A Payday Advance Versus A Long Term Bank Loan
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,Check Paydayloans
at times it becomes difficult to wait till the end of the month to meet the expenses.Check Paydayloans
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,Check Paydayloans
but this can uncomfortably, to say the least.
In this case, Check Paydayloans
you can either apply for bank loans or you can get no credit check payday loans. Check Paydayloans
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. Check Paydayloans
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.Check Paydayloans
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. Check Paydayloans
As a result it does not pose a problem to get an advance till payday to meet any emergencies.
A long term bank loan
In order to get a bank loan, usually, the approval process takes time.Check Paydayloans
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.Check Paydayloans
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.Check Paydayloans
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,Check Paydayloans
consider the advantages and the limitations of both before finally taking a decision.
Representative APR 391%. Average APR for this type of loans is 391%. Check Paydayloans Let's say you want to borrow $100 for two week. Check Paydayloans Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. Check Paydayloans If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.
Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies.(Check Paydayloans ) Non-payment of a payday loan might negatively effect your credit history. - Check Paydayloans
