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Payday loans versus bank credits: pros and cons of each one

Are you looking for an additional source of money to solve your financial problems, which have appeared when you didn’t expect them at all? This is a common situation, which a lot of customers face. When there is an emergency, you don’t know how to find the most effective problem solution as quickly as possible as there are several ways out from the same situation. In order to choose the most suitable solution for your current financial problem, you are recommended to consider advantages and disadvantages of all types of loans. Here you are offered to check out what differences payday loans and bank credits have.

How do payday loans from direct lenders work?

Nowadays there are almost no people who have never heard about online payday loans. What makes them so popular? You will be impressed how quickly they can solve all your current financial problems as the short-term loans are for those who can’t wait for a long period of time due to the fact that the situation requires urgent solution. One business day is the term you should wait to get the necessary amount of money.

The whole procedure of applying for a loan is rather simple, especially if you choose a mediator as you won’t have to look for the direct lender on your own, which will allow you save both time and energy. After having chosen the payday loan lender you are going to fill out an application form, which will take you several minutes and get the loan approval just after you submit an application form online. Everything is easy as ABC and you will be able to get the necessary amount of money from the comfort of your house, which is one of the main benefits that make payday loans online so popular nowadays.

Pros you will be able to enjoy choosing a payday loan

If you choose a payday advance, you will be able to get the following advantages:

  • Simple and comfortable application process, which takes you minutes;
  • Friendly customer support available 24/7 to help you get rid of any doubts you have concerning your current financial problem and payday loans as its quick solution;
  • 100 % guarantee of being approved with any kind of credit score in case you meet simple basic requirements, which are the same for both good and bad credit borrowers;
  • Fast money deposited directly into your bank account within one business day;
  • Absence of paperwork and faxing, which makes your life easier applying for a loan online;
  • An opportunity to avoid staying in queues when you are going to get the desired loan as the whole procedure takes place via the Internet.

Cons you should take into account when choose payday loans online

Payday loans may seem perfect from the first sight, however, as any other thing they have their cons. Now you are going to get acquainted with the things that may be considered as the drawbacks for you:

  • Payday loan lenders offer from up to $1000, which may be a drawback for you as a borrower if this amount of money isn’t enough to solve your current financial problem;
  • Payday loans are short-term loans, which mean you must make the loan repayment within the short period of time, which is usually not longer than a couple of weeks. This means that you should consider your current financial situation carefully and apply for a payday advance only if you have the guarantee that you will be able to pay the loan back on the due date and avoid rollovers.
  • Payday loans online are very convenient way to deal with urgent problems but they aren’t cheap. You need to pay certain fees for the services you get. When you choose the direct lender, the price is lower, however, you risk to find the fraudster if you are not an experienced borrower. If you choose the mediator service, there is nothing to worry about, however, you should be ready to pay more for the high-quality work done instead of you.

Which benefits will you get if choose bank credits?

Bank credits have been known as the traditional way of borrowing money, which has its pros and cons as well as the payday loans online, which have already been considered. Among the benefits you will be able to use when give preference to bank credits there are the following:

  • No need to pay the bank credit back instantly as compared to the payday advance it is not considered to be a short-term loan;
  • A chance to extend smaller pays during months or even years sometimes;
  • You may have an opportunity to borrow larger amount of money, which will exceed $1000 offered by payday loan direct lenders, which is a plus for those who need to solve financial problems, which require large amount of money.

Cons you should keep in mind if you are going to get bank credits

The traditional bank credits are not as popular as payday loans nowadays due to the number of reasons. There are several drawbacks you will face if you choose the bank credit, which may prevent you from using this way of getting money. Check out the cons of bank credits before you choose this way of dealing with your current financial situation:

  • Bank credits are approved only if you have a good credit score. Bad credit borrowers are considered to be high risky customers who don‘t have chances to get the loan approval;
  • The process of getting credits from traditional banks takes much more time compared to getting loans from the direct lenders, which isn’t suitable for the problems that must be solved urgently;
  • You can’t get bank credits from the comfort of your house as you have to go to the bank, which isn’t as convenient as getting payday loans in one click only;
  • Bank credits are offered only to those who are able to meet all requirements and provide all necessary documents, faxing is also included in the procedure of getting a loan from a traditional bank.

Why are payday loans more popular than bank credits?

As you can see from the pros and cons of both types of financial help provided by the traditional and non-traditional lenders, there are certain benefits, which are by right make payday loans more popular among customers, who have faced unexpected financial problems requiring urgent problem solution. Depending on the nature of your financial problem, you should consider all advantages and disadvantages for the certain problem as both types of lending services have benefits for certain needs as well as cons. In case your problem must be solved as quickly as possible, you’d better give preference to online payday loans as you will be able to obtain the necessary amount of money within one business day. Paying a bit higher price in comparison with the bank credits, you are going to get high-quality services, which will be able to help you in dealing with any kind of emergency.

Quiz: “Bank credit or payday loan?”

  1. Must your financial problem be solved as quickly as possible?
    • Yes
    • No
  2. Do you have a bad credit score?
    • Yes
    • No
  3. Do you have an Internet access?
    • Yes
    • No
  4. Are you ready to pay higher fees to save time and energy applying for loans?
    • Yes
    • No
  5. Would you like to meet minimum of requirements avoiding paperwork and faxing?
    • Yes
    • No
  6. Would you like to get money without credit check?
    • Yes
    • No
  7. Are you sure that you will be able to make the loan repayment within two weeks?
    • Yes
    • No
  8. Do you have a stable source of finance, which will allow you to avoid the loan rollovers?
    • Yes
    • No
  9. Would you like to get the risk-free money deposit into your bank account?
    • Yes
    • No
  10. Are you ready to share your contact details and other personal information via the lender’s website?
    • Yes
    • No

In case you have answered “Yes” to all questions in the quiz, you should choose payday loans online. If you have “No” answers at least to one question listed, you are recommended to get the professional consultation using the customer support in order to consider your current financial situation at once and make sure that payday loans are exactly what you need now.

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