When you find yourself in a pinch financially—especially if you have a low credit score—it can be tough to know what your best option is. Payday loans are a common short-term loan option, but they’re very short: Typically, you’re required to pay the money back within around two weeks, when your next paycheck comes in. Essentially, a payday loan is simply a cash advance against your next paycheck, to be used for bills or purchases that you need to make before you have the money in your account.

The challenge with a pay-back period of around two weeks? When one-third of your income is already dedicated to your rent or mortgage—and your next biggest expenses, like cable, food, gas, and utilities—most of your next paycheck may already be spoken for.

Get the Money You Need…and More Time to Pay It Back

Online installment loans are a great alternative to typical payday loans, because they’re a short-term bad credit loan that don’t need to be paid back in full in two weeks. The terms of an online installment loan involve paying back the loan in equal parts (installments) over a set amount of time (usually months). Because your payments are broken up, the amount required from any one paycheck is much smaller—and you’re able to keep more of your money for your typical recurring expenses.

While these types of installment loans typically include a slightly higher interest rate (due to the extended repayment deadlines), many borrowers who need a cash advance or quick loan find online installment loans to be a much more accessible and flexible option than typical payday loans.

Stay Ahead of Your Bills

Because online installment loans have a longer, more flexible repayment period, you’re able to break your repayment up into smaller, more manageable, and more predictable installments. That means you can pay back your loan and manage your finances to meet your responsibilities, without getting stuck in a treadmill of repayments.

More Time Means Less Stress

Repaying loans can be very stressful—especially if you’re trying to manage your other bills and financial obligations at the same time. With an extended pay-back period, online installment loans loosen the grip of tight deadlines and lessen the anxiety associated with them.

Avoid Fees and Penalties

If you miss your repayment deadline for a payday loan, you can be in for some serious penalties. Many payday loans even come with early payment penalties, which can make it difficult to manage your financial responsibilities effectively. Unlike these payday loans, Jora Credit never charges for early repayment on our online installment loans.

A More Convenient Option

Many payday loans are available through storefront operations, but they’re not always in convenient locations. Rather than trying to find a payday lender near you, online installment loans offer the convenience of applying for the loan, receiving a decision, and if approved, getting your money—all from the comfort of your own home!