What is an installment loan and how do they work?

An installment loan is a short-term loan that provides the same quick cash benefit of a payday loan, without requiring full repayment on your next payday. Instead, installment loans allow you to repay the loan over a set period of time. Loan payments are made until your balance is paid in full, and you always have the ability to make larger payments to pay off your loan balance early.

Also unlike payday loans, your installment loan amount accrues interest daily. Speedy Cash installment loans put you in control of your budget and how much you pay in loan fees by allowing you to pay off your loan quicker with larger payments, or make smaller payments over a longer period of time.