Types of Loans

Types of Loans Available

Through our site, you can connect with professional lenders who offer a variety of cash advances. Most of our lending affiliates offer most if not all of these options, so you will need to decide which product is the best fit for your needs. Each of these products differs in term duration, total cost, risk tolerance, and security. In making your decision, you should consider how the various products measure up according to each criterion to guide your selection. Below, we've summarized for you how the products compare in four categories.

Loan Types: An Overview

Payday Loans

Term

2-4 Weeks

Cost

High

Credit Types Accepted

All

Secured/Unsecured

Unsecured

Title Loans

Term

Variable

Cost

Medium

Credit Types Accepted

All

Secured/Unsecured

Secured

Cash Advances

Term

Variable

Cost

High

Credit Types Accepted

Good - Excellent

Secured/Unsecured

Unsecured

Personal Loans

Term

6 months - 1 year

Cost

Low and High

Credit Types Accepted

Good - Excellent

Secured/Unsecured

Both

Loan Duration

The duration of a borrowing period is known as its term, or how long the borrower has to repay the balance before it becomes past due. With traditional lending products, advances are classified as short term if they have a duration of less than five years. The products our lending affiliates offer are alternatives to the standard lending options, however, and operate slightly differently. In this type of lending, short-term borrowing services are typically defined as having terms of less than a year. In fact, this service may have a duration as brief as two weeks, as may be the case with payday or title loans.

Overall Cost

The total cost of borrowing can vary tremendously among different services. If you are looking for affordable borrowing options, you will likely need to make concessions in other areas, such as representing less of a risk to the lender or being willing to put up collateral against the balance owed. A cheap loan typically has both a low interest rate and minimal fees. Keep in mind, though, that how affordable the product is will be defined relative to other advances of the same kind.

Borrower Risk Level

Every borrower represents a certain level of risk to a lender based on his/her financial history and the type and amount desired. Usually, title and payday loans fall into the category of high risk and are accessible to almost anyone regardless of credit score. Of course, the higher risk a service is, the more you will typically pay for it. On the other hand, if lenders classify you as a low risk borrower, you might be better of opting for a personal lending option or cash advance. Low risk advances tend to require a credit check, and if you qualify, will provide better interest rates as a result.

Secured vs. Unsecured Loans

A secured loan, as previously discussed, is attached to, or secured by, a piece of real property, such as a home, a vehicle, etc. Secured alternatives tend to have lower interest rates because the lender has the option of seizing the collateral property if you default on the payments. By contrast, unsecured ones are not associated with any property, meaning they present an extra level of risk to the lender and thus are more expensive.

Available Loan Products

Personal Loans

Larger loans (more than $1,500) with flexible payment options for individuals with good-to-great credit.

  • Competitive interest rates
  • Amounts up to $10,000
  • Flexible repayment schedule
  • Requires a credit check

Paycheck / Payday Loans & Advances

Small-to-medium sized amounts collateralized against a future paycheck.

  • Amounts range from $300 to $1,000
  • No faxing in most cases
  • Funds often deposited as soon as tomorrow

Cash Advance & Cash Loans

Emergency cash loans to cover specific, unexpected expenses such as utility payments or medical bills.

  • Checking account required
  • Services with short-term payback options
  • Alternatives for people with bad credit
  • Secure, confidential online processing

Title Loans

Similar to secured personal loans, these are collateralized against an asset (your vehicle) to help guarantee payment.

  • Use an asset, typically your truck or car title, to qualify
  • Loans up to 100% the value of your vehicle
  • Use for any financial need
  • Flexible repayment terms