TopConsumerReviews.com
      April 21, 2018

Home  >  Payday Loans  >  Articles

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

Air Purifiers

Business Cards

Candy Clubs

Dancewear

DIY Home Security

Dog Beds

Golf Clubs

Graduation Invitations

Makeup

Web Hosting

 

Related Articles

Payday Loans Offer Fast Cash When You Need It

Fast Cash Payday Loans vs Traditional Loans

Payday Loans FAQ

The Benefits of Payday Loans

Applying for Payday Loans Online

How to Find Lenders Specializing in Payday Loans

Reasons Why You May Need a Payday Loan

Payday Loans and Your Credit

Tips for Getting and Repaying a Payday Loan

 

Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Fast Cash Payday Loans vs. Traditional Loans

Although payday loans are somewhat like traditional loans in certain respects, there are many differences than similarities between the two. Like conventional loans, payday loans must be repaid according to the agreed upon terms but, seemingly, this is where the likeness ends.

When you think about a conventional loan, you probably think about a lengthy and detailed application, along with a complete review of your financial status and credit history. Following that, a lender will review the application and decide whether or not to approve the loan within several days. Payday loans, on the other hand, offer applications that typically take less than 5 minutes of your time, offer fast results and equally fast cash. In addition, the majority of payday lenders do not review your credit file, which means that an absent, limited or poor credit history will not likely hinder your ability to qualify for payday loans. In most cases, the funds from payday loans are transferred into your bank account within 24 hours.

When it comes to fees, the costs associated with payday loans are often more expensive than conventional loans. Payday loans often include the actual loan amount plus a fee based on the same. Most lenders charge anywhere from $10.00 to $30.00 per $100.00 loaned. In most cases, payday loans are available in amounts up to and including $1,500.00. Conventional loans, on the other hand, are issued with a preset interest rate and no additional fees. Without a maximum loan amount, conventional loans often provide for larger funding.

If you are trying to choose between a conventional loan and payday loans, your first consideration should be the amount of money that you need to borrow. If you need $1,500.00 or less and need this amount on a temporary basis and you have the ability to repay it quickly, payday loans may be the answer you need. If you need fast cash, payday lenders specialize in these types of loan requests.

When applying for payday loans, you will need a checking account, a regular job with steady income and you must be at least 18 years of age. When you apply for a conventional loan, you will still need a job with regular income and be at least 18 years of age, but you may also need collateral for the loan. Depending on the amount requested, you may be asked to provide tax returns, proof of assets and a host of information relating to your current net worth. When it comes to payday loans, your paycheck is your credit and no other collateral is needed to secure the loan.

The type of loan that you ultimately request will depend on a number of factors, including the desired loan amount, current income, ability to repay and the desire to repay it quickly or in payments. Most borrowers request payday loans for emergency purposes, including car and home repairs, doctor visits or simply when they need additional cash to carry them over until the next paycheck.

Toronto considers licensing city's payday loan outlets, capping number allowed city-wide

Quick cash providers could one day pay more to operate in Toronto. A new report recommends that the city license payday loan stores, and cap the number of those operating in Toronto at 207 - the current number of outlets already licensed by the province.

Published:  Mon, 09 Apr 2018 02:04:00 GMT



Police identify Fast Payday Loan robbery suspects

ELIZABETHTOWN, KY (WAVE) - Three Radcliff men and one Vine Grove man have been arrested, accused of robbing a Fast Payday Loans store. Police were called to the Fast Payday Loans, located 407 West Dixie Avenue around 3:30 Monday afternoon in reference to ...

Published:  Tue, 10 Apr 2018 17:56:00 GMT



Payday loan companies oppose change to 30-day loans

Payday loan companies are fighting a bill that would set the terms of loans at 30 days, instead of 10 to 31 days allowed under Alabama law now. Supporters of the change say it would cut unreasonably high fees that can keep credit-shaky borrowers stuck in ...

Published:  Wed, 07 Feb 2018 20:25:00 GMT



Payday loan companies approved changes to bill regulating their industry, emails show

The CEOs and lobbyists for Florida's largest payday loan companies approved changes to a controversial industry bill as it worked its way through the Legislature this year, emails show. Emails between a Florida House employee and industry representatives ...

Published:  Wed, 07 Mar 2018 09:00:00 GMT



New payday loan bill could save the industry. Or make it more profitable.

For critics of payday lenders, a bill in the Legislature that would result in bigger loans and higher fees is a gift to a ... Lawrence Mower is a staff writer in the Tampa Bay Times/Miami Herald Tallahassee bureau, where he covers state government and ...

Published:  Fri, 02 Feb 2018 03:09:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure