Types of Payday Loans

Many people think that all payday loan companies are the same and that all payday loans work the same way. But, the fact is, there are several different types of payday loans so it is important to do your research before signing on the dotted line. This way, you can see which type of loan works best for you and protect yourself at the same time.

To start, it is important to know that more and more check cashing stores or payday loan providers are offering guaranteed payday loans, so don't just assume that you won't qualify. The length of time you have been with your employer and/or the amount you earn are factors in determining your eligibility, but each lender has their own criteria. Some lenders offer 99% guaranteed payday loans, so regardless of your circumstances, chances are you will be able to find a company that can help you get the money you need.

Also, if you are home-bound or find it difficult to get to payday loan providers or even a fax machine, most things can be done electronically or online. Faxless payday loans are available at most lenders making it faster and easier than ever before. And, many shops that provide payday loans, offer direct payday loans where the money gets deposited right into your bank account or onto a pre-paid card.

Finally, options for paying back a payday loan are also increasing. Traditionally, a payday loan was expected to be paid back with the next paycheck, but many borrowers found this cycle to be one that was difficult to get out from under. Installment payday loans have both eased the burden on the borrower and increased the payback rate for the lender. Installment payday loans generally have a higher interest rate than those paid back on a weekly basis, and so this should be considered before borrowing.

With all of the types of payday loans now available and the increase in competition among lenders, receiving and paying back a payday loan is easier, faster and more convenient than ever before. Ask your local check cashing store or inquire online about different payday loan options and get the money you need, when you need it and with terms that work with your own personal set of circumstances.


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