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There are times when everyone needs a little extra help with their finances, and need to borrow cash quickly. Understanding what types of loans are available and which loan would be the best for you, can help you to secure the funds you need quickly and easily.

Short Term Loans
The most popular form of short term lending at present is the payday loan. Payday loans are usually for a month or less or until payday. They are in effect an advance on your wages. Payday loans are one of the quickest forms of borrowing, with cash being available in your account in as little as one hour depending on the loan company you use. To qualify for this type of loan, you usually need to be over 18, in employment or with a regular income, and with a debit card, cheque book or bank account which accepts direct debits in order to repay the loan. Usually the loan is repaid in a single payment on the day you specify, via a debit card transaction or direct debit. These are also some of the easiest loans to get, as you do not need to be credit checked in many cases, nor do you need to send in any documents.

Medium Term Loans
Medium term loans are usually for a period of up to a year and include options such as logbook loans and doorstep loans. Logbook loans are loans secured on your cars documents - known in the Uk as the logbook or form V5. With a logbook loan you keep full use of your car, the loan is secured only on the documents, the company does not take your vehicle. Logbook loans can be taken out for periods of up to one year. To qualify for a logbook loan there needs to be sufficient equity in your vehicle so it needs to be ten years old or younger, be registered and legally owned by you and be free of finance. Logbook loans need no credit checks as the security is provided by the cars documents, however you need to remember that you can lose your vehicle if you do not keep up repayments on the loan.

Another form of short term loans are doorstep loans. Doorstep loans are available to everyone, even unemployed and those on social security. They are simple small loans - usually up to around 500 which are repaid weekly via an agent who visits your home. Doorstep loan companies specialise in lending to people in difficult circumstances, and are some of the easiest loans to get as doorstep loan companies will lend to almost anymore, including people who are unemployed and on social security. Loans are delivered to your door in cash - hence the name doorstep loans and are paid off in weekly fixed payments which are collected by a local agent who calls at your home. Usually these loans are for a year or more. Doorstep loan companies also usually offer shopping vouchers which can be used in high street stores, and some also offer pre loaded visa cards which can be used anywhere where visa is accepted - both online and offline.

Long Term Loans
Long term loans are usually measured in years and come in two varieties - secured and unsecured. Secured loans are loans secured on a property or other asset - mortgages are examples of secured loans. If you do not keep up repayments on a secured loan then you could lose your property. Unsecured loans on the other hand, do not require any security so are available for both home owners and tenants. However unsecured loans are quite difficult to get if your credit is not good, although it may be possible to get a guarantor loan - which is technically an unsecured loan as it is not secured on property or assets. You will however need someone to sign as guarantor to say they will take over the payments if for any reason you cannot keep up the repayments. This person will need to have a clean credit record.

So if you need a loan right away, payday loans and logbook loans are the quickest option as the cash can be in your hand or in your account the same day. Doorstep loans take a couple of days to arrange but usually can be completed in 48 hours. Secured and unsecured loans take the longest these can take several weeks to finalise although some companies can now fast track applications and finalise within a week.

For more information on loans and finance visit http://www.getaloantoday.co.uk