A payday loan is a short-term loan due on the borrower’s next pay date. It’s a type of loan that can help when borrowers have emergency expenses.
A personal loan is a type of loan that’s paid in installments and used by borrowers for various personal reasons.
An installment loan is a type of loan that’s paid in installments, or segmented payments, over a certain period of time.
A title loan is a type of short-term loan that uses the title of the borrower’s vehicle to secure the loan funds.
Loan interest works by applying a percentage to the loan amount that the borrower pays in addition to the loan principal.
Prime and subprime loans have to do with the credit score ranges of the borrowers who qualify for these types of loans and their rates.
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