There are many different types of lending products out there on the market and you should research thoroughly before requesting a loan so that you know what you are getting into.
Some examples of the types of loans offered are:
Payday Loans are paid by your next cheque. This means that when you request a payday loan, you should take it out for only the amount of money that you can repay when your next payday rolls around. That’s why they are called payday loans. Payday loans work by you requesting an amount you can repay and then, when your next paycheque arrives, you are expected to pay off the loan plus interest. Standard interest rates for these types of loans can be high, but this is still a popular way to borrow for those with bad credit.
Short Term Loans
Short term loans are a much broader term to describe payday loans, installment loans and other lending products that can be repaid over a short period of time. These loans are intended for borrowers to use during one time financial emergencies and to be repaid quickly, but some can be repaid over a longer period of time.
If you’re in a situation where you’re thinking that you need cash fast, you might be considering an emergency loan. These types of loans are designed to get money into your hands as quickly as possible. Typically these can be purchased entirely online, which streamlines the approval process and happens much more quickly than with a traditional lender.
Bad Credit Loans
Do you have bad credit? Looking for bad credit loans? Well, Friendly Lender can help there too. Because our direct lenders we work with deal in small dollar loans, they are much more likely to work with high risk borrowers, such as those individuals that have bad credit, no credit at all, or a poor credit score. Don’t be discouraged if you have bad credit and think you won’t qualify. It can be possible for you to qualify for bad credit loans with Friendly Lender and the many direct lenders we work with.
Don’t be fooled by companies that claim to offer “no credit check loans.” It’s not true. Every lender does at least a minimal type of credit verification. Even if that is just a check of your pay stub, that’s still considered a credit check. Non-traditional credit checks are an option. These checks are intended not to harm your credit score. Many of the direct lenders working with Friendly Lender offer these “soft” credit checks to help you keep your credit score from becoming tarnished.