Money lenders

Money lenders are at your fingertips

Do you know about online money lenders?

There are a lot of different types of money lenders out there. There are the traditional money lenders at big banks. They give long-term loans to people and businesses. There are money lenders who give secured loans. That’s a fancy way of saying pawn shops and car title lenders.

But did you know there are online money lenders who will give you short-term loans over the Internet? That’s the type of money lenders Personal Money Store gets you. There are two basic types of loans you can get through Personal Money Store: payday loans and installment loans.

Payday loans

Payday loans are short-term loans meant to be repaid in two to four weeks, usually. The idea is that you borrow money from an online lender and agree to pay it back when you get your next paycheck. These loans are also referred to as cash advances or short-term loans.

These money lenders charge fees depending on the amount you want to borrow. Payday lenders generally do not run credit checks. Online payday lenders operate similarly to the payday lenders that run stores you may have seen, such as Check Into Cash, Cash Advance America or Check N Go. However, you don’t have to leave your computer to get your cash.

Installment loans

Installment loans work similarly to payday loans, except you can make multiple payments instead of repaying your loan all at once. The fees are similar to payday loans.

Installment loans are meant to be paid back in a few weeks or a couple of months. You will be expected to make payments on your installment loans each time you get a paycheck. Installment loans also are sometimes referred to as cash advances or short-term loans.

No faxing, no credit check, no building

To do business with money lenders through Personal Money Store, you never need to leave your computer. You can apply, get approved, complete your loan agreement and transfer cash to your bank account — all online!

Once you apply for a short term loan through Personal Money Store, your money lender typically will approve your loan in just a few minutes. Then you and your money lender come to an agreement regarding repayment date and full repayment amount. Most money lenders can transfer your cash directly into your bank account, and you could have access to your funds in just a couple of hours.

Careful with short-term credit

Before you get a payday loan or installment loan through a short-term money lender, you should know that these types of loans have stiff penalties if you default on your agreement. Most online money lenders can set up automatic payments so you don’t miss your loan repayment date. However, if you don’t have enough funds in your bank account to repay your loan, you’ll be charged additional fees — and it can get pretty steep.

Be sure you don’t borrow more than you can pay back, and then pay your loan back on time! Understand that if you get a payday loan, the full amount of your loan plus your lender’s service fees are due at the time of repayment. If  you take out an installment loan and you miss a payment you’ll get charged extra. Stick to your loan agreements, and you’ll see that payday loans and installment loans can provide helpful relief when you need it most.

Other types of Payday Loans

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