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Differences between cash advance online and installment loans

Are you looking for the fast problem solution or want to realize some project requiring additional money? Everything is possible when you apply for a loan online. However, you may face a problem of choice, which one to give preference to. Before you choose either a cash advance or an installment loan, you are recommended to consider the differences they have. Here you have an opportunity to get all necessary information about both loan types in order to get rid of any kind of doubts.

What is a cash advance online?

Cash advance online is one of the most popular types of loans due to the fact that it has a lot of advantages. $100-$1000 is an amount of money you can easily obtain when you face an emergency. The main aim of cash advance lender is to provide you with the urgent financial help when you face an unexpected necessity to cover medical bills, do the repair or have any other unplanned expenditures that are going to ruin your budget if you don’t get extra money. Cash advance is a short-term loan, which is intended to be used till you get your monthly income. The repayment term varies from one week till one month as the maximum possible period. Cash advance is the loan offered without credit check and paperwork. Online procedure of getting a loan makes it so desirable for many customers, regardless of their credit rating.

Advantages of cash advances

Cash advance is an extra option, which has been designed to help you when there are no other variants to solve financial problems you have now. It is quite popular nowadays because the cash advance lenders offer their customers a great number of benefits, which you can check out here:

  • Easy to get: just meet simple basic requirements and you will get the necessary amount of money up to $1000;
  • Convenient to apply: online application form consisting of simple questions will take you about 3-5 minutes;
  • Fast to obtain: you are going to get money deposited into your bank account within one business day;
  • Available for bad credit and no credit: it doesn’t matter what kind of credit score you have, you are going to be approved for fast cash meeting the same basic requirements as good credit borrowers.

Disadvantages of online cash advance

Nothing is perfect and cash advance has some cons as well. You are recommended to look them through in order you make sure that these disadvantages can’t prevent you from using cash advance as the source of extra money. The list of disadvantages includes the following options:

  • Scam lenders: if you have never applied for online cash advance, you risk to be cheated by the fraudsters. That’s why you should make sure that the lender you are going to cooperate with is a legitimate one. Using the lending services of the mediator, you may be sure that you will get a loan from the qualified lender as such companies work with the network of legitimate lenders only.
  • High interest rates: it is well-known that the interest rates on cash advance is a higher than on other types of loans. However, many borrowers think that an opportunity to apply for the loan from the comfort of your house and get money within 1 day balances out.

What is an installment loan?

An installment loan is a loan, which amount is from $100 up to several thousand dollars. That’s why it is intended to help you realize any kind of projects, which you have always dreamt of but didn’t have enough money. Interest rates on this type of loans are still quite high but lower compared to the cash advance loans. The main difference between these two loan types is that the first one must be repaid in one lump amount of money within the short period of time while an installment loan should be paid back in fixed installments each month. The repayment period may vary from several months to several years. This means that it is better to use installment loans for long-time projects compared to the short-term loans, which are intended for emergency situations.

Advantages of installment loans

There are certain benefits you will enjoy if choose an installment loan:

  • Regular monthly payments with the fixed interest rate: when you take an installment loan, you are going to pay it back in equal parts. You will repay the same installments on each payday. Such scheme of payments will allow you to plan your budget.
  • Longer repayment term: you will be able to get the necessary amount of money instantly and repay it within the longer period of time compared to payday loans.
  • A chance to improve your bad credit score: You have a great opportunity to improve your low credit score making regular payments each month. If you don’t miss the due date of the loan repayment, you will automatically contribute to your credit history.
  • Fast and simple application process: You will enjoy the procedure of applying for an installment loan as it is rather simple and convenient. It will take you minutes to be approved for the loan, which is going to be deposited directly into your bank account.

Disadvantages of installment loans

Installment loans have some points, which can be considered as cons. Check out the list of disadvantages before you take a decision to apply for the installment loan:

  • High interest rate: compared to payday loans here the interest rate is lower, however, it is still considered to be rather high.
  • Negative consequences if you miss the payment: in case you delay the regular monthly payment, you risk facing penalties. This means that you will overpay more if miss an installment payment.
  • Collateral is required in some cases: some installment loan lenders may ask to provide them with some security as the guarantee in case you aren’t able to make the loan repayment. This especially refers to large amount of money.

What are the main differences between payday advance and installment loan?

In order you can make the right decision concerning the type of a loan you need to deal with the current financial situation, you are offered to compare cash advance and installment loan. Check out the most important differences that may influence your choice:

  • An amount of money: You can get up to $1000 or $1500 as the maximum amount offered when choose a cash advance while an installment loan is up to several thousands of dollars.
  • Repayment term: Cash advance must be repaid within a couple of weeks or till the end of the month depending on your payday. The repayment must be one lump sum compared to installment loans, which are paid back in installments over the larger period of time. You can repay equal parts during several months or even years.
  • APR: interest rates on installment loans are lower compared to the short-term loans online.
  • Collateral: Cash advance refers to unsecured loans while installment loans may be both: secured, when the lender requests some collateral as the guarantee if you fail to repay the loan and unsecured installment loans, when the lender is ready to offer you large amount of money without providing him or her with any kind of collateral.
  • Rollover or renewal options: when you get a cash advance you may be offered to roll it over in case you can’t repay it on the due date. In this case you are going to pay some additional fees. When you get an installment loan, you agree on a fixed interest rate but when you realize that you are going to miss a repayment term due to some financial problems, you will be offered to renew it with additional interest rate. It is possible to renew your installment loan every few months paying extra fees.

What kind of loan will be the best deal for you?

Before you apply for either a cash advance or an installment loan, you are recommended to ask yourself the following questions:

  • How much money will be enough to deal with your current problem? In case you don’t need more than $1000, then cash advance is the most reasonable decision. If you plan to get larger amount of money, which you are able to pay back only in certain period of time, get an installment loan without any hesitation.
  • What kind of credit score you have? In case you want to get a short-term loan, your credit rating doesn’t matter. If you have a poor credit score and want to improve it, it is better to get an installment loan, which may help you improve your bad rating.

Consider all pros and cons of both installment loan and cash advance and you will see which one suits your current situation best.