Fast & Easy Payday Loans. Payday lending is legal in 27 states, with 9 others allowing some form of short term storefront lending with restrictions. The remaining 14 and the District of Columbia forbid the practice. 8 Federal regulation against payday loans is primarily due to several reasons: (a) significantly higher rates of bankruptcy amongst those who use loans (due to interest rates as high as 1000%); (b) unfair and illegal debt collection practices; and (c) loans with automatic rollovers which further increase debt owed to lenders.An installment loan allows you to borrow a set amount of money over a fixed time period. Some common examples of installment loans include car loans, mortgages and student loans. You repay the loan over a certain number of payments, called installments. Most installment loans will have a fixed monthly amount that you're required to pay, and the amount won't change over the course of your repayment period.
If your loan is to buy something. Simply get the card, then use it to purchase whatever it is the loan was for, then make sure you repay this amount off the card in the same time as you were due to get the payday loan (eg, the next month).
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