Payday loans put money in your pocket fast, but you also have to pay them back quickly. Most of them have repayment terms of 30 days or less, and the due date usually corresponds to your next paycheck. This often works out well if you just need cash to tide you over until next paycheck.
However, when you need longer to pay your loan back, an installment loan provides more flexibility. You don’t have to pay the entire loan back in 30 days. Installment loans allow you to borrow larger loan amount and pay back the loan amount in installments over a longer period. Each payment represents a monthly installment.