LONDON – Finance – Payday loans, or cash advance loans, are short-term loans of small amounts that are used to cover temporary financial emergencies. Have you ever needed a 200 dollar loan in a hurry?
These are eye-catching and convenient loans that can be accessed without having to fill out reams of paperwork or pass rigorous eligibility checks. In order to facilitate customers, different payday loans are introduced by lenders to meet the needs of different people, and following are some of the most popular types of loans:
One Hour Payday Loan
One hour payday loans are available in a very short period of time through afast process. By filling out an online for, you can actually get the loan within one hour and all you need to do is make sure that the details you submit are as truthful and as accurate as possible. The details you provide need to be accurate because lenders will not approve a loan if they suspect that you are trying to borrow money in someone else’s name and may need to perform a few checks to make sure that your information is valid and that you meet their requirements as a borrower. However, this process is very fast and providing your bank can accommodate fast transactions, you can have your money in your bank account in a matter of minutes. This is one of the easiest and fastest ways to apply for a loan.
Instant Online Payday Loan
Instant payday loans are specifically available for those who need money as soon as possible – typically because they are caught up in a financial emergency and need to urgently cover these expenses. These types of loans don’t require a lengthy approval process because you receive them from a direct lender as opposed to a bank. While these loans can be highly beneficial and save you from being without daily necessities, it’s important to exercise some caution when you apply. These types of loans tend to have quite high interest rates because they are intended to be borrowed only on a short-term basis.
Cash Advance
Cash advance loans are designed to tide you over until your next payday if you’re short on cash. Rather than handing over your repayment directly to your lender, the repayments for these types of loans are often taken directly from your bank account when your repayment date arrives. On the one hand, this makes the repayment process a lot easier because you don’t have to worry about transferring the money yourself. However, if you do not have enough in your account to cover the repayment amount, you may get in trouble with your lender or your bank and have extra charges added to the amount you owe. That is why it is important that you carefully read the terms and conditions to know about all additional charges before submitting an application for a loan, because sometimes lenders offer a low rate of interest, but higher processing fee to camouflage othercosts.
Other types of loans that you may encounter are no fax payday loans, bad credit payday loans, low fee payday loans, 30-day payday loans, paperless payday loans, military payday loans, no credit check payday loans, and 24-hour payday loans.
Responsible 6 Month Loans
If you are planning to apply for 6 month loans for fast cash, it is vital that you thoroughly research your lender before you fill out your application. Not all lenders follow the same lenders and the terms and conditions of payday loans can vary a lot. To avoid paying back more than you should on your loan, you should check fees, interest rates, and the lender’s repayment plan. By knowing all these elements, you can choose a lender that’s right for you.
If you want to know more about what you should be looking out for, here are some of the features of payday loans that you should study carefully:
Cost of the Loan
The first thing you should think about when you apply for a loan is how much you plan to apply for. Payday loans tend to have higher interest rates than other types of loans, and other lenders use your credit history to decide on your interest rate, so you should avoid taking out loan that’s bigger than it needs to be. To avoid paying more than necessary for your loan, make sure you also look out for the fees that your lender may include in the amount you owe. Some loans with low interest have high fees, so make sure you look carefully at both features and find a lender that will give you a loan for good value.
User-friendly Features and Accessibility
When you apply for payday loans you will probably want to apply for one on your own terms. If there is an overly complex repayment process; if the lender does not provide any means of getting in contact with them; or if the application process is long and difficult then you may want to look elsewhere for your loan. One of the most notable benefits of payday loans is that they are supposed to be fast and simple and if your loan is not those things, then you are likely not getting good value for your money.
Carefully Check Repayment Terms
The repayment periods of payday loans are typically 14 days, but you can also get a maximum of 90 days in between repayments, although you may want to avoid this option if you want to keep your interest low. Keep in mind that the longer your repayment, the more increase your loan is likely to generate and your loan may even have a higher interest rate than others with shorter repayment periods. You should also carefully consider your repayment method and keep it in mind. If your lender automatically deducts your repayment amount from your bank account, then you will need to make sure that you have enough money in your account to cover it when the due date arrives. If you don’t you may be charged additional fees to have your payment deferred.