What are the Different Types of Payday Loans?

There are about 8 different types of Payday Loans and although principally, they are all quite similar, they differ by just a few points.

Online Payday Loan

No Teletrack Payday LoansThe loan ranges from $100 up to $1000 and is a short term loan, usually for about 14 days. The loan is to be repaid from your bank account on the day you receive your paycheck. This taker is eligible only if they can prove they have a steady income with a checking account.

No Fax Payday Loans

Essentially the same as an online Payday Loan, the only difference with which these Payday loans are marketed is the convenience of you not having to fax your documents over to the lender. The whole process is done online and you may receive the money in your account within 24 hours. Most loans range from $100-$1000 but depending on your monthly income, the loan can exceed $1000.

Paperless Payday loans fall in the same category.

Instant Payday Loan

Instant Payday loans speak for themselves. The process is quite fast because as soon as you will enter your information, it gets approved by the vendor. You will receive an e-mail or a phone call to confirm the loan. And it will be transferred to your account which you may withdraw the next business day. The lenders also provide a service where they may wire the money directly into your account but that requires an additional fee which can prove costly in most situations.

The 1 hour Pay day Loan services fall under the same category.

Bad Credit Payday Loan

 The difference between bad credit payday loans and other Payday Loan providers is that you do not have to go through a credit check to receive the loan. They provide you instant money when you cannot get a credit card or a bank loan.

No credit checks Payday Loans fall under the same category.

Military Payday Loans

These Payday services cater to the men and women of the armed forces, where they are offered Payday Loans along with loan categories more suited to their profession. However, penalties on Military Personnel are higher as compared to other citizens as they can face transfer or discharge if they fail to uphold their financial commitments.

24 Hours Payday Loans

They operate on the same rules as other Payday services providers with quick service. They make sure the money is available for transaction from your account the next day after the verification process.

Low Fee Payday Loan

These companies give out Payday Loans for a lesser payback fee, but some of the companies operating on this format may have stricter rules when it comes to Payback dates or might conduct Bad credit checks.

30 Day Payday Loans

While most companies operate on a 14 day Payday loan format, these companies will adjust your time period of paying back to a month, depending on your income. It is possible that for longer loan duration, you might have to pay more interest.

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