The various types of payday loans available on the market

During the last couple of years, the market for payday loans has grown considerably. This is mostly due to the fact that nowadays, people from all around the world face a continuous need for more funds, which is definitely understandable given the state of the world’s economy.

To put things better into perspective, payday loans have only been around for a while, yet they are meant for people who are dealing with difficult financial situations, such as having to pay off debt immediately, having to deal with a medical emergency, needing to travel urgently, or even having to help others financially. Regardless of the reason, payday loans represent short-term loans, of varying sizes, given to those who can prove that they are employed and have a stable job. The maximum size of the loan can reach a few hundred, or even a thousand dollars, yet it depends on the situation that you are dealing with, and your monthly salary.
While things seem pretty straight-forward, there are a couple of different types of payday loans being offered on the market. Most of the payday loan agencies operating throughout the UK, but also in different other countries, will surely offer at least one or two of the payday loans mentioned below.

The One Hour Payday Loan

Online payday loans agencies have created a new trend on the market, which represents great news for those who want to get access to their funds as soon as possible. This service is usually being offered by payday loan agencies which also operate on the Internet, and are capable of crediting your account with the sum in question immediately. Therefore, potential clients for one hour payday loans can quickly get access to their funds, usually within an hour of applying. The process is quite simple, as you’ll simply have to submit your documents via an online application form, and wait for a response. If the loan is approved and no further discussion is required, then the agency will simply credit you the amount in question. Do keep in mind the fact that one hour loans may have higher processing fees, and interest rates, so this is worth taking into consideration. Do make sure to calculate your finances as well, in order to see whether you can afford paying the loan back once the lending term is up.

Regular, agency payday loans

These are basically the traditional type of payday loans, as you’ll have to walk into an agency with your documents, discuss things over with the clerk and then proceed to sign the application alongside with the other documents which are needed. Once your loan is approved, chances are that you will get it the next business day, as soon as the bank processes the payment. As there is more effort from your side in this case, chances are that the processing fees alongside with the interest rate will be somewhat lower, which is great news in case you are not in desperate need of the money, and also want to save a few dollars from the entire affair.

Cash Advances

The lending market is also home to a couple of payday loan agencies that offer something known as a cash advance. Although these are a bit rarer when compared to the traditional types of loans, it is important to point out the fact that interest rates are also higher from time to time. The main difference between cash advances and the other two types of payday loans, consists in the fact that once you have signed the application form, alongside with the other documents in the payday loan agency’s office, the clerk will give you the sum of money in cash, within a couple of minutes. This is also great for those who live near a payday loan agency, and who are in immediate need of the funds being offered, which can be great news for some people.

Regardless of the type of payday loan that you decide to choose, do make sure that you are in need of the money, and that you can afford to pay the sum back once the loan term expires. If not, this will likely put into further into debt, while also damaging your credit score.

Based on everything that has been outlined so far, the lending market offers a variety of solutions for those who are in need of an emergency source of money, in the form of payday loans, which is absolutely great news from all the points of view.

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