If you have been looking for extra cash, you may have considered getting a loan. There are many types of loans, however, and you may have asked yourself what the difference between them is. This is a breakdown and overview of the different kinds of loans, including payday loans, installment loans, and personal loans.
What is a Payday Loan?
These are the most common types of loans, also known as short-term loans or cash advances. They range between $100 and $1,000. They are perfect for people who need quick cash. The term of a payday loan is usually thirty days or less. These are ideal for paying a utility bill or a cell phone bill.
What is an Installment Loan?
These are also short-term loans, but these are usually under $5,000. They are no-collateral loans, which means you aren’t putting up any property or assets as a way of obtaining the loan. These loans, however, are paid back in a set number of scheduled payments (or installments). They are great for large purchases.
What is a Personal Loan?
These are no-collateral loans within the range of $15,000. These are great for more significant costs, such as home repairs, major expenses, unexpected expenses, or vacations.
The best part about all of this is that you can apply for these loans online. If you need a personal loan and want to apply for a loan within $15,000, you can do so from the comfort of your own home. The application form is simple and only takes a few minutes.
It’s a convenient solution for your financial needs. The good news is that you can worry less about where your money is coming from and focus more on the important things, such as taking care of the costs that you have. OnlinePersonalLoans.com can help you connect with a lender. In addition to the fact that you can immediately start your application, you can also speak with a lender directly and even compare different lenders. In this sense, you are being provided with options as a consumer. If you are in need of additional money, that’s likely what you want to hear — that you have options! So, next time you need a personal loan, you know what to do.
If you have been looking into getting a personal loan, you can apply for an online personal loans and you can be matched with a lender.