Different Types of Payday Loans
If you think that there is only one type of payday loans, you’re wrong. The industry has rapidly grown over the years. Along with that growth are new types of payday loans to meet varied individual and case to case needs.
With competition becoming stiffer among lenders, these companies try to differentiate themselves against competitors by offering all kinds of payday loans. Gone are the days when borrowers have to visit and sit down in an office to apply. Today, applications are mostly done via the lender’s website making it even easier for borrowers to take advantage of the short term financing.
Among the types that are attracting more borrowers to the payday loan market are the following:
1. Traditional Payday Loans
The traditional options are the ones that are based in UK where documents need to be faxed between the lender and the borrower before the application gets approved.
2. Online Payday Loans
As the name suggests, these are loans that are done online. Application is through a website and the money is sent to the borrower's debit account. Nowadays, this type of payday loan is the new trend because of convenience.
3. Same Day Payday Loans
Payday loans that are released on the same day are also becoming a popular option among borrowers. Everything is practically done within the same day from application to processing and sending money making it a big hit for people who literally need cash quick.
4. Faxless Payday Loans
Technological advancements have really gone a long way and lenders are using that to their advantage. From traditional payday loans which use fax, many lenders are now processing applications fax-less. There’s no need to send documents. In fact, the administration of loan application is now paperless making it not only convenience but also eco-friendly.
5. 1-hour Payday Loans
A level up from same day payday loans is the 1-hour options. In the literal sense of the word, the money can be sent to your account within an hour. This is perfect for people who need cash for emergency purposes.
6. Instant Payday Loans
The last but not the least is an instant payday loan. This is not to say that this is the best among the available options but the principle is to provide you with cash in the quickest way possible. Leading lenders in UK such as Peachy Payday Loans offer them.