Types Of Payday Loans

Types of Payday Loans

Payday loans are short-term loans available online and through lending companies. Payday loans provide assistance to borrowers so that they can cover their expenses until their next payday. Borrowers usually receive their loan amount within 5 to 7 business days. The loans made through payday loans must be repaid in 14 days, but this can be extended if the borrower find it hard to repay on time. There will be additional charges for the borrower. There are different types of payday loans that borrowers can avail of.

 

Online Payday Loan

There are several lending companies that also provide online lending services. These companies can provide online payday loans to borrowers who find it hard to fall in line in lending shops or drive to town. Most websites that provide online payday loans have certain requirements. They will usually need the account number of the borrower and electronic access so they can send the amount borrowed to the borrower. On the borrower’s due date or payday, the company will just deduct the amount borrowed plus its interest. The amount that borrowers can loan is from $100 to $1000 and this is payable in 14 days.

 

No Fax Payday Loan

This type of payday loan is very similar to any other type of payday loan. Borrowers can just apply for loan and have it easily approved. There is no need to spend an entire day to fill up forms and as the name suggests there is no need to fax anything.

 

Instant Payday Loan

Instant payday loans ensure a speedy review of the borrower’s application. After filling up the application form online, lendors will contact the borrower through email or phone. If the borrower has passed all the necessary requirements of the lending company, he can receive his loan amount on the same day. Most of the lending companies will wire transfer the money to the borrower’s account and this may incur charges.

 

Bad Credit Payday Loan

This type of payday loan is ideal for people who have bad credit since the lending company will no longer do a credit check on the borrower. Borrowers who cannot get a credit card or avail of a bank loan can opt for this type of payday loan. This, however, can have a higher interest when compared to the other types of payday loans. The average amount of loan amount for borrowers of this loan is from $200 up to $1000.

 

No Credit Check Payday Loan

The No Credit Check Payday Loan is very similar to the Bad Credit Payday Loan. There will be no credit check on the borrower, the borrower just need to comply to the basic requirements of the lending company such as age, minimum monthly income, US citizen and a valid checking account.

 

Military Payday Loan

This is a special type of payday loans for those who serve in the military or are employees of the armed forces, they can get as much as 40% of their monthlt take home pay. This have a stricter set of rules since military personnel that cannot meet their financial commitments may face court marshall, clearance, confinement, transfer and even discharge.

 

Low Fee Payday Loan

This type of payday loan offers a low fee for the borrowers. There are lending companies that tend to have stricter rules, but this is not the case in most low fee payday loans.

 

Paperless Payday Loan

This type of loan is conducted online and over the phone. There is no need to present written proof of income and employment. This is more convenient since the borrowers  do not need to send their proofs via mail or fax. The lenders will be able to confirm the borrowers proof of income and employement using databases.

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