If you want to pay back a loan on a monthly basis, the best option is to get a personal loan. Personal loans are a term loans with a fixed amount to be paid every month until the loan is repaid in full. Personal loans have much better interest rates than payday loans, which use a fee rather than interest rates. Monthly installments allow for a larger principle. if you would like to get a $5000 loan, it would be close to impossible to repay it until your next pay check is due. Therefore, a larger period of time will not put a burden on your household budget.
Payday loans with monthly payments
It is a definite NO. This type of loan, in addition that in most states is illegal (one extension is allowed by some states), it is a financial suicide. Assuming that you want to borrow $1000 till your next payday, and get your pay check every week or two weeks, every extension of the loan, every rollover for the next payday would accumulate fees in the amount of at least $150 a week or two weeks. That means that your payday loan would cost you at least $300 a month. That can easily get out of control. Your $1000 loan could cost you more than you have borrowed in the end. Bad idea? Extremely!
Personal loan with monthly payments
This is the only type of loan that you can afford to repay on a monthly basis.