Types of payday loan

Many people come across financial challenges once in their lives. At that time, they cannot find an option other than going for loan. However, getting loan from lender or a company is not an easy task. It has too many requirements and takes too much time. There is only one type of loan, which is best for people who need money urgently for small time period and that is payday loan. This type of loan is for emergencies like urgent School fees, medical problems, house repair, and car repairs. Some people also use this type of loan to purchase wedding rings. People can get different amount of money through payday loan and for different time period. This type of loan has high interest rate than other loans because it does not have any guarantee such as property papers or vehicle and lender put his money on risk. Payday loan has different types to match with borrowers needs.

Online Payday Loan

A person can apply for this type of loan through websites. There is not any need to go to any store to apply for this type of loan. Normally a person can get it for 14 days but some companies give more time to return the money, it depends on the amount of loan. The amount of this loan starts from £100 and goes up to £1000. Some companies also provide loan up to £5000 if the borrower monthly income is good. To be eligible for this type of loan, it is important for the borrower to have a stable income and job. There are hundreds of online money lending companies which are providing payday loan but there are only few companies which are reliable such as Loan2payday. You can apply for the loan any time of the day, you want. This company is the fastest in transfer the loan. The borrower will get the money in half hour after verifications and application acceptance.

30-day Payday Loan

The borrower can return the money in 30 days or when he gets his next pay check. It is much reliable type of pay day loan. However, keep in mind that the interest will keep increasing with each day. There is no credit history check and people who have bad credit history can get this type of loan. Bad credit history means that a person have taken loan from bank and haven’t paid it back. This type of loan is available for those people who have good working history and long lasting job.

24-hour Payday Loan

The person who wants money within 24hours can apply for this type. Normally payday loan can take 2 to 3 days but by applying for this type of loan, the personal will get the money within 24 hours may be in less than 24 hours. The amount of this money starts from £500 and it goes up to £5000. The monthly income of the borrower decides the amount of money he can borrow.

Bad Credit Payday Loan

A person who has bad credit history can apply for this type of loan. The lender will not check the credit history of the borrower. He will only check job details and other details such as personal information and account details.