There are times when the most unexpected expenses pop up unexpectedly. It could be because of a bill that you need to pay or maybe an urgent car or home repair. No matter what the case, at times it becomes difficult to wait till the end of the month to meet the expenses. And getting a cash advance until payday can pose quite a problem. Even though you can always asks your friends or relatives to give you a cash advance until payday, but this can uncomfortably, to say the least.
In this case, you can either apply for bank loans or you can get no credit check payday loans. No credit check payday loans have gained immense popularity over the past few years and offer numerous advantages over getting a bank loan or taking advance till payday from a friend or a relative.
No credit check payday loans
Despite its popularity, there are many who don't quite know what cash until payday loan really is. Simply put, a payday loan is an unsecured loan that is extended to you in order to meet instant cash needs. In the case of these loans, all you need to do is fill up an online application form that requires you to give certain personal information followed by information regarding your job and your employer. The basic prerequisite for these loans is that you need to be a US citizen and should be over 18 years of age. Also you should be a salaried employee. The approval process for no credit check payday loans is rather simple and the minute you get an approval, the cash is deposited directly into your account. As a result it does not pose a problem to get an advance till payday to meet any emergencies.
In order to get a bank loan, usually, the approval process takes time. At the same time, the advantage with these loans is that you do not need to pay back the cash immediately. But looking at it from another perspective, this also implies that you end up paying higher fees and a higher interest than you would pay for an instant payday advance. And if you need the cash instantly, it does not help to take a long term loan. With a long drawn approval process, it would take time to get the money from these loans. As a result, if you need the cash to meet immediate expenses, these loans would be of no help. Also, in most cases when you apply for a long term loan, you would need to present relevant collateral.
So, before you decide to apply for a payday loan or a long term loan from a bank, consider the advantages and the limitations of both before finally taking a decision.
Bank loans are way too complicated as compared to payday loans, more so with
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Agree. Payday lenders are considerably more lenient that bank and other credit institutions.
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ReplyDeleteBank loan definitely takes weeks before a loan will be approved and released, while payday loan just needs 24-hour or less.
ReplyDeleteThe fact that it takes ages before bank loans are being approved and released, the masses had no option but to go for payday loans. Well there is no loan for poor credit that has simple requirements as payday loans right?
ReplyDeleteFor those who do not fully understand the concept of payday loans lending, for sure they will choose bank loan.
ReplyDeleteBank loan for sure takes ages before your application is processed, which is totally different from payday loans. ~ getsomedosh.com
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ReplyDeleteWell Come to you. I have been wanting to buy a car for the longest time. I am have been thinking of regular payday loans but I honestly do not have the courage to jump into that. Thanks for sharing this information though!
Have a great day...!!
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A Pay Day Loan Vs. A Bank Loan is a great blog. Thanks for sharing it with us!!
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