Do not offer pre-approval with soft credit pull. American Web Loan Personal Loans does not report to credit bureaus.
It's important to differentiate between an installment loan and a payday loan. Both involve small dollar loans. While payday loans typically need to be paid back in a lump sum on an agreed upon date - usually on the borrower's next payday - installment loans can be paid back over time in regular installments.
If you're in need of a small amount of cash and are confident you can repay the loan by your next paycheck, a payday loan may make sense. If you're unable to repay a payday loan or want to borrow a larger sum of money, then an installment loan may be the better option.