Traditionally, a “Payday Loan” is a single payment loan, usually due in full on your next payday. Payday Loans may have an option to renew, if you are unable to pay in full.
Installment Loans are set up to let you pay back over time. Your payments are structured to have a portion of each payment go towards your principal until it is paid off. Power Finance Texas offers Installment Loans with no prepayment penalties, this means that you can pay your loan off at any time. You can also pay more than your scheduled payment amount in order to pay your loan off faster with less fees.