What is a Loan?
Loan is the amount of money or credit which is given to someone in need which has to be return with interest before fixed date.
You can take loan from your friend and bank too. Taking a loan is good thing but it can be problematic to you.
Applying for loan is only good option when you are able to pay it back in limited time.
If you are not capable enough to give the amount of loan back so you should not apply for loan. Although, loans can be helpful to make you successful.
Loans are of two types secured and unsecured.
If you apply for a secured loan, then you have summit any of your property, appraised jewelry item or car as collateral
If the borrower is unable to repay the loan the lender will take ownership of the asset submitted as security.
Although an unsecured loan is not popular.
When you consider the option of an unsecured loan and borrower is unable to repay the loan the lender’s only recourse is to sue.
Unsecured loans’ interest rates are much higher.
Types of Loans
- Personal Loan
You can easily get these loans at most banks.
After getting personal loans, you can spend it any way you want.
You can go on vacation or purchase anything – whatever you want.
- Home Equity Loan
This type of loan is best for renovating a home and any construction related to a home.
The interest on these loans is quite low as compared to other types of loans.
- Cash Advance
If you need money urgently you can use payday loan institutions.
But these loans have really high interest.
You should go for this option only when the other loans options are not available.
- Student Loan
These loans are really helpful for college students used to pay for tuition, residence and food.
The interest of student loans are really affordable.
- Small Business Loan
These loans are given to start or help grow your business.
All you have to convince them with your valid business idea and plan that their loan can be pay back.
These loans are secured loans so you have to submit collateral.
- Mortgage Loan
It takes years for people to save and purchase their own house.
But with the help of mortgage loans people easily finance home ownership.
Home mortgage interest rates are probably the lowest of any loan type because the security is easy to find!!
The home is security on the loan.
What is a PayDay Loan?
A Payday loan is also known as Cash advance loan. With a PayDay loan you borrow money for short period of time.
The lender charges interest on the basis of the borrowers earnings.
The interest charged on payday loans is very high as they are for short period of time.
No doubt payday loans have high interest rate but it is an unsecured loan which means you don’t have to handover any of your assets as a guarantee.
If you are in rush and want money urgently a payday loan is the best solution.
After applying you can access within or after 24 hours.
Few payday loans are available 24 hours a day and 7 days in a week.
You can apply online too.
Guaranteed PayDay Loans in Canada
PayDay loans are good when you need money in very short notice.
To meet your financial requirement you can apply for this loan.
If you face credit problems in the past so you should have a guarantor which will help you to get approved for the loan.
By having guarantor you also get some opportunities.
To apply guaranteed payday loans in canada at friendlyLender.ca is the best option for you as there are many lenders that increases the chances of approval quickly.
All the proceedings is online completely, just relevant documents are needed.
In Canada payday loans are called Installment loans.
After the submission of application the details are sent to lenders and the details provided are kept secret.
The application is accepted in few minutes.
Then you can have your contract in next page.
Before signing you should have a look at contract thoroughly.
Payday loans are fast and convenient loans.
No doubt it is really important read contract with full concentration and then sign if you are satisfy.
To get the payday you have to pay certain amount which differs from lender to lender and the amount is clearly mentioned in contract. Y
ou never know when you will be need of money?
So for circumstances like these if there medical emergency, to pay the fees for your child, for home maintenance, you need money immediately which is only possible through a payday loan as they are available 24 hours online.
You can get a loan approval within 24 hours.
Advantages of PayDay Loans
- Easy Online Application
You can apply for payday loan at any time online just by sitting at your home. All you need is to fill online application and give required details and apply.
- Terms and Conditions
The rules and terms are crystal clear. There are no hidden charges at all. Even the last day of installment is mentioned in every agreement.
- Use Your Funds for Any Expense
Guaranteed payday loans are not restricted how to spend it. You are free to use this loan in your own way. Whether you can purchase anything or you can go on vacation.
- Instant Funds
If your loan application is approved your funds will be transferred into your account immediately. Payday loans are famous as they are available quickly so that the borrowed amount is transferred immediately.
- Do you Have an Urgent Need?
Circumstance changes within seconds you never know. If you need financial help urgently – try a payday loan.