Payday & Installment Loans
Payday & installment loans are for borrowers with poor credit (a FICO score of less than 600) or no credit at all. Both require that you have a checking account and a reliable source of income.Payday loans need to be paid back within a week or two. Installment loans have a longer payback period of up to as much as 12 months - read how installment loans work here. Both have been criticized for their high interest rates and roll-over fees. One study by the Consumer Financial Protection Bureau found four out of five payday loans are rolled over or renewed Before looking at payday loans, click here to see if you might qualify for a personal loan.