A loan is very easy way of completing our wishes before we earn that amount. There are several benefits of loans, but some limitations too. Loans has really made our lives easy and cool. But if we see other side of loan then its like a postpaid saving, in which we get the saving amount first and we keep on making saving for this in future. The benefit is we have the money in advance but limitation is we need to pay the interest rate for this. We can choose a right loan depending on the requirement.
Personal Loan - A personal is a small period loan ranging from 3 months to 4 years. Its generally a large amount and basically for your bigger cash needs.
Payday Loan - A Payday Loan is very quick and easy loan. Payday Loans sometimes referred as payday check advance or payday advance, is a very short period loan. Its generally for small amount. Its called as payday loan because you have to repay this till you next salary day. They are for your urgent needs for which you don't have money in hand but you are sure you can pay those from you coming salary of following month. These kind of loans can be taken online also.
Interests only Loan - This is a special type of loan in which you principal loan amount remains same. You only need to pay the interest for the time period you have taken the loan. And at the end you will pay the principal amount. This loan is beneficial when you can't afford the big EMIs but you know that in near future you are going to get that amount. These loans are good for investment purposes.
There are some others loans which are very specific to to their areas and they don't give you cash. e.g. Car loans, home loans, education loans etc.