Types of Online Payday Loans

The unexpected expenses are an unfortunate part of everyday life. No one can predict when the old phone will break and a new one will be needed, and sometimes, the money ends just several days before the pay day. That’s why online microcredit is one of the most effective solutions. You can receive money within a day without leaving your house.

Payday Loan: Under $1000

The first type of online payday loan is called just that, and you can apply for it if you need up to 1000$. This type is perfect for unexpected small expenses that can’t wait for your paycheck. The advantage of this type of online credit is that your history of credits doesn’t matter.

Another advantage is that you borrow the money directly from a particular lender who you can discuss the terms with, making sure that the conditions are satisfying. It’s easy to pay off this type of loan as it’s small, so you can do it as soon as you get your paycheck, but at the same time, it can save you from significant problems.

Online 1 Hour Payday Loan: Up to $1500

The online 1-hour payday loan works best for people who need a small amount of money right now, with the waiting period of no longer than an hour. The application is easy and past history doesn’t matter, but the downside is that the rates are rather high. The benefits of such credit are:

  • instant loan decision;
  • availability of a direct deposit;
  • application is easy and fast;
  • no one checks the credit.

Still, a month is usually given for paying the credit off, so if it’s a life-and-death situation and you need money urgently, this kind of online credit is the best, and you can pay it off with your next paycheck.   

Payday Installment Loan: Up to $50, 000 (depends on where you apply for it)    

This type of online payday loan is perfect for those who need a larger amount of money quickly and who’d like to pay it off following a flexible schedule, making payments in installments. Just like with the previous types of credit, this one will be deposited directly into your credit card within a day, with rare exceptions. If you have unexpected medical bills or want to start a business, online payday installment loan can quickly solve your problems.

There are different types of online payday loans that you may choose, all of them represented by an easy process of application and quick deposit made directly into your account. All you have to do is choose which type fits you best and apply for it.    

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