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Fundamental Differences
Between Traditional Installment Loans and Payday Loans

Traditional Installment Loans (TILs) are fundamentally different from payday loans in the ways they are structured, priced, and regulated. The built-in features of TILs make them a safe, simple, and affordable credit product for borrowers. In addition, TILs offer significant secondary benefits, including the opportunity for borrowers to establish a regular credit history, raise credit scores, and improve their financial stability. The table below illustrates fundamental differences between TILs and payday loans:

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