If you’re looking to borrow money quickly or have a short-term financial need, payday loans are probably your best bet especially if you are living in Long Beach California like I am. These short-term loans typically require less paperwork and may have lower rates than other types of loans. However, they sometimes do require that the borrower repays within their next couple of paydays. This may sound like a good deal, but if you have bad credit, it can be difficult to get one.Installment loans are the standard type of loan for people with good credit and a long-term financial need. These loans may take longer to come through, but they do ensure that the borrower pays back all of the money borrowed within a specific period of time.
The Downside Of Applying For A Payday Loan
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Short repayment period: The number one drawback of a payday loan in Long Beach is the short repayment time period. Typically, these loans require that you repay the money within two to four weeks after receiving it, which can be challenging if you don’t have enough money to pay back the loan quickly.
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High-interest fees: Payday loans typically have a high annual percentage rate (APR), which means you will pay more in interest than you will for the actual amount borrowed.
Installment Loans Negatives To Consider:
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Longer repayment period: The longer the repayment period of an installment loan, the more you will end up paying in interest over time. However, there are ways to minimize this effect, such as paying off as much of the debt balance as possible each month so that you can pay them off quickly when they come due.
- Harder to get: Credit scores are a big factor in the qualification of your Tiny Cash Installment Loan . If you have bad credit, you should expect to wait longer for a lender decision for qualifying on a loan and also will most likeley pay a higher interest rate than someone with good credit.
Consider how long it will take you to repay the amount you borrow from a payday loan vs. an installment loan. Long-term loans can help you avoid high rates and fees that could result from short-term loans. Also, take into consideration your current credit score. If you have a low score, applying for a payday loan may be the only option you have to get money quickly. However, if you have a good credit score, an installment loan may be more appropriate for your financial situation. Keep in mind also that on installment loans they will probably pull a credit check which in turn will give you a hard inquiry hit on your credit report. If you do decide you need a quick loan you can visit the Long Beach Tiny Cash Payday Loans location here as I have placed th map below.