There are many reasons a person may need a loan, but quite often, there are no lenders available to give them the money they need. Sometimes, their credit is not so good or they don’t meet other criteria the lender wants. Just about everyone has heard of the Payday loan where a person calls a telephone number, gives them their information, such as bank account numbers, proof that they are working and getting a payday every week or two. Once they’re approved, which is in a very short time, the money they need is placed in their bank account.

Payday Loans

Payday loans are just that. They have a high interest rate and are expected to be repaid on the next payday. If they aren’t, the interest rate could be even higher than when the loan was originally taken out. All the same, this type of loan can help a person with a dire need, or an emergency, deal with it in a timely manner. On the next payday, they can pay the loan back, but could still be short of funds until their next payday.

Installment Loans

There are loans available that are quick and easy to apply for. The difference between this type of loan is the way it’s paid back. A Payday loan is meant to be repaid on the next payday, whereas installment loans are repaid on a monthly basis. Once it’s paid off, the client will qualify for another loan exactly like the loan they just repaid. It can also be paid off early without any penalty. Log onto BlueTrustLoans.com for more information on how to get one of these installment loans, and more particulars about it.

Applying for an Installment Loan Online

Being able to apply for a loan online seems impossible. All a person has to do is fill out a form, type in their name in the electronic signature line, and click the submit button. Then, they’ll simply wait for the answer, which will be on its way very shortly. As with applying for any loan, individuals should always read the fine print, how long till the loan is repaid, how the interest is calculated, and what happens if the loan is not repaid in the proper time period?