{"id":311,"date":"2018-11-22T10:04:56","date_gmt":"2018-11-22T10:04:56","guid":{"rendered":"https:\/\/www.cashamericatoday.com\/blog\/?p=311"},"modified":"2026-04-16T12:07:32","modified_gmt":"2026-04-16T12:07:32","slug":"what-is-the-difference-between-an-installment-loan-and-a-personal-loan","status":"publish","type":"post","link":"https:\/\/www.cashamericatoday.com\/blog\/what-is-the-difference-between-an-installment-loan-and-a-personal-loan\/","title":{"rendered":"The difference between an installment loan and a personal loan"},"content":{"rendered":"\n
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Almost Every Funding Is a Personal Loan<\/h2>\n\n\n\n

A personal loan is just like any other personal thing. It belongs to a person. When a debt is owed by a woman or man, she or he is the sole debtor of that funding, no matter whoever else uses it, such as family or friends. Some loans can be co-borrowed by at least two or more people. However, the normal lending business is all about personal loans, whether it is a mortgage, auto loan, student loan, payday loan, or emergency installment loan.
Among short-term cash loans<\/a>, payday loans and installment loans are quite commonly borrowed. A payday loan gives small cash amounts with a repayment term that ends on the nearest paycheck day. An installment loan from lenders like CashAmericaToday<\/a> gives one repayment term of up to 3 months for cash amounts like $1,000. However, sometimes people equate them with personal loans and do not see the difference.<\/p>\n<\/div>\n\n\n\n

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\"Between<\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n

Understand how personal loans work ?<\/h3>\n\n\n\n

Personal loans are a type of installment loan. Here\u2019s how they generally work:<\/p>\n\n\n\n