Payday installment loans are the king of payday loans. They allow folks to get a larger amount of money and pay it back in a longer period of time. Payday installment loans are not something that is required to be paid back in a full amount within a fourteen-day time period or by the time you get your next pay check. They work differently.
When you take out payday installment loans it works kind of the same way as a regular payday loan. You have to have the same paperwork, e.g. government issued ID, social security card, proof of income/pay stub, checking account information/bank statement, proof of residence/depending on the financial institution. These are done online and you will fill out the application which takes just minutes using the information that you gather. After that they will take usually twenty-four hours to deposit the money into your checking account.
Payday installments loans are not credit based, so you can have little to no credit when applying. They just want to make sure that you can pay them back by using your income information which is how they determine the amount that you can borrow. When paying them back, you have upwards of years in some instances that you can pay them back in regular monthly installments. The rates are still high as with regular payday loans, but these are a little bit more worth it.
Payday installment loans are pretty good as they benefit people who aren't able to find help from other institutions when they have a personal crisis. Sometimes it's not an option for folks to use their relatives or close friends to borrow money and bringing more income into the home is not a fast enough solution.
These payday installment loans provide people the needed funds when life gets in the way of them being able to take care of their regular, basic everyday needs. In some instances, these loans are a life-saving resource when someone has a medical emergency and nowhere else to turn. It's nice to know there's somewhere to turn when you need help.