Aside from the fact that installment and payday loans are directly deposited into your bank account, they are different.
Installment loans are often paid off over several years with fixed monthly payments. They are usually less expensive than payday loans. Furthermore, installment loan payments are often recorded to credit agencies, which might help you establish credit over time if you pay on time.
Payday loans are expected to be repaid by your next paycheck. They frequently have high interests. Payday loans also don't assist you in building credit and don't report your payments to credit bureaus. However, if you can't make the payment, with some lenders, you can renew the loan for a fee.