In case you are short on money and you want to get a loan fast, you can always apply for an installment loan online. What are these types of loans? These types of loans are similar with the payday ones but not in all the aspects. The main similarity is that is the costs, which can be quite high in both cases. The installment loans are offering a few more opportunities, which the others don’t. This means that you can choose the day when you are willing to make your payment. Maybe you want to make it once per week or you want to pay your rate once per month. No matter how you intend to do it you can choose the exact date so it can be the same as the payday. Another important thing is that you can also pay in more rates for the same loan. To be clearer you don’t have to pay for the entire amount once. You can extend the period for several months according with the amount you have borrowed. Unlike the payday loans, when you apply for these loans your credit records have a very important thing to say. They can influence the decision of the creditor to give you the money or not. Also your income is very important. You must have at least $ 1,700 per month so you can get such a loan no matter if you are requesting $ 500. As you can see there are many important things you should know about these types of loans. You can get all the info you may need if you just make a brief research online, in case this article was not that clear for you.