BRIDGEPAYDAY Installment Loans Versus Alabama Payday Loans
You might be interested in a payday loan, or an online installment loan if you need to borrow quick money.
Take a look at the differences between Bridgepayday’s installment loan and what state laws permit online and storefront payday lenders to offer.
|Bridgepayday Installment loan||Alabama Payday Loans|
|The amount of the loan||From $2,250 to $5,250||Maximum $500|
|Lender term||From 10 to 26 Months||10 to 31 Days|
|Borrowing costs||The APR on the loan will not exceed 299||Maximum 17.50% of the amount financed, which could equal approximately 456% APR for a 14-day loan.|
|Credit check||Credit checks are performed and on-time payments can improve credit scores.||No credit check. Income and bank account checks. Repaying the loan will not help you build credit.|
Payday loans are a good option.
Alabama payday loans can be a very expensive type of debt. Borrowers may not have enough money to repay their loan on the next payday due to charges of up to 456% APR for 14 days.
Alabama law permits borrowers to only roll over payday loans once.
There are other short-term loan options
You can get a quick loan by using your credit card or taking out a cash advance on your credit card. Asking friends and family for help is also an option. If your employer allows you to borrow a portion of your salary, pawning may be cheaper than a payday loan in Alabama.
Each option has its pros and cons. Before you make a decision, consider all possibilities.
A BRIDGEPAYDAY installment loan could be a solution for you in an emergency
A Bridgepayday loan installment in Alabama may be cheaper than other emergency loans. Bridgepayday will transfer funds to your account in one business day if you have an emergency such as an auto repair or home repair, medical bills, or other financial needs. Bridgepayday offers longer loan terms which can lower your monthly payments and make repayments easier.
How BRIDGEPAYDAY could help you credit
You could improve your credit score by taking out an installment loan from Bridgepayday and paying on time.
Bridgepayday reports the payments of borrowers to TransUnion, unlike other payday lenders or installment loan lenders. Your credit score could be improved by making timely payments.
You can access your TransUnion credit scores free of charge as a Bridgepayday client. This will allow you to track your progress. TransUnion credit report monitoring is also available for free. This can alert you to any changes that may indicate identity theft.