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The difference between Bank Loan vs Payday Loan

A Bank Loan is usually not as easy to qualify for as a Payday Loan is. You usually can’t even apply for a Bank loan unless you have had your checking account with them for at least 6 months. Most Banks also will also do a credit on you before they decide whether to grant you a Bank Loan.  

Even if you have tried but failed to get a bank loan, payday loans will often be an excellent alternative for you to get out of trouble. can provide you with same-day payday loans and cash advances. APPLY NOW 

A Credit Check is when the bank looks at your credit report from one of the three major credit bureaus (Equifax, Experian, Transunion) to see how much debt you owe and if you have been paying it back on time. Once they receive a copy of your Paystub, a Bank loan officer will review your Paystub to determine if there enough money going into your checking account each month before the bank gives you the loan.  

The Pay stub shows how much money you make each month and whether that is enough income for them to give out a Loan. If you get approved, most Banks will only give out Loans ranging from $1000-$30K depending on your Paystub. Banks usually have a lot more requirements than Payday Lenders. 

When you apply for a Bank Loan, the bank requires a lot of documentation like bank statements, tax returns, proof of residence, etc. Payday Loans don’t require any type of documentation besides your Pay stubs (preferably for at least 3 months) and an active checking account. 

Getting a Payday Loan is quick and easy (most lenders will give you the money within an hour or so), whereas getting a Bank Loan can take some time depending on how long it takes you to get all of your documentation together and what kind of paycheck you have. Payday Loans also offer larger amounts than Banks typically do, so if you need cash fast and don’t want to use your credit card to borrow from, Payday Loans are very useful.  

Pay day Loans can be useful if you need quick cash and have no other option. Payday loans are best used as short-term loans like if your car breaks down and you need quick cash but must repay the lender as soon as possible so they do not have a negative impact on your credit score.  

Payday loans are short-term cash advances, not technically considered “Loans” by the government. Payday loans are very easy to get, and most people can qualify for them even if they have bad credit score. Payday Loans are usually small amounts of money ranging from $100-$1500.  

Most Payday Loans usually last anywhere between 2-4 weeks with an average of 10 days. For this reason, Payday Loans are also referred to as Paycheck Advances. This term is more accurate because you don’t want a person who relies on their paycheck lending out their check before it comes in the bank. Another term used for Payday Loans is Cash Advances.  

Payday Loans are an excellent way to get cash fast if you need it for some type of emergency. Payday Loans are very easy to obtain, most Payday Lenders (lender who offer Payday Loans) don’t require any collateral or credit check. Payday Loans can be obtained directly from the lender via mail/phone call/internet, no need to go into a physical location. 

If you have credit concerns and cannot qualify for a bank loan a payday loan can be a solution for you. can you help you resolve your quick cash problem.  You can apply online on your computer or mobile device without leaving your home.  If you have questions or concerns you can live chat as well with from your mobile device.   

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