Low Cost Payday Loans

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Author:
Carrie Reeder

A payday loan is like a personal loan, but has some important differences.

Installment Loans - An installment loan is one where you receive the loan amount in one lump sum and then make regular, set payments until the loan is paid off.

Revolving Credit - A credit card is different than an installment loan because you can borrow less than your approved amount at first and then more later. Also, you always have the option to borrow more money as long as there is room available in your credit line. A credit card is considered a revolving line of credit.

Payday loans are neither installment or revolving loans. A payday loan is one that is paid off in one lump sum. Payday loans are fast cash. With a payday loan, the approval process is quick and easy. But, the loan is more like an installment loan, not a revolving line of credit.

Payday loans are usually for amounts from $500 - $1000 and personal loans are usually for amounts of $1000 - $10,000.

Payday Loans are Fast Cash - Personal Loans are Long Term - With personal loans, you usually do not receive the cash fast, you usually have to go through a normal loan process, which can take anywhere from 1-2 weeks or more until you actually receive your loan amount. The loan payments are extended for 1-5 years. With a payday loan, the entire loan amount is due within 1-4 weeks.

Understand your cash needs to determine whether you need a fast cash payday loan or a personal loan.

To view our recommended payday loan companies online, visit: Recommended Payday Loan Sources.

To view our recommended personal loan companies online, visit: Recommended Personal Loan Sources.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

A Quick Note From The Publisher... If you like the article above, you may be interested in the following article which is also related to Payday Loans... Same Day Payday Loans - No Hassles and Easy To Get If you have financial problem for a short term then same payday loans can help you to overcome this financial crunch. For a $200 same day payday loan, the fee charged is $50 and is valid for fifteen days. Simple and Convenient Getting same day payday loans is quite simple. All you need to do is just filling out a payday loan application form online. Filling the online payday loan application form during business hours allows you to get the loan amount within few hours. The loan amount is directly transferred to your bank amount and when the duration of the loan period is over the company automatically withdraws the loan amount and also the mentioned fees from your savings account. When you are filling up your payday loan application form, all your personal information is kept confidential. So you need not worry about the security of getting a same day payday loan. The company has its own privacy policies and all your documents and transactions are secured through a SSL server. It is a fast cash loan where the loan amount gets deposited in your account within few hours. No Past Records The best thing with same day payday loan is that even people with bad credit history can apply for the loan. You can also extend the duration of same day payday loans. If you cannot pay the loan amount within the specified period, you can pay an additional fee to get an extension of your loan amount. The fee charged is usually $25 for $100 borrowed. However, there are only two extensions which you can get to pay the loan amount. The fee charged for same day payday loans are usually high since they are short-term loans that do not require any credit history. Moreover, applying for a same day payday loan is usually convenient and easy to get. No loan amount can be credited to...