Payday Loans – 7 Types

Posted on: | Category: Cash Advance Payday Loans

Many companies offer payday loans over the Internet or advertise their services using different names for the types of loans available. In many cases these names refer to the same type of financing but there are a number of specialized loans extended to individuals that have bad credit or a non-traditional source of income. These payday loans are usually listed accordingly and understanding their meanings will help you in choosing a cash advance program that is right for your particular circumstances.

Online Payday Loan
Most payday loan companies have physical store locations where you can apply in person, but for many the convenience of obtaining short term financing online is enticing. In addition to the lenders themselves there are a number of outfits operating on the Internet that match your information to payday loan companies that can be of help, and forward your application to them. Payday loans online are obtained by filling out the application and supplying your income data, your banking information and in most cases a recent bank statement. Once approved the amount borrowed is transferred directly to your checking account, often on the same day.

No Credit Check Loans
Because payday loans are for a short period of time lenders will likely use your verifiable income source as security for the loan. These loans are usually made for a period not exceeding 45 days and therefore the repayment can be made using one of the next two paychecks you receive from work. The funds are assumed to be in your bank account on a date agreed upon by you and the lender, and this date is determined by your payroll schedule.

Payday Loans For Self Employed
If your income is from your own business or in the form of commission paid many lenders will still approve a payday loan. A history of your income will need to be provided and the lender may wish to view up to three months of banking activity. The amount you can borrow if you are self employed may be determined by the average amount of earnings over the past 90 days and may increase if subsequent loans are made.

Bad Credit Payday Loans
Because most payday loan companies do not require a credit check this is usually not a problem. Again, the security for the loan is your good work history and verifiable income. However lenders may reduce the amount that can be borrowed if there is a negative report concerning your bank account of if your account has not been active for a certain period of time. Payday loan companies have access to a nationwide database regarding checking account activity and may limit the amount you can borrow if your checking account history is tarnished.

Paperless Payday Loans
When applying online for a payday loan the lender may be in a different state than the one in which you reside. Nevertheless an application can still be completed and the loan will be made based on the laws governing this type of financing in your home state. In many cases the application can be completed in minutes and lenders that offer paperless loans will not require you to fax or email any documents. This makes the process very fast and eliminates the need to scan and send any information that cannot be typed into the online forms.

We offer a variety of payday loans for almost every individual. Our rates are guaranteed and there are no additional or hidden charges when using the services of our company. Always borrow only the amount you can repay and use payday loans as a means for obtaining emergency cash only.