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www.rubikloan.com – Online pay advances are a great help for a short duration of time. However, you must be sure about every detail about payday loans before opting for it, in order to avoid any kind of difficulty in the future. There are two broad categories in which payday loans can be classified, retail lending loans and internet lending loans.
Let us discuss the two types of online pay advances in detail. Retail lending loans are the formal kind of payday loans, meaning it is the conventional way of applying for a loan. The person willing to take the loan needs to go the lending office, file an application regarding the loan and submit his required documents. On the approval of the application, the concerned authorities conduct an assessment test on the borrower, and if he passes the loan is approved. In this conventional way the borrower has to submit a post dated cheque which draws the loan amount from the borrower’s account automatically.
The second type of online pay advances, which is far more easy and convenient than the retail lending loans is the internet lending loans. It is a fast and modern way of lending money to the borrower. The borrower does not have to go anywhere to get the loan; instead the whole procedure is carried out online. Every step, be it submission of the loan application, or the submission of the required documents by the borrower, everything is done via internet. Once the application is passed by the authorities the loan amount is directly transferred to the borrower’s bank account.