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... A Beginners Guide To Payday Loans Payday loans seem to be a possible solution to meet your emergency money requirements. Payday loans are the short term unsecured loans for minimal amounts. Payday loans can be used to serve any purposes such as paying medical bills, automobile repair, and repayment of any other loans or to avoid the bouncing of any other check. The emergence of multiple online payday loan companies has made the payday loan a more easy option for the people as the processing formalities have become easy. Moreover the payday loans do not involve the hassles of credit checking Payday loans are structured to satisfy the small money needs of an employed person in between his paydays. And as the name of the loan signifies, you have to repay the amount on the payday. The payday loans processing prerequisites are nominal and there is no need to submit any collateral security, as the loan is an unsecured one. The employment details will be sufficient for a payday loan approval. However, the attributes of payday loan such as loan amount, period of tenure and APR will differ according to the lenders. Now many lenders are available in the market and the lenders are forced to provide the most attractive rates to withstand the competition. The basic criteria to qualify for a payday loan is this much - the applicant have to be a US citizen, age above 18 years, an employment with income not less than $1000, and a checking account. You have to submit the application with the details of your employment and a post dated check for the amount. If the provided information are correct and found that the person is eligible they will approve the payday loan in no time. The payday loan amount can vary from a few dollars to a maximum of $1000. Some lenders will increase the loan amount through a systematic...