There are a number of terms that you will come across when it comes to taking out a payday loan including instalment loans, short term loans, instant loans and many more. In order to prevent any confusion when it comes to taking out payday loans, we’ve put together a quick guide to explain the differences between payday loans and instalment loans. In short however, payday loans are often seen as a cash advance and are designed to bridge the gap between running low on cash and getting paid. Instalment loans however, are usually larger in value and spread out over a number of months.
