Payday loans have become very popular and their popularity is constantly growing. They are really very convenient solutions when you find yourself in a troublesome financial situation because you can get the cash really fast and the whole procedure about it is very simple. However, other choices similar to payday loans have been left behind and they have not been promoted enough and sometimes they may be a better solution than a regular payday loan. This article will deal with several possible alternatives and variations that might be more convenient than the regular paydays.
For instance, there are some companies that offer the possibility of taking out a payday loan or any short-term loan through text messaging. In fact, there are even the specified companies that are called TxtLoan companies and they primarily deal with the cell phone text message way of applying. The only requirement is that you have an account at their company where paychecks or any other funds are sent electronically.
When taking a loan via text messaging, the terms are pretty much the same; however, they can sometimes even be more favorable and the interest rate and fees are usually no higher than ten percent. The borrowed money will be automatically transferred to your account and you will be able to withdraw it. Once your next paycheck is deposited to your account, the total sum along with the fees and the interest rates will be deducted automatically.
Anyway, there also exists tax refund anticipation loan and it name tells that the amount you borrow is not deducted from your next paycheck, but when you receive your income tax refund. Thus, technically, it is not a payday loan, but it is very similar and the mechanism is almost the same. The crediting and costs are also almost the same.
Another interesting alternative to payday loans is the so-called title loan which is secured by your car and only those who are in clear title of their car. The largest amount that you can take with this loan is the resell value of the car. There is also a logbook loan which is similar in that it is secured by the logbook of the car and the logbook then stays with the lender. The terms of both of these are more favorable than those of regular payday loans because they are secured and the lender does not take much risk.
All in all, although these various types and variations of payday loans are not that popular or known to people, they can be quite useful and that is why it is good to be familiar with them should you ever need any. This article provided the basic information on some of the variations and hopefully it was of help to you in your pursue of a perfect loan that would completely suit your needs and your situation. Thus, think well before you decide and be careful about the details and peculiarities whichever option you choose.