installment or revolving<\/strong>, depending on how the loan should be repaid.<\/p>\n <\/p>\n
So, is a payday loan installment or revolving? Actually, it’s neither.<\/p>\n
<\/p>\n
A payday loan isn’t an installment loan as borrowers need to repay the loan amount in full on a specific date. It’s also not a revolving loan, as borrowers can’t repeatedly loan money against it and pay it back again.<\/p>\n
<\/p>\n
Since the full loan amount is due at once <\/strong>with a payday loan, borrowers often struggle to repay it; this is the main reason so many people get caught in a debt spiral.<\/p>\n<\/p><\/div><\/div>","protected":false},"author":11463,"featured_media":51632,"comment_status":"open","ping_status":"closed","template":"","meta":{"disable_branded_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ep_exclude_from_search":false,"footnotes":""},"categories":[1076],"_links":{"self":[{"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/wiki\/21771"}],"collection":[{"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/wiki"}],"about":[{"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/types\/wiki"}],"author":[{"embeddable":true,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/users\/11463"}],"replies":[{"embeddable":true,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/comments?post=21771"}],"version-history":[{"count":50,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/wiki\/21771\/revisions"}],"predecessor-version":[{"id":79258,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/wiki\/21771\/revisions\/79258"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/media\/51632"}],"wp:attachment":[{"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/media?parent=21771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/categories?post=21771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}