Apply for Payday Installment Loans Through Pay Pony

Payday loans are unsecured short term loans. They are not, by definition or norm, an installment loan. An installment loan is a financial arrangement wherein the borrower can pay back over a period of time and the lender agrees to accept equal part payments through the preset term. This term could be three months to six months, not uncommon for payday installment loans. The term could be two to five years, common in case of secured short term loans. The term could be several years, as is usual with business loans, student loans and mortgages.

Payday installment loans have similar terms as you would get from banks or traditional financial institutions when they offer secured short term loans. You will have to repay in equated monthly installments. Some lenders may offer you a repayment term of three months. A few may offer up to a year. A repayment term of twelve months is not usually required when payday loans are worth only a few hundred pounds. A year is indeed required when a payday loan is worth a few thousand quid. The loan amount is not the only factor that determines the term. The lender has the discretion to choose a suitable repayment term and a borrower can always accept or decline that and choose accordingly.

The problem with payday installment loans is that not every lender has such a provision. Many payday loan providers have only one term. The entire loan amount along with the interest should be repaid on the next payday. This makes it rather daunting for many borrowers as they do not always have enough cash from their next paycheck to account for the total repayment. This has been the primary reason for borrowers looking for payday installment loans. Everyone wants a more convenient way to repay. Pay Pony has made that quest much simpler with its vast network of lenders.

Pay Pony has several secured lenders that have a provision of payday installment loans. They do offer the classic payday loan, which must be repaid in full and by the end of the month or the next pay date. They also offer short term loans with varying repayment terms. Borrowers can compare the terms and choose an installment loan depending on their repayment capacity. Pay Pony is a rare aggregator that has several lenders in its network offering payday installment loans that are almost similar to short term loans.