Payday Loan High Interest Rate vs Bank Charges

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Payday Loan High Interest Rate vs Bank Charges

Get Cash Fast And Save Time

Most people prefer not to deal with difficult financial decisions. But trying to make a small income go a bit further forced some people to make a difficult decision. Choosing between a bank loan and payday loan is hard for some people. Because both offer advantages and disadvantages that cannot be overlooked.

What are payday loans?

Payday loan is a short term but very expensive loan. It is a very popular type of loan because of its convenient and fast processing. Lots of people frequently apply for cash advance to get cash fast and save time. These loans are easily obtainable as anyone who needs instant cash can apply for a loan without leaving their home.

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People can get a loan up to $1000 for any immediate needs. They can apply for a loan for emergency such as medical, car repair and house repair. Most of the people who borrow money from payday lenders need fast cash to pay for current needs and urgent bills. Only a few borrowers obtain a loan for vacation because of the high interest rate charge by lenders.


Payday loans are expensive loans. Lenders charge high interest rate for short-term loan because of the convenient and easy processing. These loans are available to everyone including those with bad credit rating. So, most borrowers don’t care about the high interest rate. Borrower can get a loan if they are employed, resident or citizen of the United States and of legal age. They also just need to have a bank account that accepts direct deposit. Payday lenders offer of instant cash to everyone the reason for the high interest rate.

Bank charges are lower than payday loans but not everyone can obtain a credit. Banks and traditional lending institutions do not lend to people with bad credit. They also conduct credit investigation and require lots of documents. Banks require financial statement so they can review the applicant history at paying debts.

Borrowing from bank is a smart thing to do but if its impossible for you to obtain a loan. Payday loans offer a lending option you just need to pay more.



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