Installment loans online are repaid via scheduled, typically monthly payments over the life of the loan. In contrast, payday loans are paid off via one full payment at the loan’s maturity date. Installment loans are also more flexible than payday loans as they can be short or long-term, have low or high principals, or are secured or unsecured. At the same time, payday loans are small short-term unsecured loans. Installment loans for bad credit are easier to get online.