Life doesn’t always go as planned. When you experience unexpected expenses, a short-term loan may help you bridge the gap between an emergency payment and your next paycheck.
A payday loan or an installment loan are both ways to meet urgent financial needs, but which one is right for you?
In this blog, we’ll help you understand the difference between these loans, what you need to determine whether you qualify, and the ways to apply.
What is the difference between an installment loan and a payday loan?
Both loans offer quick access to the money you need, if approved. You can use these funds to help cover emergency costs, such as healthcare bills or home and car repairs. As you’ll see below, however, installment and payday loans differ in how they are repaid. Both are also available at ACE Cash Express in select states.
What is an installment loan?
Installment loans are repaid over time. If you qualify for a short-term installment loan, you will need to repay the loan in a series of payments, all roughly the same amount. You can also make these payments early or pay the loan off completely in advance to potentially save on interest and/or fees.
You can quickly apply for an installment loan online or in-store at ACE Cash Express in these states and for these amounts:
- Delaware (online only): $100 - $2,000
- Florida: $100 - $1,000
- Missouri: $100 - $2,000
- New Mexico: $100 - $2,000
- Texas: $100 - $2,000
What is a payday loan?
Payday loans have a shorter repayment period than installment loans. Rather than paying in scheduled installments, you will generally pay it back in full by your next payday. Also called, cash advances these loans can also be repaid early to avoid additional interest charges and other fees. You can apply for a payday loan online for these amounts in these states at ACE Cash Express:
- California: $100 - $255
- Idaho: $100 - $1,000
- Kansas: $100 - $500
- Louisiana: $100 - $300
- Minnesota: $100 - $500
- Texas: $100 - $1,500
You can also apply for a payday loan in-store in select states at ACE Cash Express. Visit our payday loan page to learn more.
Can I get an installment or payday loan with poor credit?
A short-term loan may be an option for someone with poor credit. While this doesn’t mean that you will qualify, ACE Cash Express uses a variety of information in addition to an applicant’s non-traditional credit score to determine eligibility for a short-term loan. When you apply for online installment loan, for example, details about your financial history and situation to make a decision. If you apply using our application for online installment loans, you will generally know if you are approved within minutes.
What do I need to apply for an online loan?
You can apply for an online payday loan or installment loan through our easy application process. Open the application on your computer or mobile device and follow the prompts to complete it. You will need to input the following information, so make sure it is close at hand:
- Valid Identification
- Proof of a steady, reliable income
- Proof of an active bank account
Once you’ve submitted the application information, you will receive a decision within minutes.1 If you qualify, you can then pick up your cash at your local ACE Cash Express store or get it deposited into your bank account overnight.2
No matter your emergency expense, a short-term loan may help you meet your pressing financial needs.