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Personal Loan or Installment Loan. Is There a Difference?

There are many types of personal loans available to consumers, each of which comes with its own set of repayment terms, finance charges, fees, and other terms. Installment loans fall under the umbrella of personal loans and can be used for short-term financial needs including emergency expenses. Yet they differ from other fast-cash loans. Here’s how they work.

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Installment loans can provide you with the money you need to help cover one of life's many unexpected expenses.

Most people probably know what a personal loan is, but what about an 'installment loan'? 

Personal loans are typically granted to qualified borrowers who are in need of additional money to cover a wide range of needs. Whether it's to cover the cost of an unexpected medical bill, home repair, car repair, or any other type of expense, a personal loan can help you meet your needs in real time.

There are many types of personal loans available to consumers, each of which comes with its own set of repayment terms, finance charges, fees, and other terms. Installment loans fall under the umbrella of personal loans and are repaid over a mutually agreed time period with a specific number of scheduled payments. 

An installment loan is simply a version of a personal loan. 

What's the Difference Between Installment Loans and Other Types of Fast-Cash Loans?

It's important to differentiate between an installment loan and a payday loan. Both involve small dollar loans. While payday loans typically need to be paid back in a lump sum on an agreed upon date - usually on the borrower's next payday - installment loans can be paid back over time in regular installments.

In addition, payday loans are for a shorter time and installment loans may extend for several months. 

Like other types of personal loans, whenever you are able, you may pay off your installment loan early without being subject to penalty charges for doing so.

Installment loan for fast cash

Installment loans are just one of many different types of personal loans.

How Do Installment Loans Work?

Most installment loans require an application. When you apply for an installment loan and are approved, you borrow a specific amount of money from a lender and repay the loan – along with finance charges and fees – on specific dates over a set period of time. Each loan is unique to the customer.

Before you are approved for an installment loan, your lender will review a number of qualifying criteria to best determine your ability to take out a loan. All these factors combined provide your lender with an in-depth perspective about how likely you will be to follow through with all payments until your loan is paid back in full.

Of course, understanding all of your loan options and qualifying requirements is important before choosing the installment loan that's right for you. By being an informed consumer, you can better ensure that you qualify for the loan that best suits your specific financial situation.

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The information provided is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs. Big Picture Loans disclaims any and all liability in the event any information, commentary, analysis, opinion, advice and/or recommendation prove to be inaccurate, incomplete, unreliable, or result in any other losses. Your use of the information on the website or materials linked from the Web is at your own risk.

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Consumer Notice: Our loans should be used for short-term financial needs only, not as a long-term financial solution. Individuals with credit difficulties should seek credit counseling. For more information, please see our Financial Wellness Page.

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IMPORTANT INFORMATION ABOUT PROCEDURES FOR APPLYING FOR A LOAN - To help fight the funding of terrorism and money laundering activities and to comply with Tribal law and the spirit of federal law requiring all financial institutions to obtain, verify and record information that identifies each person who applies for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. we may ask for your driver's license or other identifying documents.


*Big Picture Loans reviews and approves all loans on Tribal land at its office located at E23970 Pow Wow Trail, Watersmeet, MI 49969. If your application is verified and approved we will attempt to send your funds using Real-Time Finding, which can provide instant funding, including on weekends. The exact time your funds appear in your account may vary depending on your bank’s processing times. If your bank does not accept Real-Time Funding, we will automatically send your funds by ACH, which usually posts the next business day (Monday through Friday excluding all federal banking holidays). Big Picture Loans does not charge a fee for Real-Time Funding; check with your banking institution regarding any fees they may charge. Although we work to process applications as quickly as possible, unavoidable delays may occur.


Loan approval and amounts are based on minimum income amounts, other credit criteria, and verification of the information provided during the application process. The Annual Percentage Rate ("APR") may vary based on when your first payment is scheduled, pay frequency, total loan duration, and the amount of your loan. Big Picture Loans, LLC (“Big Picture Loans ®”) will run credit checks on all applications and may review credit information from specialized credit bureaus. Please note submitting a loan application does not mean it was fully approved. If you choose to re-apply for a loan and your circumstances have changed, you may not be approved for the same loan amount.


Big Picture Loans is a wholly owned subsidiary of Tribal Economic Development Holdings, LLC, a wholly owned and operated economic arm and instrumentality of the Lac Vieux Desert Band of Lake Superior Chippewa Indians (“Tribe”), a federally recognized Indian tribe, created for the benefit of the Tribe and operating pursuant to Tribal law. Big Picture Loans is a duly licensed Financial Services Licensee of the Lac Vieux Desert Tribal Financial Services Regulatory Authority, an independent regulatory body of the Tribe, and operates in accordance with the Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribal Consumer Financial Services Regulatory Code, which can be found here: Tribal Consumer Financial Services Regulatory Code.


You can an contact us at support@bigpictureLoans.com or at PO Box 704, Watersmeet, MI 49969-0704. All communications with Big Picture Loans are deemed confidential. Any unauthorized reproduction, distribution, or disclosure is prohibited without Big Picture Loans’ express written consent.


Consumer Notice: Big Picture Loans should be used for short-term financial needs only, not as a long-term financial solution. Individuals with credit difficulties should seek credit counseling. For more information, please see our Financial Wellness page.


If Big Picture Loans approves your loan, it will be governed by Tribal law, applicable federal law and your loan agreement. The laws of your resident state may have interest rate limits and other protective laws that are more favorable. If you wish to have your resident state’s law apply, you should consider taking a loan from a licensed lender in your state. Availability of installment loans are subject to change from time to time as determined by Big Picture Loans. If you have concerns or complaints about your loan, please visit our Tribal Dispute Resolution Procedure page.

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