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Comparing Payday Loan Services With Installment Loan Services
Total Articles: 6
To solve this problem, there is a better way of making the payment by doing payment by payday loans. Installment payday loans UK gives a better way of making these payments as it gives more time for making the payments.
There is a difference between the payday loans services and the payday installment loan services. In case of borrowing money from payday services, the amount of loan must be repaid in the duration of 7 to 45 days. On the date of due, it is expected by the lenders to pay the full amount. And in case of installment loans, the loan amount can be paid within the duration of 3 to 18 months that makes the installment of amount more manageable. The repayment time depends upon the debtor. In this way, several small payments can be made instead of a larger payment.
Since many years, the payday lenders of loan have been looking for some dedicated scrutiny for the 1st time from the US agency. A way in which the lenders are preparing themselves is by switching over to loans. There are various companies in US that are selling these long term installment loans at an increasing rate to avoid the rules that are imposed on the short term loans. For the installment payday loans UK, it has become very easier to attract customer who are afraid of making big payments one single pay. This service is a very helpful service for such type of customers.
According to some consumer groups, the installment loans service carry equal amount of high interest rates annually and risk that are similar to the payday loan services. This statement of the consumers has become the major source of encouragement for the shareholders and the agency officials. Payday loans typically can be taken for about $100 and it can be taken for a period of 2 weeks at maximum. This type of loan is made to tie the lender with the cash till the time of next paycheck. The payday loans are also secured by the check of single post-dated. The borrowers of online payday are required to have a debit directly from the bank account.
Other than payday loans, under the installment loan service, they are paid under a very fixed schedule of 90 days to a period of 18 months. Unlike the case of payday loans, the borrowers are subjected to generally income verification and credit checks. In other words, the payday installment loan services are better than the payday loan services alone. A yearlong study of consumer bureau has also said that the borrowers of payday loans can be ensnared in some ‘debt traps’ due to the reason that the lenders take new loans in order to cover the previous ones.
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