Payday Loans vs Installment Loans

There’s no doubt about it—in life, stuff happens. Whether you need money to pay off other bills, pay medical expenses, or just want funds available for an emergency, you need cash and you need it fast. Due to regulatory constraints, large banks no longer lend when you need them most. This is leading people to turn to payday loans, but not without consequences…

 

The Problem With PayDay Lending

 

Nearly half of Americans don’t have enough in savings to cover a $400 emergency.  Many of these customers use PayDay loans or Overdraft protection, both highly expensive, to manage their borrowing needs. PayDay Lenders charge fees that yield effective rates between 400% and 5,000%!

 

The huge downfall is because Payday loans require repayment the next time the customer is paid, they are usually forced to take out another payday loan to payoff the first loan thus keeping them in a perpetual payday loan cycle.

 

Getting Back on Track with a TLC Installment Loan

 

Benefits of using a personal installment loan include:

  • Lower interest rate than most credit cards
  • Use for a variety of purchases
  • Consolidate high-interest debt
  • Smooth your cash flow
  • Boost your credit score

 

Furthermore, as part of our commitment to helping our customers meet their financial goals, we provide access to educational resources and incentive programs. By offering an installment loan as an alternative to a payday loan we want to see you on your way to financial recovery.

 

TLC Loans are Here to Help

 

As a consumer installment lender, TLC Loans are helping people seeking a personal loan when they’re turned away by traditional banks. We understand the challenges facing our customers and their families. Total Loan Company know there are times where you may need an installment loan to get you through a tough financial time. Which is why we’re here to help!

 

Get cash in one business day—it’s quick and easy to apply. Licensed in the states of Illinois, Missouri, Utah and South Carolina, the loans we make are as individual as the people who apply for them. Contact us here today for any questions regarding the application process.