A wage loan also known as payday loan is a short term loan that allows the borrower to arrange some cash until the next payday. Consider the situation that one is facing shortage of cash and there is still time in next payday. This is where wage loans come in the scenario and helps one in getting immediate financial assistance. Hence, payday loans are a source of cash to manage the financial gaps between two consecutive paydays.

One can get around $1000 and more depending upon the monthly income of a person. This cash is enough to meet various needs such as medical emergency, grocery bills, school fees, car or home repairs, child’s stationary expenses, sudden travel expenses or sometimes even for buying gadget or some apparel. Wage loan can be obtained despite a person’s poor credit status. Wage loans require no paperwork, no collateral assessment and no time wastage; one can receive cash in a day’s time itself if all requirements are met with. Basically there are no restrictions for applying a wage loan.

Mortgage loan is a loan which is secured by some property through the use of some documentation. These legal documents serve as a proof or basis for the existence of the loan. Every person opting for a mortgage loan looks for the lowest interest rates, so that the burden for repayment will be comparatively low.

There are various ways to repay the mortgage loan. These are based on localities, tax laws and the culture. In US the borrower is required to submit a loan application and the documents regarding the financial history and/or credit history of the borrower. Many banks offer various schemes which require low documentation procedure, but one should be careful as such schemes involve high interest rates. However, one should be careful as these schemes are considered illegal in some states.

Home Equity loan also known as HEL is a type of loan in which a borrower borrows money from the lender, by the equity one has in his home. This home equity serves as collateral. Home equity loans are also termed as second mortgage and are a great means of arranging fast money. Home equity loans can be around $100,000 and can serve as a good means for clearing off one’s debt, house renovation costs as well college education.

Before opting for a home equity loan one should complete the market analysis as to which institution is providing the lowest interest rates.

Auto loan- as the term suggests that it is a personal loan which an individual seeks for buying a car. When an individual approaches for an auto loan, then he looks for a wide range of benefits such as loans with low interest rates, instant loan process, simplistic process, less documentation procedures and many other needs.

One of the key features which the borrower seeks in an auto loan is low interest rates. Low interest rate ensures less monthly payment and thus lower costs. Now-a days in the hustle and bustle lifestyle many institutions offer online applications.