subject: What Is a Payday Loan? [print this page] What Is a Payday Loan? What Is a Payday Loan?
Short term loans are being offered by several different lenders. These also include a payday loan, being offered for some colleges and some other companies. This type of loan is due within a short period of time only, although it will also depend with the assessment of the lending institution.
Some universities and colleges offer short term loans to students. This is only open to students that could show a proof that the loan can be paid within a certain period of time, like 30 or 60 days.
If the student is expected to receive other student financial aid, then the school might be able to lend an even bigger amount that must be paid on that time the financial aid is expected to be received.
Pay day loans are offered by so many lending institutions around the city. You may see them on kiosks all over town, inviting people to take advantage of this type of loan. There are also many of them in the Internet. You may search for one in your locality or someone that is on your area. These are unsecured short term loans that are usually due within the next pay day period. For example, a lending institution offered a $30 charge for each $100 loan. Given this, a $200 loan will cost you $260 excluding other fees that they may charge you, such as processing fees, service fees, etc.
There are also several banks that offer short term loans. These loans will mature in as early as 60 days, or up to 120 days, depending on the bank's discretion. These short term payday loans can even last up to three years, but it will always depend on the borrower's capacity to pay. They still have to conduct some "Credit Investigation" and may require collateral for long term loans that involves huge amount of money.
