Payday loans are tempting because they don't often require credit score checks, making them simple to acquire. In Texas, you can rise up to $1,200 in payday loan money. Payday lenders do not waste time when the money you owe is due. An installment loan is a mortgage the place you borrow a specific amount of money at one time, and repay over time with a set variety of scheduled funds (typically 2 payments or more).