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https://freedomcashlenders247.com/Payday loans are smaller and have shorter repayment terms than installment loans. They’re also more expensive, don’t require a credit check and don’t impact your credit scores.
Perhaps the biggest difference between payday and installment loans is how you repay them. Payday loans are repaid all at once, usually on your next payday, while installment loan repayments are due in smaller amounts over longer periods.