With new reforms and regulations happening in the financial world, many payday lenders are looking into offering alternative types of loans that are beyond payday loans.

Some of these alternatives maybe installment loans, title loans, or small business loans.

Installment Loans:  Installment loans are very similar to payday loans except that you have an option to pay back the loan in smaller portions on your future paydays until you have paid off your loan.  This will help you reduce the stress of paying a big portion of your paycheck to repay your loans.  The disadvantage of such loans are that you may end up paying more fees because since you don’t pay off  your debt on time, the fees could roll over and you end up paying a lot more than you borrowed.

Title Loans: A title loan also referred to as auto title loan or simply car title loan, are the types of loans that are borrowed based on borrowers vehicles as collateral. These loans are a bit cheaper than payday loans but risk is that you may lose your car if you don’t pay.

Small Business Quick Loans: Smarter lenders like Cash USA are now looking into offering quick small loans to small business. This is an interesting concept because although small businesses made up half of US economy but majority of small businesses have hard getting loans from banks specially post credit crunch. So concept of lending to local small businesses could be an interesting  idea.