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Are There Different Types of Payday Loans?

The payday loans have evolved, and payday lenders have gone from storefront stores to providing payday loans online. With the latest technologies, things change so fast––– it’s tough to keep up. Who would have ever believed that we would be applying for a payday loan on our smartphones and having quick cash in our account the next day? Who knows where it will go next? During these changing times, direct lenders have evolved not only to keep up with technology but to also keep up with the needs of their customers.

Pick which payday loans work for you.

Storefront Lenders When You Need Cash In An Hour

Storefront lenders are still holding steady when you need a cash advance in less than an hour. If you are near a payday loan store, it doesn’t take a whole lot to get one with a checkbook, a valid photo ID, proof of residence, and a pay stub you meet the essential criteria for most stores. If you meet the qualifications, you will walk out of the store with a loan in hand. It may be in the form of cash or check.

Online Payday Loans are Fast And Reliable

Applying for a loan online is very easy, as well. Fill out the form on your computer, laptop, tablet, or smartphone. Once all the information is verified, you’ll usually have an answer to your application in less than two minutes. When you’re approved, your funds are electronically deposited into your bank account by the next business morning. In some cases, lenders can have you your cash the same day.

Installment Loans Gives A Customer Time To Pay Back

Some direct lenders have expanded their services to give customers a chance to payoff over two or three months. These types of loans are called installment loans. The loan total plus fees are divided up, and the smaller payments make it easier for the borrower to handle. The downside to this type of loan is that the finance charges are typically as high as a conventional payday loan. If you cannot pay off your balance quickly, this option may suit your needs even though the price tag is higher.
There Ar 12-month Installment Loans Available

There is a selection of lenders that offer more significant loan amounts and use 12 months to split up the total payoff; these types of loans are called 12-month installment loans. As with the shorter installment version, the costs are much higher when spread out over a year.

Business Payday Loans Are Also Available

Business payday loans – These are also known as Merchant Cash Advances. These loans give small businesses startup funds. As the company makes a profit, the loan company gets paid. It is a much pricier loan than a bank loan. If you don’t have the credit to support a bank loan, the alternative option will at least give a struggling business owner the money to get the business on their feet.

Only Borrow What You Need

Personal financial situations will often determine which choice is the best for each applicant. Most people will use either a storefront or an online payday loan for a few hundred dollars. With credit challenges keeping them from other emergency help, these fast cash loans get the job done. The average loan industry-wide is $340.

Find The Lender That’s Right For You

When you know which loan will work the best for you, take the time to find the best lender. Look for price and quality service. Remember, your the customer, so if you encounter poor service over the phone or in person, then it’s time to move on. There are many lenders ready to provide you with the legendary service you deserve. There are enough choices out there to keep you from settling on a direct lender with less than best practices.

Related Articles:

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Shop For The Right Payday Lender


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