Understanding the different types of payday loans
When in a crucial financial crisis, payday loans come to your aid.
Now that you are faced with
such an emergency and want to go for payday loans, you want to know the various types of loans
that are...
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Understanding the different types of payday loans
When in a crucial financial crisis, payday loans come to your aid.
Now that you are faced with
such an emergency and want to go for payday loans, you want to know the various types of loans
that are available.
Payday loans can be broadly divided into two categories – retail loans and online loans.
In the retail category, the one who wants to borrow will have to go to a payday loan shop to get
the loan.
It is the conventional way where the borrower has to apply for the loan and submit all
necessary documents.
These documents will then be scrutinized and the loan amount approved.
In case of retail payday loans, the borrower has to submit post-dated checks.
This ensures the
repayment as on the due date, the amount will be automatically withdrawn from the borrower’s
account by these checks.
The other category is the modern one, which is simple and fast.
It is the online loans or internet
loans.
In this type, the borrower does not
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