Payday Loan-Installment Payday Loans

Choose a Regular Installment Loan over a Payday Loan

People from across the country get into serious financial trouble when they acquire a payday loan. To fully understand a payday loan, The Loan Factory offers you two common definitions:

1) A payday loan is obtained under the agreement that it will be paid off within a term between 14 days and no longer than 31 days.

2) A payday loan where a postdated check is used to secure a loan. This check is usually dated between 14 and 31 days ahead of the date the loan is obtained.

The Loan Factory does not offer a payday loan and you do not need a checking account. Instead, our loan term length goes as long as 12 months depending on how much you borrow, allowing you more time to repay the loan. We set up equal payments that can be paid in bi-weekly, monthly, or semi-monthly payments. There are no surprises, so our customers have the time they need to set up a budget to make all of their payments on time.

If you have a payday loan with a company now, you can ask us to pay them off with your new loan from The Loan Factory. Our rates are traditionally lower than a payday loan and since we give you up to one year to pay the loan back, it makes it much more affordable as well for you.

Too often, a lump sum payment just isn't feasible for people in need of a loan, but they still acquire a payday loan when they should be taking advantage of smaller payments over a longer period of time. Taking up to a year to pay off a loan is much easier than attempting to pay off their loan in the allotted time span of 2 weeks to 31 days like a payday loan normally does.

Our installment loans offer a more affordable way to repay your loan. Instead of paying your loan off in less than a month, we schedule affordable payments that include principal and interest so that when the term is done, everything is paid for in full. Want to pay your loan off early? There are no prepayment penalties and a portion of the interest could be deducted, if you do so. Just pay the payments or pay more if you like, it’s up to you!

Just because we offer a longer term than a payday loan, that doesn’t mean it takes long to get your loan approved. Give us 5 minutes of your time and your loan can be approved in as little as 15 minutes. In most cases you can get your money the same day you apply. Let our helpful staff assist you with the application process. Call toll free and one of our loan agents will get you on your way to the cash you need.