Is a payday loan revolving or installment?

Facts about payday loans: Is a payday loan revolving or installment?

Millions of Americans take out payday loans every year. Most payday loans are in the form of a revolving loan, which means that the loan is continuously re-financed. A small number of payday loans are in the form of an installment loan, where you have to pay back the loan in a set number of …