If you’re in a situation where you need to borrow from a lender, it’s important to understand the different types of loans so you can determine which loan will suit your needs. There are several different types of loans, such as unsecured personal loans, secured personal loans, fixed-rate loans, debt consolidation loans, payday loans, payday alternative loans, and more. At MaxLend, we offer an alternative solution to payday loans that can be paid back in installments. We’ll cover some of these different types of loans to help you better understand what kinds of loans are available and which may work for you.
Unsecured Loans
To determine how much you can borrow, lenders who offer unsecured loans may use your credit score or other factors as a reference. People with good credit may end up with a lower interest rate than those with bad credit. However, some people with bad credit can still get unsecured money loans.
Secured Loans
With a secured loan, also known as a collateral loan, you’re required to offer some type of collateral to secure your loan. When you use collateral to take out a loan, you’re running the risk of losing the property you’ve offered as collateral.
Payday Loans
Payday loans are loans that are typically due in full with interest by your next payday. These cash loans are to be repaid to the lender once you get paid from your job.
Payday Alternative Loans – Installment Loans
One option for an alternative to a payday loan is a short-term installment loan. Installment loans may be more feasible compared to traditional payday loans, as you can get a longer repayment timeline with a payday alternative loan. Unlike an installment loan, a traditional payday loan typically must be repaid with interest on your next pay date.
Debt Consolidation Loans
You can use unsecured personal loans to help consolidate debt. To consolidate debt with a personal loan, you can apply for a loan in the amount that you owe, use the loan to pay off your debts, and ultimately pay off the loan.
Fixed-Rate loans
Most personal loans come with fixed interest rates, meaning that the interest rate and the repayment rate will stay steady over time. These predictable payments make it easier to know and understand how much you owe on your loan each month during your repayment. Loans with a fixed rate may be easier to incorporate into a budget.
If you’ve found that you need emergency funding, you can count on MaxLend to help. You can apply for cash online and find out if you’re approved for an installment loan of up to $3,750. For more information about obtaining cash loans online, contact us at MaxLend by calling 877-936-4336.
The content on this site is for informational purposes only and is not professional financial advice. MaxLend does not assume responsibility for information given. All information should be weighed against your own abilities and circumstances and applied accordingly. It is up to readers to determine if this information is safe and suitable for their own situations.
MaxLend, is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Mandan, Hidatsa, and Arikara Nation, a federally-recognized sovereign American Indian Tribe. (the “Tribe”). This means that MaxLend’s loan products are provided by a sovereign government and the proceeds of our business fund governmental services for Tribe citizens. This also means that MaxLend is not subject to suit or service of process. Rather, MaxLend is regulated by the Tribe. If you do business with MaxLend, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As more specifically set forth in MaxLend’s contracts, these forums include an informal but affordable and efficient Tribal dispute resolution, or individual arbitration before a neutral arbitrator. Otherwise, MaxLend is not subject to suit or service of process. Nothing in this website is intended to waive or otherwise prejudice MaxLend’s entitlement to these protections. Neither MaxLend nor the Tribe has waived its sovereign immunity in connection with any claims relative to use of this website. If you are not comfortable doing business with sovereign instrumentality that cannot be sued in court, you should discontinue use of this website.
