Other Names of Payday Loans
Payday loans are the fast cash advance given to a person to fulfill his emergency needs before his payday arrives. Payday loans are also known as short-term loans, debit card loans, no faxing loans, bad credit loans and so on. The name ‘short-term’ suggests that these loans are available for a short period of time, and usually the amount is small. Payday loans are called no faxing loans because there’s no need to fax any documents. They are also referred to as debit card loans because money gets credited to your savings account and you can withdraw the cash using your debit card. The name bad credit loan is given because the poor credit history of the borrower is not an issue for many lenders. ‘Guaranteed loans’ is another name of payday loan as the approval of your loan application is guaranteed if you meet all the criteria of the loan.