Personal Loan vs. Installment Loan vs. Payday Loan

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Personal LoanInstallment LoanPayday Loan
Loan Amount $2,000 to $50,000 $1,000 - $4,000 $100 - $300
APR 3.45% - 35.99% Up to 199% 300% - 650%
Loan Length 24 months - 72 months 12 months - 36 months 7 to 31 days
Funding Speed Within 1 - 2 business days Within 1 - 2 business days Within 1 - 2 business days
Popular Lenders Upgrade, Avant, Best Egg Opploans, NetCredit CashNetUSA, CheckCity
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Credit Check Soft Pull then hard pull upon acceptance of the loan Soft Pull then hard pull upon acceptance of the loan Usually no credit check
Shows Up in Your Credit Report Usually not
Loan Use Debt Consolidation, home improvement,
vacation, medical bill, funeral, major purchase
car repair, medical, major purchase, family & kids bill Emergency, rent, medical bill, utilities, car repair
Loan Term Long Term Medium Term Short Term
No Collateral
Improve Your Credit
Bad Credit Friendly Depends

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