Short-term loans come in all different shapes and sizes. When it comes to borrowing money, it is important to explore all of the possibilities in order to find the right loan. Payday loans make it easy to get the cash you need at a moment's notice – but what kind is the best for you? Here is some information on your different options so you can make an educated decision at the payday loan store you choose.
Cash advance. If you need cash fast, one of the best options is a payday cash advance. Borrowers can get up to $2,000 for whatever emergency comes their way. The application process is quick and easy, and there is no credit history required. The term length is only 14 days long, which means the borrower has until their next paycheck to pay it back. Otherwise, they will have to pay fees and interest rates that significantly raise the cost of taking out such a loan. If you need a loan with a longer term then perhaps installment loans are the better option.
Installment loans. These short-term loans are similar to cash advances. They put cash in the hands of the borrowers the same day they fill out the application. The biggest difference with these payday loans, however, is they have a longer term length – 140 days in most states – which is beneficial in the following ways: 1) payments are smaller which frees up money over the next several pay cycles, and 2) they allow people to avoid fees and higher interest rates as the result of late payments.
Title loans. If you need to borrow more than $2,000, you'll need to take out payday loans known as title loans. The amount of the loan is determined by the value of the vehicle, so it differs from person to person. Borrowing against the value of your vehicle is an effective way to get cash fast, as long as you stick to the repayment plan. These plans vary by state, so it is important to know all the terms that apply to you before determining if this type of loan is right for you.
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