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Exhibit A — Full Detail

Loan Types, Entered In Full

Five loan types, cataloged the way an auditor would — how each works, what it typically costs, and who it tends to fit. Reference material, not a recommendation of any one type.

Exhibit 01

Payday Loan

Hazard
1–4 week term$100–$500

A short advance against your next paycheck, usually repaid in one lump sum on your next payday. Approval is fast and often doesn't require a credit check, which is part of the appeal — and part of the risk.

Typical APR
300% – 400%+
Typical fee
$10–$30 per $100 borrowed
Rollover risk
High — fees compound quickly if extended
Best fit
Genuine one-time gap, repaid in full next check
Watch for
Automatic rollover clauses, post-dated check requirements
Exhibit 02

Installment Loan

Caution
3–24 month term$500–$5,000

You borrow a fixed amount and repay it in equal scheduled payments over months, not weeks. Costs vary enormously by lender — some are reasonable, some carry payday-level APRs dressed up in a longer term.

Typical APR
25% – 200%
Common add-on
Origination fee (1–10%)
Rollover risk
Low — fixed schedule, but refinancing resets costs
Best fit
Larger, planned expense with a repayment plan you can sustain
Watch for
Prepayment penalties, add-on insurance products bundled in
Exhibit 03

Title Loan

Hazard
30 day termUp to vehicle value

Uses your vehicle's title as collateral, so approval doesn't depend on income verification the way many loans do. The trade-off is real: missed payments can mean repossession.

Typical APR
200% – 300%
Collateral
Vehicle title (car must usually be paid off)
Rollover risk
High — repeat rollovers are common
Best fit
Rarely the lowest-cost option; consider it only after ruling out alternatives
Watch for
GPS/starter-interrupt devices, balloon payments
Exhibit 04

Cash Advance App

Clear
Days, tied to payday$20–$250

Advances a portion of income you've already earned but haven't been paid yet. Structured around optional tips or flat membership fees rather than traditional interest, which can make true cost harder to compare.

Typical cost
$1–$14 flat, or optional "tip"
Effective APR
Can be low to very high depending on tip amount and advance size
Rollover risk
Low — tied directly to next paycheck
Best fit
Small, short timing gaps between paychecks
Watch for
Subscription fees, "optional" tips that function like interest
Exhibit 05

Line of Credit

Caution
RevolvingVaries

A pool of credit you can draw from as needed, paying interest only on what you use. More flexible than a lump-sum loan, but the open-ended nature makes it easy to underestimate the running total.

Typical APR
20% – 36%
Structure
Draw, repay, redraw within a credit limit
Rollover risk
Moderate — balance can grow if only minimums are paid
Best fit
Recurring or unpredictable expenses over time
Watch for
Annual/maintenance fees, variable rate terms

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