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Payday loans are small, short-term loans that you repay within two to four weeks after borrowing. Payday lenders typically don’t check your credit or review information about your ability to repay the loan before lending.

Payday loans are fast and easy to get, but they also have fees — from $10 to $30 for every $100 borrowed — that equate to high annual percentage rates. Their high costs and short repayment terms make payday loans difficult to repay and put borrowers at risk of falling into a borrow-to-repay cycle.

Installment loans are usually larger than payday loans, with some unsecured personal loan amounts as high as $1,000. They're repaid over months or years rather than weeks.