In life, there are often those moments when you realize that you just do not have enough money in the bank to cover an unexpected expense. Whether it is a broken-down vehicle, a sick child, or a forgotten bill, there will be situations when you need to get your hands on some fast cash to carry you over until your next payday. Payday loan companies are a valuable service to have around in these situations. Here is a closer look at the main three types of loans that are usually offered by payday advance companies.
Paycheck Advance Loans
The paycheck advance loan is the service that most cash-advance companies are known for. This easily acquired loan is given to people who have proof of employment and a checking account. You will write a personal check to the lender in exchange for an agreed upon loan amount. When the term of the loan is up, usually on your next payday, you will pay back what you borrowed along with any additional fees and pick up your voided check.
Installment loans are incredibly convenient because they offer the same benefits of a cash advance, and you can usually obtain the loan without a lengthy credit application. The only difference between installment loans and traditional cash advances is that you will pay back the borrowed amount in several payments instead of just one lump sum. This makes it less likely that you will come up short when you have to repay the loan.
Title loans are not offered at all locations, but several payday lenders also have this service available for customers who may not be able to qualify for a regular cash advance or installment loan. When you take out a title loan, the lender signs on as a lienholder of your property, such as on the title of a car. You will be given an agreed upon amount of time to repay what you borrow, and when you do, the lien on your property will be removed.
When you know what types of loans are offered by cash advance companies, you will have an easier time deciding which one would be the right choice for you. If you are in need of cash fast, talk to a professional lender, like Las Vegas Finance, about what you need to do in order to get the money you need.