"Payday Loans" and "Installment Loans" in El Paso, Texas

How To Apply & Get Payday Loans and Installment Loans?

Payday loans and installment loans are two types of loans that are quite useful as well as popular among people. But these two loans are quite different from each other. But when it comes to choosing between these two many get confused. In order to take the right decision, you have to make sure that you know about these loans very well.

Payday loans in El Paso: 24/7 online approval $100-$1000 cash advance!

"What is a Payday Loan?"

This is generally short-term loan of a small amount of money with a high interest rate. The security of this loan is your next paycheck. The lender from whom you are lending the money will provide you with the loan. You have to pay it back with interest and fees with your next paycheck.

"How to Get a Payday Loan?"

In order to get payday loan, you have to fill out an application for the lender. You have to provide personal information, banking and income information in this application. Some of the requirements for this loan are:

- You must have income payments even though you are not employed
- You must be the resident of the state you are choosing to apply for loan
- You have to be at least 18 years old
- You must not be in any bankruptcy case in the present
- You have email & phone number

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Installment loans in El Paso: Up to $3000 personal loans up to 24 months!

"What is an Installment Loan?"

An installment loan, on the other hand is a type of loan which is repaid over a time period with a certain number of scheduled payments. It is normally two payments that are made towards the loan. The term of this loan may be as little as only few weeks or even as long as 24 months. One example of installment loan is the mortgage.

"How to Get an Installment Loan?"

You can get an installment loan only when you fulfill these below criteria:

- A steady source of income
- A working telephone number
- Valid checking account
- A valid government issued ID to prove your age (18 years)
- Resident of the same state

If you meet these criteria then you can apply for the installment loan. But depending on your credit score and your financial situation at present, your loan will be granted. So, to ensure that you are getting the installment loan without any problem, make sure your credit score is perfect. Also, you have to have a steady source of income which can be any recurring payment option or a job.

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Difference Between These Two Loans

Both payday loans and installment loans are considered to be high cost and small dollar loans. They both come with high interest rates. But there are certain difference too. These are:

1. Payday loans may vary from $100 to $1000 whereas installment loans vary from $100 to thousands of dollars ($3k).

2. Payday loans paid generally in 30 days whereas the installment loans are paid over months (up to 24 months).

3. Payday loans, once get due, can be rolled over. On the other hand installment fees can be renewed in every few months paying additional fees as well as interest.

So, these are the facts and details about the payday loans and installment loans that you must know. Now, you can decide which one of this you want to apply for.

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