Everybody's lifetime goal is to ensure financial security not only for themselves but also for the ones who they provide for. However, the road is paved with challenges, as even if you create your monthly spending plans every once in a while you might face an unprecedented situation, having you unprepared financially. The financial industry tried to react to these unprecedented scenarios, where people's financial security wavered by these scenarios, which usually require unexpected spendings that were never part of the monthly plan. There is a great variety of unsecured loans available for the ones in the need of a quick solution, or a longer wallet-friendly one.
Unsecured and secured loans
The only difference between the two types of loans is that in the case of a secured loan the borrower pledges a collateral asset (car or property etc.), while in the case of an unsecured one you do not need to do so. Secured loans are typically longer termed ones, while unsecured loans are mostly used for short-termed loans. A great example for the secured loan is the popular mortgage option, where to purchase the property you will be paying off the mortgage loan, while the financial institution is given a security (as it is the lien to the title of the house) until the end of the purchase period. In case the borrower cannot fulfill his/her obligation, the bank would have the right to sell the house and gain financial compensation for its loss.
Types of unsecured loans
As mentioned earlier unsecured loans do not require an asset from the borrower to be proposed as security. The most popular forms of unsecured loans are credit card debts, personal loans or even corporate bonds (which can be both secured and unsecured). These types of loans are usually available for a shorter period of time and for a smaller amount of sum.
Personal loans
Personal loans are the best ways to solve your urgent financial struggles, as they can be utilized for any kind of personal expenses. As these types of loans can fall under the category of unsecured loans, where the involvement of personal assets is omitted, the guarantee of your future payment is usually based on your payroll history. On the other hand, the approval process in case of an unsecured personal loan requires significantly less time to run through the system, compared to usual loans requested through banks, sparing you the time spent on bureaucratic paperwork.
Payday loans
Payday loans are usually small, short-term loans, which are secured against your next paycheck and can come in handy in unprecedented, emergency situations. As the payday loans neither require an asset to be involved, the time of the approval process is extremely short compared to a personal, short-term loan requested through a bank. Payday loans enable you to settle debts, take care of the expenses you were not prepared for by giving you the opportunity to receive your requested amount of money in no time.
Short-term loans
The only difference between payday and short-term loans is the duration of the loan period. While payday loans are usually available for only an extremely short-term - e.g. by the time your next paycheck arrives -, short-term loans in general, can have a longer duration, even up to 24 months or more. Payday loans might provide a great resolution in cases where instant loans with small amounts of money are required, while short-term loans might be more efficient with bigger sums, for a longer period.
Paydaypug provides you with a new solution on the market for dealing with the scenarios you were never prepared for. This loyal pug is concerned with those unprecedented events that you have never calculated with. Our services include both short-term and payday loans to help you overcome difficult situations, or to help you reach your dreams. Recently we have also joined an important movement, the Royal Society for the Prevention of Cruelty to Animals (RSPCA), as we pug lovers are obliged to partake in such an important cause. If you would like to join us in the fight against cruelty, or if you need more information on our terms and services check our website or contact us directly for further information.