Payday loans are often referred to as cash loans or unsecured loans because of their short term and usually smaller amounts of money involved than say an investment loan or low doc loan.

A payday loan is also known as a cash advance, and it is expected to be paid back in full within two or three weeks of the receipt of funds. A payday loan is usually used when you are short on cash, to pay off unexpected bills, such as medical fees or car repairs, or anything else you can think of.

Payday loans are available to most people who have some sort of a permanent income, whether it is a full-time job, a pension, or otherwise, along with a bank account in good standing. So long as you have the proper identification and the means to pay back what you owe given some time, you should be able to receive a cash loan.

Investment Loan

Investment loans are a longer term proposition than a payday loan.

An investment loan usually involves some type of security, such as a car or property to access and are used to buy investment property or another type of investment.

Unsecured Loan

Unsecured loans are loans that are taken out without giving the lender any type of security, such as a house or car. A payday loan or cash loan is a good example of an unsecured loan.

Unsecured loans, like payday loans, are usually for smaller amounts of money as the lender does not have the asset upon which to base themselves if you are in default.

Low Doc Loan

A low doc loan is an abbreviation for low documentation loan and is a type of loan that is granted to individuals or businesses that have a smaller amount of documentation.

Documentation being things like pay slips, bank account records and the like.

A Low doc loan often attracts some type of fee because of the slightly riskier nature for the lender.

A payday loan or cash loan could be a low doc loan but usually payday loans do require some documentation. Consult different lenders to find out exactly what is required.