Direct Lenders - Payday loans
A payday loan is a type of short term borrowing. This type of borrowing usually in on very high interest rate. The borrower writes a post dated personal check for the amount borrowed plus the fee charged for borrowing. The direct lender of payday loans holds the check and gets that cashed on the agreed date. This type of loan is also known as cash advance or check advance loans.
True Blue Loans check credit history:
Direct lenders for payday loans facility is available but the true blue loans check the credit history to ensure that the person can afford the loan and to verify the identity. site: http://www.trueblueloans.co.uk/
Short term installment loans:
People get short term loans for their everyday needs or may be for commercial purposes. Mostly, short term loan is taken when someone is having assets but not in liquid form. They after giving some security has gotten short term loans. Short term loans are taken by a business man, individual and sometimes even by some companies. Short term loans satisfy short term needs or organization or individual.
Payback in installments:
Direct lenders for payday loans give loans and then the loan is paid back by creditors either on one payment or in the form of installments. Borrowers usually feel comfortable in paying back in installments. The installment plan is agreed before the loan is given by direct lenders for payday loans.
Long term and short term loans:
There are two types of loans in terms of time span. The two types of loans are,
- Short term installment loans
- Long term installment loans
In Capital and money market the concept of long term and short term is such that if the loan is taken for less than one year it is considered to be a short term loan. If borrowing is done for a time span of more than one year then this type of loan is considered as long term loan.