What are the different types of cash loans available? How do they differ and which one is the best? There are three main cash loan types which will be pinpointed here.
Payday loans are cash loans that borrowers can have access to within 24 hours. The hesitation for many is that payday loans are designed to be paid back on payday. So, they are structured with one full interest rate and with a one or two payment schedule. The terms usually provide a borrower with cash, on hand, within 24 hours. There is usually no credit check or a very preliminary review to see if there is borrowing abuse.
Advance loans are also predominantly allocated in cash or checking. Borrowers will be able to get the funds typically within a week. The difference here is that advance loans can be paid once a month, usually for no more than six months to a year. They function similar to payday loans.
Now, personal loans can include payday loans and they can include advance loans. Personal loans are determined largely by the size of the company and the loan arrangements they are offering. For one, personal loans rarely have collateral attached. Furthermore, they are often delivered in a bank account to be essentially used as cash.
Personal loans are also provided by small companies that act as both the broker and the financier. There are no banks involved, for better or worse. Personal loans are smaller, more direct, and can be settled in a few days.
The moral of the story, by using the above as a guide, is that every cash loan type has different features to consider. There is no one universal superior loan type. Advance loans can be paid over time, but payday loans have the extra perk of being one-big payment and getting it done with.
The best thing to do is contact the MaxLend Loans team and explore the different options. Find a cash loan type that is suitable and can be paid off within a realistic time frame. Look at these loans as an opportunity to push past a bad patch and get onto solid ground.