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The financing market overflows with numerous types of loans. Evidently, each one is created for distinct specifications. Thus, what would work for some people might not work for others. That being said, we’d like to introduce you to the main types of loans and their features. This information could help you make a sensible decision regarding the best loan for your needs.

Open-Ended and Closed-Ended Loans

One way of distinguishing between loans would be separating them into open-ended and closed-ended loans. The most common types of open-ended loans are lines of credit and credit cards. Moving on, these usually have a credit limit, representing the total amount of money you can borrow at a given time.

Depending on your needs, you can use either all or part of the credit. As you use the credit available, the amount of money you have at your disposal diminishes.

On the other hand, closed-ended loans are one-time loans. With every payment you make, the balance of the loan decreases. Nonetheless, distinct from open-ended loans, you don’t have available credit at your disposal for use. The most common types of closed-ended loans are auto loans, mortgage loans, student loans, and the list may go on.

Unsecured and Secured Loans

Furthermore, loans can be secured or unsecured. In the case of a secured loan, you need to include an asset as collateral. In the case of a loan default, the lender has the right to repossess the asset in order to make up for the financial loss. This is why the interest rates tend to be lower for secured loans than in the case of their counterparts. In some instances, lenders might request to appraise the asset, in order to assess its value.

Moving on to unsecured loans, these don’t require a valuable asset as collateral – as the name entails. However, people with low credit rating could find it difficult to get this form of financing. At the same time, in order to compensate for the risk, these loans come with higher interest rates. That’s because the major elements that are taken into account are your income and credit rating, for the most part.

Short-Term Loans

Short-term loans or payday loans are usually recommended for financial emergencies, as they have a limited lifespan. In general, they are provided by online lenders, whose application process is straightforward and to the point. At the same time, the lending criteria are less strict than in the case of traditional loans; this makes them appealing to people with a poor credit rating.

These loans could make sense in the case of emergencies, but they aren’t really recommended for regular use, as the interest rates and additional fees can be quite high.

To conclude, these are only some of the many types of loans you can find on the market. Considering that every borrower’s needs differ, there is a type of financing that aims at addressing those needs. It’s up to you to do your research and pick a reputable lender and you’ll be on the right path.

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Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.


The owner and operator of PaydayNV.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presentedon the website for information purposes only. PaydayNV.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. PaydayNV.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. PaydayNV.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.


APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since PaydayNV.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, PaydayNV.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant.

Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with PaydayNV.com and PaydayNV.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.


Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.

Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.