offers you receive.
It’s really that easy. In just a few seconds after you submit your application, you’ll receive offers that match your requirements from an extensive network of participating lenders. Simply select an offer that meets your needs and get a hassle-free installment loan online, with no paperwork and a straight forward repayment schedule.
Same Day Installment Loans
Payday installment loans are a quick and easy way to get the extra money you need today with the convenience and flexibility of allowing you to repay your loan in smaller increments over time.
Save time and money by getting connected with a lender that meets your short-term cash needs, and if you’re not interested in the offers you receive or you change your mind about getting an installment loan, you can quit at any time, there’s no obligation or cost for applying.
Monthly Installment Payday Loans
Some lenders will give you a fixed monthly or weekly payment schedule, others will allow you to choose your own payments and schedule. In either case, installment loans are designed to fit your needs and work within your budget. Short-term installment loans also offer a lower cost and more flexible alternative to traditional payday loans or cash advances.
How Installment Loans Work
You have a few options to consider when you’re looking to borrow money in a hurry. Understanding these options is important before you make any financial decision. Knowing how these alternatives differ can help you decide whether or not they’re the right fit for your needs.
Payday Installment Loans
Compared to long term installment loans, payday installment loans are meant for short-term repayment, typically in 6 months or less. The amount that you can borrow ranges from $100 to $1,000 or more in some cases, and you’re often expected to repay the initial amount when you receive your next paycheck. This is where the term “payday loan” comes from.
Fees and interest
Payday installment loans make money available at a moment’s notice, but it’s also important to be aware of the potential fees and interest. For borrowing $100, you could pay a 10-percent establishment fee and 5-percent monthly interest. In total for this loan, you’d pay $15 for a 30-day payday loan. If you borrow $1,000 instead, you’d be expected to repay $1,150. That comes to $150 in fees for a one month loan of $1,000. Fees and interest rates will vary from one lender to the next, so it’s important to review the fees associated with your loan before accepting an offer.
Extended repayment options
For certain loans—especially those for amounts over $500, the payday lender may extend your repayment period. Keep in mind that because it’s an ongoing fee spanning the entire duration of the loan, the total interest paid will be more, the longer the loan is held. So for the $1,000 payday loan example above, you could pay an extra $50 to extend the loan period for another month.
Installment Loan vs Payday Loan
An installment loan is a specific amount of money that you borrow from a lender. Then, you make fixed monthly payments with interest until you repay the total amount. For instance, say that you borrow $10,000 with an interest of 5 percent. For 60 months or five years, your monthly payment will be about $190. After your final payment, you will have paid about $1,325 in interest for a total of $11,325.
Interest rate (APR)
Many factors affect the interest rate that your lender offers. Your credit report and score are two major aspects that lenders look at when applying for a traditional bank-issued installment loan, but this has little to no importance when it comes to payday installment loans.
Rates can change over time
Despite all of the benefits of installment loans, there are some disadvantages. Perhaps you secure a mortgage for a 30-year term. Fifteen years into it, your fixed interest rate could become higher than the current market rate. However, it may be possible to refinance the loan for a lower interest rate.
Long term obligations
Having a long-term financial obligation could be a disadvantage too. If you lock yourself into a 10-year agreement, circumstances four years later might mean that you can’t make the monthly payments. That could happen if you lose your job or suffer a major injury or health issue. This puts you at risk of losing any collateral with which you secured the loan. In some cases, however, the lender will work with you if ask for help.
Installment Loan Alternatives
In a lot of situations, payday installment loans can be the best option available, but it’s always good financial planning to explore your options before making a decision. When you need money quickly to cover immediate expenses and can repay the loan within a relatively short period of time, a payday installment is likely the right choice. For longer term or ongoing expenses a revolving line of credit can be a lower cost option for those who qualify.
While installment loans are closed-end accounts—meaning they’re a one time sum of money, credit cards are open-end accounts. Also called revolving credit, you can repeatedly use your credit card for various purchases. The lender that opens the credit line sets a limit for how much you can borrow across all of your transactions. You repay a flexible amount every month based on your outstanding balance and the algorithm that the lender uses.
Interest is applied on a monthly basis as well. The annual percentage rate usually fluctuates based on the current market rate. The lender could increase the rate if you miss payments or your credit score drops. Also unlike installment loans, the limit on your credit card could increase if the lender considers you to be a low-risk borrower. You can achieve that by paying your monthly bill on time and either maintaining or improving your credit score.
Let’s say that you apply for a credit card and are approved for $3,000 with an APR of 20 percent. You can use the card to pay for many small purchases. Every month, you pay the amount due, which increases as your balance increases. After months of paying the bill on time, the lender could increase your credit limit.
An ongoing credit line can be a good option in the long run, but generally requires a good credit history to get approved and will take at least a couple of weeks to establish.
When you approach a bank for a traditional long-term installment loan, you’ll need to fill out an application. On it, you’ll specify how much you want to borrow and why you need it. You must provide personal details about yourself too, including your name, address, phone number and social security number.
The lender will likely ask you if you have a down payment. The representative will also talk with you about the length of the loan term, payment schedule, monthly bill amount and collateral. You may need to pay an application processing fee or loan origination fee as well.
Although a down payment isn’t always required, it can lower your monthly payment. Applying for a longer loan term can reduce the monthly payment too, but you end up paying more in total interest. You can save on interest overall if you pay off the loan before the term ends. Just make sure that there’s no penalty for doing that.
Payday Installment Loans
In contrast to the often lengthy process of applying for a bank loan or credit card, a payday installment loan can be approved and processed the same day you apply in as little as 5 minutes. The only real requirement is that you have income that will enable to repay the loan and there are no restrictions on how you can use the money.
Installment loans are a great option if you need money quickly and can repay the borrowed amount over a short period of time. It’s also very easy to qualify for a decent interest rate even if you have a bad credit score. Just make sure that your lender is reliable, offers a reasonable rate, and genuinely cares about your financial well being.
Can I get an installment loan with no credit check?
No down payment or traditional credit score are required for payday installment loans that will be repaid within a short period of time. Short term, for an installment loan, generally means 6 months or less. All loans will require some basic information about the applicant, and some or all of the following requirements will need to be met.
Can I get an installment loan if I have bad credit?
Unlike traditional installment loans that require a credit check, you can still get a payday installment loan if you have bad credit. You can even qualify with a history of bankruptcy. This is because payday lenders base eligibility on your employment status, monthly or yearly income, and how much other debt that you have. You simply need to satisfy the lender’s basic eligibility requirements to get approval.
What’s required to get a payday installment loan online?
- A job or another source of regular income
- A bank account that can receive direct deposits
- Income should be at least $500 a month
- Applicants must be 18 years or older with a valid ID
How can a payday installment loan be used?
You can apply for a payday installment loan at any time and for any reason. Large, longer term installment loans are used for things like; mortgages for buying a home, auto loans to get a new car, and student loans to further your education.
On the other hand, payday installment loans allow you to cover short-term expenses like rent payments, medical bills, or home improvements. In short, installment loans help you finance all kinds of transactions and pay for them incrementally over a set period of time. There are no restrictions on how you can use the money.
What is collateral and is it required?
Collateral is anything of worth that you own—commonly a car or house. Traditional big bank lenders can seize your collateral if you stop paying your monthly installments, so it must cover the amount that you borrow.
Payday installment loans are based on the borrower’s ability to repay, usually through employment or some other source of regular income. For this reason, they don’t require collateral.
Having collateral to secure the loan isn’t necessary with payday installment loans. Although providing collateral can sometimes lower your interest rate with a longer term loan, it’s not a factor when you apply for a payday installment loan.