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3 Different Kinds of Loans: Cash advance loan, Pet loan, Student loans

It is the desire of people to have various things they desire. According to economics, human wants are insatiable as they would desire to have various things as each day whirls by. Acquiring various things involves having money to be used as a means of exchange. Money is needed for the acquisition of various goods and services. It is used for acquiring various things such as cars, houses, lands, jewelries, clothes, accessories, gadgets etc. It is also used for acquiring different services that would ensure one is comfortable in a society. Money is needed for paying various bills such as electricity bills, phone bills, parking bills and many more. Money makes the world go round. And just as it is believed by most people, money answers all things. The desire to have money has made people get involved in different activities that would yield money. When one needs to acquire different things and does not have money to do so, he can apply for a loan. Loans are of different kinds as they have different terms, requirements and characteristics. A particular type of loan is cash advance loan.

Cash advance loan

Cash advance loans, which are also called payday loans, are loans that require a borrower to pay back at his next pay day. These loans are short term and unsecured loans that do not require collaterals. They are loans that simply backed by a borrower’s promise to pay back. Upon a borrower’s inability to pay back the loan borrowed, the lender cannot seize any property of the borrower. However, he can claim legal actions the borrower. Cash advance loans are subject to various legislations in different countries. Different countries have their laws on cash advance loans, as there are countries that completely prohibit it. The ones that allow cash advance loans place them under regulation.

Pet loan

Another type of loan is the pet loan. Pet loans are loans acquired to purchase pets. Pets are lovely animals that most people would always want to have by their sides. There are various pets that can be acquired such as dogs, exotic birds, cats, snake, and many mor,e. These pets come in different prices and one might not have enough money to purchase them. Pet loans are small and unsecured loans that are used for purchasing pets. These loans do not require collaterals as they are unsecured loans. They are backed with a borrower’s promise to pay back. Upon default of payment, a lender cannot seize any property of a borrower.

Student loans

Student loans are loans used by student to attend to monetary issues as regards their schooling. It is known that money is used to pay various fees in schools. Books, materials, accessories etc are needed to be bought to ensure students excel in their studies. Students might not always have the money needed to acquire to pay for these things. Hence, they can apply for student loans, which are mall and unsecured loans to pay various fees as regards their schooling.

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