What is an online installment loan?
It is a type of loan where you borrow a set amount of money. You then repay the loan over a fixed number of payments, called installments.
What do I need to get an installment loan in Mississippi?
How does an installment loan compare to a payday loan?
Installment loans can get you a few thousand dollars with same-day funding whereas payday loans can get you only a few hundred dollars. Installment loans are repaid over a period of time in equal parts whereas payday loans are repaid quickly, usually in two weeks, in a lump-sum. Installment loans can either be repaid in equal installments or paid off early. Payday loans must be repaid by your next payday loan. There is no flexibility of payments in payday loans.
How does an installment loan compare to a title loan?
Installments loans are unsecured loans that do not need you to risk your auto title to get instant cash. To get a title loan you must give your auto title as collateral. Installment loans are paid back in equal parts over the loan period. Installment loans are aligned with your paydays, so you may not miss any payments. However, if you miss a payment with a title loan, you may be charged a fee and possibly even lose your vehicle.