You may have heard of a payday loan and have a basic understanding that it is a short-term loan which is granted until your receive your next paycheck. However, you were probably unaware that there are seven different types of payday loans available to meet all kinds of needs and circumstances. Although there are differences between them, all payday loans have in common the ability to be approved and receive your funds faster than you could from a bank or even borrowing from friends or relatives.
The first type of payday loan, the Low Fee Payday Loan, is available for less interest than is charged on a typical payday loan. The trade-off for this privilege is that the lender may choose to request a credit report to insure your credit worthiness before agreeing to a Low Fee Payday Loan.
Payday Loans Online offer the ultimate in convenience. Borrowers can locate an online lender, fill out an application, be approved and have the funds deposited into their checking account in less than 24 hours in most cases. This can all be done without ever leaving home, which saves valuable time and the expense associated with travel.
A Bad Credit Payday Loan is a guaranteed loan to people even if they have a bankruptcy, judgments or other things which would cause a low credit score. In this case, the lender does not request a credit report and the applicant will be approved as long as they are of legal age and meet other basic specifications determined by the lender.
A No Fax Payday loan is one in which all information is gathered either in person or over the Internet so the borrower does not have to fax in any supporting documentation. It uses the same procedure and application as all the other types of payday loans.
Military Payday Loans are offered to all members of the armed forces. In appreciation of the military member’s service to our country, the rates of interest are lower and remain the same whether the borrower is in the Army, Navy, Air Force, Marines or another branch of service.
No Credit Check Payday Loans Online are offered to all borrowers with the guarantee that the lender will not even look at their credit report, whether it is good or bad. This is a viable option for borrowers who have been repeatedly rejected by banks and other lenders due to circumstances over which they may have had no control.
Paperless Payday Loans are handled entirely online. The borrower is not required to provide written proof of their bank account or employment status. Anything that needs to be verified is done through the use of online databases, which significantly expedites the payday loan process.
Now that you have learned about all seven types of payday loans available, you will be able to make a decision on which type is right for you. Payday loans are unmatched in terms of their hassle-free convenience. Even if you have no or bad credit, you can still be approved as long as you have a job and a checking account in your own name. We understand that financial emergencies happen to everyone, and we are happy to be able to help your through a temporary tough situation.