FAQs
A loan is money borrowed from a lender that you agree to pay back with interest over time. It can help cover personal, business, or emergency expenses.
A payday loan is a short-term loan usually due on your next payday. It’s designed to cover urgent expenses but often comes with higher interest rates.
A salary loan lets you borrow a portion of your next paycheck in advance. It’s ideal for people who need quick cash before their salary date.
A personal loan can be used for almost anything — from home repairs to debt consolidation. It’s repaid in fixed monthly installments, usually over several months or years.
A microloan is a small amount of money borrowed for short-term needs, often used by small business owners or individuals with limited credit history.
A secured loan requires collateral, like a car or property, to guarantee repayment. If you don’t pay, the lender can claim the asset.
An unsecured loan doesn’t require any collateral. Approval usually depends on your credit score and ability to repay.
Interest is the cost of borrowing money. It’s calculated as a percentage of the loan amount and can be fixed (same each month) or variable (changes over time).
Yes, but your options might be limited. Some lenders specialize in bad credit loans, though they may charge higher rates to reduce risk.
Short-term loans are repaid within months and often have higher interest rates. Long-term loans last years, with lower monthly payments but more total interest over time.