These loans are not the same as payday loans while installment loans for bad credit may have higher rates and less-borrower-friendly terms. Here’s how installment loans for bad credit and extremely short-term pay day loans vary.

Beware: Some loan providers of short-term loans may blur the lines between an installment loan and a loan that is payday. For instance, you may see “installment loans” marketed for smaller amounts with payment terms which range from anyone to 12 installments and APRs because high as 749%. And both on the web installment loan companies and payday lenders https://speedyloan.net/personal-loans-id may guarantee distribution of funds from the next working day.