Types of Payday Loans – Part I

When you have an urgent need for a small amount of money to help come to the Payday Loans. They are short-term receivables with an easy and quick release procedure. Here are some basic types:

Online Payday Loans – these are loans that are paid for about 14 days. You have to prove that you have permanent income by providing the sums for the received salaries for the last 2-3 months. There is a fee that is paid out of your account. Usually, the money arrives at your account for 24 hours. The period of return of the loan may be longer than 14 days, but then the fee will be higher. The most common fee is $ 25 for a $ 100 loan. Some lenders do not allow you to take a second credit until you have paid the first one, but others can offer you options.

No Fax Payday Loans – The advantage of this credit is that you can not apply online – there is no need to fax or mail. And here you are required to be over 18 and have a minimum income of $ 1,000 a month. How much will be awarded depends on your monthly income – $ 500 – $ 1000. Typically, the money is in your account for about 5 days. The payout time is 14,21 or 28 days. For a longer period, you will pay higher A fee must be paid, even if you can not refund the loan within the specified period.

Instant Payday Loans – These loans differ with a quick review of your application and of course a quick answer. It is not usual to check your credit history. After that, the creditors connect to you by phone or e-mail and receive the money the next day. As these loans are fast, the fee you pay is higher. This is an expensive alternative to getting urgent money. But sometimes it is the only way to deal with a difficult financial situation.