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Installment Loans vs Payday Loans

What is the difference between Lift Credit's installment loans and a payday loan?

The more we’ve learned about the installment loan industry, the more determined we’ve become to change the way consumers borrow money. This has pushed us to create more innovative and affordable installment and personal loans in Utah, Idaho, Missouri and Nevada. See why Lift Credit offers the best installment loans around by viewing the comparison below.

Affordable payments over time.
  • Customized Payment Schedule
    At Lift Credit our loans are designed to be paid back over time with simple easy payment schedules.
  • No Prepayments Fees
    At Lift Credit, we never penalize you for paying off your personal loan early. We congratulate you.
  • Rewards Program†
    For each on-time payment you make to Lift Credit, you get 1% of that interest back.
Payday Loan Companies
Full payoff plus interest and fees.
  • Strict Payment Schedule
    With payday lenders, the loan is due in full plus interest in a single payment. Some companies will extend the loan for two weeks, but they charge a fee and even more interest.
  • Hidden Fees
    With some payday loan companies there can be service charges, prepayment penalties, and down payments that are required.
  • No Rewards
    Can vary from company to company, but we have found that many do not offer any.
Affordable payments over time.
  • 99% - 399% Interest Rate
    With Lift Credit, if you make your payments on time, your rates decline.
  • Customized Payment Schedule
    At Lift Credit our loans are designed to be paid back over time with simple easy payment schedules.
  • No Prepayments Fees
    At Lift Credit what you see what you get. There are no hidden fees.
  • Rewards Program
    For each on-time payment you make to Lift Credit, you get 1% of that interest back.
Payday Loan Companies
Full payoff plus interest and fees.
  • 400%+ Interest Rate
    Loans can start at 400% and be even higher depending on the state and how short the loan term is.
  • Strict Payment Schedule
    With some payday loan companies, it can be as limited as one payment payback which demands the full payment plus the interest.
  • Hidden Fees
    With some payday loan companies there can be service charges and down payments that are required.
  • No Rewards
    Can vary from company to company, but we have found that many do not offer any.

Why You'll Love Lift Credit's Personal Loans

Easy & Quick Installment Loan Application

  • Applying for an installment loan with Lift Credit is quick and easy.
  • Our online application only takes minutes to complete.
  • You just need to provide your two most recent pay stubs and a valid color ID.
Learn How It Works
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Affordable Payments

  • Paying off a loan has never been easier! Our installment loans are specifically designed to be paid back with simple, easy payments.
  • Our experts will help you create a customized payment plan that works with your financial situation so you can always stay on track.

Deposited in 24 Hours

Lift Credit installment loans are a great way to go if you need cash fast.
  • You can expect a loan expert to review your application within 30 minutes of submission during business hours.
  • If approved, up to $5,000 will be directly deposited into your bank account by the next business day.
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Credit score scale

No FICO Credit Score Check

  • No credit? No problem! Lift Credit never checks your FICO credit score, so you don’t have to worry about it fluctuating.
  • We also offer installment loans for all types of credit scores and backgrounds. You can still be approved for a loan even with bad credit!

Apply for your quick & easy installment loan today!

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Lift Credit is not a lender in all states. Lift Credit uses alternative credit data and application information as part of their underwriting process. Lift Credit does not approve all applications or credit extension requests. A decision on a customer application or credit extension request may take longer if additional verification or documents are required. Approval and loan terms differ based on applicant qualifications and by state. Rates, terms, and conditions apply.

Applications approved before 6:00 p.m. MT Monday-Friday are generally funded the next business day. Approved applications during other times are generally funded with loans approved the following business day.

Notice: High-Interest installment loans should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into a loan agreement.

*Nevada Customers: Lift Credit may use credit report information provided by credit bureaus as part of the application process to determine your creditworthiness. Credit inquiries upon applying for a loan will NOT appear as a hard credit inquiry on your credit report and therefore they will not affect your FICO score. There are many factors that affect a credit score, on-time payments may help to increase your credit score, along with many other factors.

†Declining Rates and Cash Back Rewards Program not offered in all states.

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