When someone applies for a loan, all they want is the best offer. There are many types of loans. People always prefer easy loans as they are hassel free. You don’t have to wait for the approval of your application to get the cash. Easy cash loans as offered by Quick Loans NZ are approved very easily and you enjoy the perks of the best financial services. Although there are many benefits of availing these loans it has some demerits too.

A loan is to borrow money from someone, either bank or a financial company, or a person. But there are different types of loans. These types are categorized on many different bases; an important one is a credit.

Personal loans:

Personal loans are the loans that one gets for his own personal needs. Furthermore, there are two types of personal loans. The unsecured personal loans are the ones that don’t include a mortgage. If you want to get an unsecured personal loan you should have a good credit history. Your good credit assures the lender that you can repay the loan.

The second type of personal loan is a secured personal loan. To get this loan you will have to offer a mortgage. The benefit of unsecured loans is their low-interest rates. As this loan offers assurance, this is less risky for the lender. An asset is supporting the loan that is why the lender is confident that he will get his money back, somehow. The drawback of unsecured loans is that, if somehow you are not able to pay it back on time, the lender would seize your mortgage assurance.

Payday Loans

Payday loans are also known as Quick Loans. Payday loans can be approved very quickly because of these many reasons. These are the loans that are associated with your payday. When you get this loan, you allow the lender to withdraw money from your account on the day you will receive your next pay. Usually, it is done by signing a check that includes the borrowed amount and the interest rate. These payday loans are very high cost and short term loans.

These loans are the best option for you if you are in exigency.No credit check. Online application for quick loans/ Payday Loans does not require your credit check. This means that if you are suffering from any such financial problems then you can conveniently avail this loan. A lender doesn’t even have to check your credit history. No document preparation. Online application for quick loans/ Payday Loans does not involve any extra work for the borrower. You just have to submit necessary documents in support of your repayment. If you have any difficulty in providing supporting documents you can always get a solicitor to prepare the documents for you. If your lender asks you to provide any collateral for the repayment of the loan amount then you can easily refuse to do so.Many people get quick loans or  Payday Loans because of many reasons. The most common reason behind this is that they want to fulfill their needs and desires at quick time. However, due to many people running out of cash they end up in debt. There are many people who take these quick loan options in order to pay off some bills or to attend some urgent expenses. This money thus accumulated can further be used to meet any of your future desires. If you are a person that doesn’t usually need loans, but an emergency has struck you and you are left with no option; payday loans are the best option for you. You should keep in your mind that these payday loans are very costly.

Title Loans

This is a mortgage kind of loan. To get this loan you have to transfer the title of one of your assets to the lender. In contrast, the lender lends you money equal to the amount of 25%-50% of your asset’s money. If you are sure that you don’t have any other option and the only asset that can get you money is useful to you and you can’t sell it, this title loan is probably the best option for you. But you should be mindful that if you won’t pay back the loan, your assured asset will be possessed by the lender.

Home Equity Loans

These are the loans that use your home as a mortgage. The amount of home equity loan that you can get depends on the equity you have in your home. You can use these loans for many domestic purposes. If you want to renovate your house, this is the best type of loan you can get.

You can borrow an amount equal to 85% of the equity in your home. The benefit of getting a home equity loan is that the interest rates are very affordable. The major drawback of a home equity loan is the possession of your house by the lender. This drawback can become a nightmare for you if you ever fall out of budget. The lenders usually don’t care about what the borrower will do without a house, and you will be called homeless.

Credit Card Cash Advances

Credit cards offer a short amount of loans. If your credit balance gets out of hand, your credit card will provide you with an advance amount. You will have to pay this amount with an interest rate that gets higher every month.

Credit cards are the most inadvisable type of loans. These loans are nothing more than an extra burden on your budget. They are very high-cost loans.


There are different kinds of loans. Each type of loan offers its own perks. Before applying for a loan, you should get proper information regarding the pros and cons of that loan type. You should be sure that the loan you are applying for is not a burden on your budget and you will have no difficulty in paying it back.