A Google search for personal loans will return many different variations of personal cash loan products. But, if you don't know what these loan products are and how they differ from each other, you can't select the loan that is best for you. Below is All Cash Loan's Dictionary of Personal Cash Loans:
Payday Loan/Cash Advance - A Payday Loan or Cash Advance is an unsecured, short-term loan that is usually repaid on the borrower’s next payday. Typically, a customer uses a payday advance to cover small, unexpected, expenses between paydays to avoid expensive bounced-check fees, late bill payment penalties, and other less desirable short-term credit options. (source: Community Financial Services Association of America)
Installment Loan - An installment loan is a loan in which the amount of interest is added to the principal and repaid by the borrower in periodic payments, usually starting 4-5 months after the loan is received. The loan balance may not be increased during the life of the loan and the payments remain the same amount for the entire term of the loan. (source: Small Business Association of America)
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