Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Payday Loans Vs Bank Loans

By Emrick Fletcher Subscribe to RSS | December 21st 2011 | Views:
loading
 
  



In case you are looking for urgent financial help and you wish to borrow money, you have two options before you: either opt for a bank loan or apply for a payday loan. In this article, we’ve compared both the loan policies for the benefit of the readers.

Payday loans are convenient, easy to get and quick. They’re best suited for situations when you are awaiting your salary or an incoming profit and you can easily pay off a small loan amount within one month. This plan is beneficial for users who are experiencing an unexpected medical bill or accidental injury in the month end. On the contrary, bank loans involve long and complicated verification processes but the sum offered is quite large. You have to submit multiple proofs and sign different papers before applying for a bank loan.

There are countless differences between a bank loan and a payday loan in terms of interest rate and installment policies. Generally, payday services directly transfer the amount to your bank account while banks or other moneylenders offer you money checks or cash. Moreover, banks and moneylenders operate during standard business hours (which is 9 to 6 under normal conditions) while payday services can offer you a loan at any time of the day.

The rate of interest offered in the case of payday loans is quite high and you are expected to pay the entire amount within two to four weeks but the interest rates offered by other financial agencies are subjected to market competition and financial rules of the state. Based on the survey results conducted by Consumer’s Union, the annual rate of interest incurred by payday services can cost as much as 911% on annual basis.

If you’re applying for a bank loan, you have to do lot of paperwork. You’ll have to submit address proof, age proof and salary proof plus you have to deposit security. On the other hand, for acquiring a payday loan, you just have to submit personal information, bank account details and an employment proof stating that you’ve been employed since past 6 months.

The banks generally ask for security in the form of property or gold. In case you’re not able to clear the debt, they shall seize your possessions. On the contrary, payday services withdraw money from you either in the form of checks and cash or directly extract it from your salary account.

Now that you’re familiar with both the processes, you can decide whether to apply for bank loans or payday loans.

Emrick Fletcher - About Author:
Welcome to Instant Payday Canada, provides easy walking into online payday loans to borrow some money? Instant Payday Canada is Canada's number one choice for getting a fast payday loans online. Get approved for payday loans in as little as 15 minutes!

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/loans-articles/payday-loans-vs-bank-loans.htm

Related Loans Articles Subscribe to RSS

Text loans bad credit – solve fiscal queries within a very small time
Published by Harris Steve on April 18th 2012 | Loans
Text loans bad credit helps such folks get the specified cash. These funds will be availed by danger...
 
Debit card loans: Relax with Debit Card Money
Published by Zerif Berson on July 4th 2012 | Loans
Debit card loans are the most sought after loan deals available in the loan market and you can fetch...
 
90 day loans- Acquire instant cash now!
Published by Alesia Ace on May 26th 2012 | Loans
If you have availed quick cash via 90 day loans, you can meet fiscal emergencies with ease....
 
Bad debt loans: Conquer All Unexpected Issues Boldly
Published by Martin Maxie on May 5th 2012 | Loans
Bad debt loans can be the excellent options for you, which would enable you to sort out any kind of ...
 
6 month loans: Financial Facility for Every One
Published by Martin Bale on June 23rd 2012 | Loans
6 Month loans are proposed for a person with few formalities and so, don’t change your mind whenev...
 
Emergency loans bad credit- Resolve any cash emergencies now!
Published by Alan Cruzs on June 6th 2012 | Loans
If you are taking quick funds via emergency loans bad credit, you can manage any fiscal worries with...
 
Text loans - provides money without any hassle
Published by Christina Holt on January 27th 2012 | Loans
Text loans repayment is very easy as on repayment period money get automatically transferred from ap...
 
45 day loans- Acquire quick cash and relieve unexpected fiscal worries now!
Published by Bailey Molton on May 18th 2012 | Loans
By taking 45 day loans, you can utilize money for more than 1 month and 15 days to arrange fiscal wo...
 
Payday loans for unemployed: Get Fiscal Strength with No Employment
Published by Alfred Golf on July 13th 2012 | Loans
When you have lost your current job and you want to run your daily life without any break, just hold...
 
Paper Check loans- Great financial solution available online for you!
Published by Luck Wright on May 8th 2012 | Loans
By availing quick cash of funds, you can overcome unexpected financial crisis with ease....
 
90 day installment loans bad credit- Perfect fiscal solution for everyone
Published by Galvin Colton on April 4th 2012 | Loans
If you are taking instant funds via 90 day installment loans bad credit, you can easily fight agains...
 
Online loans - Convenient way to avail quick funds for you!
Published by Kert Kills on January 19th 2012 | Loans
With the aid of online loans, you can now easily avail quick funds to manage your financial needs. I...
 
Long term payday loans- Valid for long term use of money
Published by Freddie Lee on May 8th 2012 | Loans
By availing instant funds via long term payday loans, you may fight against multiple financial expen...
 
No faxing payday loan: Money in an Easygoing Manner
Published by Albann James on July 16th 2012 | Loans
No faxing payday loan is the new introduction for those who are unable to organize papers to crack a...
 
Payday loans for people on benefits: Good Fiscal Deal to Meet Vital Needs
Published by Norwick Kerry on April 5th 2012 | Loans
Payday loans for people on benefits are the soothing deals of money, which can bring comfortable mon...
 
Debit card instant loans- Affordable funds to sort out temporary needs
Published by Samp Mark on March 21st 2012 | Loans
Debit card instant loans enable you to access funds, which you can make use of in times of need. The...
 
Unsecured business loans for an early start
Published by Stephen Broad on March 14th 2012 | Loans
Unsecured business loans are the only ones which will always assist the borrower to start up a new a...
 
Payday text loans avail cash without submitting collateral
Published by Peter on January 18th 2012 | Loans
Payday Text Loans is like a fast loan & get applicant credit of up to 300, and the money can be pai...
 
Money loans for people with bad credit- Crucial fiscal plan for bad credit people
Published by Kenim Wids on April 16th 2012 | Loans
With the aid of money, which has taken from money loans for people with bad credit, you can meet urg...
 
Personal installment loans- Meet various unavoidable expenses now!
Published by Astor Roy on July 12th 2012 | Loans
If you are taking personal installment loans, it is sure that you could easily meet various unexpect...