Understanding the different types of payday loansWhen in a crucial financial crisis, payday loans come to your aid. Now that you are faced with such anemergency and want to go for payday loans, you want to know the various types of loans that areavailable.Payday loans can be broadly divided into two categories – retail loans and online loans.In the retail category, the one who wants to borrow will have to go to a payday loan shop to get theloan. It is the conventional way where the borrower has to apply for the loan and submit all necessarydocuments. These documents will then be scrutinized and the loan amount approved. In case of retailpayday loans, the borrower has to submit post-dated checks. This ensures the repayment as on the duedate, the amount will be automatically withdrawn from the borrower’s account by these checks.The other category is the modern one, which is simple and fast. It is the online loans or internet loans. Inthis type, the borrower does not have to go anywhere. He or she can apply for the online loans at thecomforts of his or her home. The application form has to be filled online and the documents also have tobe submitted online. On approval, the amount is directly transferred to the checking account. It is assimple as that. In fact, you can also avail same day payday loans online, which are processed andamount transferred on the very same day.In both these types of payday loans, the basic requirements are that you are a salaried employee of 18years or older and a citizen of the country. If you fulfill these clauses, then you can easily avail paydayloans either in a retail system or even online.