There are many different kinds of payday loans that you can use. Each one has its own advantages and can be used in very different situations. When you are getting a payday loan, you don’t just think about what type you need, but you also need to consider a few other things such as how long you need the payday loan for, how much money you need to borrow, and when you will pay the loan back.
Usually, payday lenders are flexible when it comes to paying them back the money you borrowed, but some lenders do give time limits of within 2 weeks or up to 30 days if you get a monthly salary from your job. If you get lucky, you will get approved within just a few minutes of applying online for your loan. There aren’t many requirements besides the fact that one should be above 18 years old and should have a stable income from a permanent job. Here are some different types of payday loans that you can use in different situations.
Different Types of Payday Loans to Use
There are many different types of payday loans, but if you ever want quick cash and you plan before time, there are other alternatives such as getting personal loans, or getting a credit card instead. Even if you have bad credit or low credit scores, your personal loans and credit cards will always be available for you. Here are some of the different types of payday loans that you can use when you are in immediate need of quick cash.
- 1 Hour Payday Loans – These are instant payday loans that you can get within an hour of applying. As soon as your application is approved, you can borrow your funds immediately. Maximum 1000 pounds can be borrowed, and the money should be paid back within 2 weeks notice.
- Personal Loans – if you ever need a personal loan for personal expenses, you can use this kind of loan for when you have many debts such as credit card debts and you want to reduce your interest rates by transferring your balance. This type of loan depends on your credit history.
- Advance Cash Loans – This short term loan against your credit card is known as an advanced cash loan. So, instead of using the credit card to make any payments, you can take the card to an ATM or a bank and get cash taken out instead for whenever you need to use it. You can also get advance cash loans from payday lenders when you write them a check.
- 30 Day Payday Loans – 2 weeks can be an extreme time crunch for someone to pay back such a big amount of money, so there are 30 day payday loans that can help you out with this situation. 1000 pounds is the upper limit for borrowing and paying back within 30 days. But since the borrowing period is longer in this case, the premium is also higher. This becomes more expensive than usual payday loans. These loans also take a little bit longer than usual 1 day loans; they take about 4 to 5 days to process.
- Loans From Friends And Families – This is an informal type of payday loan because you are borrowing cash from your friends and relatives whom you can pay back at anytime both the parties decide. Usually when you take these kinds of loans, it’s a good idea to make a note with both parties’ signs, so that payments are made back on time and nobody backs out on their word. This also depends on the strength of your relationship you may have with this friend or family member.
- Online Payday Loans – You can fill your online application for your online payday loan instead of going to the place and physically doing it. You can borrow money for maximum 2 weeks time period and the money can range between 300 to 1000 pounds with a 20% premium average. You get your money as quick as possible and these are usually one of the most commonly used types of payday loans. Lenders will require some kind of proof that you are working, getting paid on a monthly basis and that you are above 18 years of age.
- Low Fee Loans – This type of payday loan isn’t very commonly used because as the name suggests, it still has an average premium charge which is 8% but lenders also do background checks and you never know whether your application for a loan will be accepted or not. Even if your application gets approved, the money transfer could take at least 5 days to get into your bank account. You cannot borrow for more than 2 weeks, like many other types of loans.
- Bad Credit Payday Loans – These loans are great for people who are bad with their credit history and have bad or really low credit scores. But the unique selling point of this type of loan is that they don’t check your credit scores. All you need to get a loan is to have a checking account that is valid and proof that you have an income every month.
So, these are some types of payday loans that you can use when you are in a need for emergency cash. Whenever you decide that you need money immediately, before making any hurried decisions, you need to fully understand what you are agreeing to and what kind of loan you really need, and what the best decision would be for your situation. You also need to be careful and fully understand when you have to repay your loans to the lenders because it could put you at risk of losing something.
If you are in need for cash immediately, you can go to this website https://paydayloans.quiddicompare.co.uk/ where you will be able to compare different lenders for different types of payday loans.