When you're in a financial bind and need to borrow money quickly, two common options are payday loans and installment loans. Both provide fast access to cash, but they work very differently in terms of how you repay the borrowed amount. Here's a look at the key distinctions and some guidance on which type of loan may be preferable depending on your circumstances.What is a payday loan? A payday loan is a short-term, high-cost loan that typically needs to be repaid in full by your next payday, usually within two to four weeks. The maximum loan amounts are relatively small, usually $500 or less.To get a payday loan, you provide the lender with a post-dated check for the full loan amount plus fe
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