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There is also the so-called tax refund anticipation loan which you do not pay back on your next payday, but upon the receipt of the refund of your income tax. Since this is the case, it is technically not a payday loan, but they have very similar characteristics when cost and crediting are concerned.

 

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There is also another very peculiar type of payday loan which is called title loan, and the peculiarity of it is that it is by your car. However, it is available only to those who are the in clear title of the car which entails not having other loans. The highest amount of money that you can take is a part of the resale worth of your car. A similar variation exists for the title loan as well and it is the logbook loan which is secured by the logbook of the car which is retained by the lender. The terms of these loans are somewhat better than those of the regular payday loans since they are secured and thus not of a great risk to the lender.

To sum up, these are some types of payday loan that are maybe not so popular and known to the public as the regular payday is. Hopefully, this article provided you with sufficient information so that you can easily decide which of these payday loan variations bests suits your own state of affairs.

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