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:

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:

Related Loans Articles Subscribe to RSS

Cheap cash loans- Fulfill your urgent requirement of money
Published by Denis Deny on June 30th 2012 | Loans
Cheap cash loans are obtainable by anyone without any risk whenever they want to borrow money. This ...
Payday loans paid back in instalments- Simple way to procure instant cash
Published by Johnty Bert on March 15th 2012 | Loans
If you are getting quick cash from payday loans paid back in instalments, you can manage small funds...
Instant loans for unemployed: Enjoy Helping Hand Anytime
Published by Abnre Cassa on March 30th 2012 | Loans
instant loans for unemployed would be a good decision to make when you are temporarily out of job an...
Bad credit unsecured loans: Most Popular Deals among Borrowers
Published by Jeckel Hery on April 19th 2012 | Loans
Bad credit unsecured loans allow people save their lives when they are known as bankrupt and they do...
Emergency loans bad credit - Combat with financial crisis in no time
Published by Alan Cruzs on July 9th 2012 | Loans
By getting quick cash from emergency loans bad credit, you can meet unexpected financial crisis with...
No fax loans: New Idea of Borrowing Money
Published by Kent Jesy on March 24th 2012 | Loans
waiting for next salary would be waste of time when you have urgency. Don’t opt for any old idea a...
Emergency payday loans-Highly viable loan at peak hours!
Published by Thomas Symends on December 7th 2011 | Loans
Emergency payday loans are very useful types of loans for those persons who are interested to fulfil...
Quick loans same day- Quick cash help with easy approval
Published by Aldis Roy on July 2nd 2012 | Loans
By taking quick loans same day, you will get instant funds on the same day. This loan is widely avai...
Urgent cash loans- Perfect financial solution for everyone!
Published by Albann James on January 20th 2012 | Loans
Now, if you have any emergencies- you can now avail for urgent cash loans. This is a good option to ...
Installment loans - Chuck out Your Immediate Fiscal Woes Now!
Published by Astor Roy on May 11th 2012 | Loans
For getting rid of any fiscal worries, you are supposed to apply installment loans which can be done...
Faxless instant loans- Avail quick funds without faxing option
Published by Jacob Madox on July 9th 2012 | Loans
If you are acquiring quick funds via faxless instant loans, it is easy and simple for you to fight a...
Payday loans- Loans on easy processing
Published by Vincent Harris on February 6th 2012 | Loans
Thus payday loans serves all your urgent purposes in just a few hours you don’t need to pledge any...
Bad credit loans no fees: No Fee Cash Support
Published by Kert Kills on July 12th 2012 | Loans
Just complete the application form and submit it to the desired lender to avail fast money through b...
Short term loans- Grab quick funds without any obligation
Published by Andra Nail on January 21st 2012 | Loans
With short term loans, it is possible for you to solve small and short-term financial needs without ...
Internet payday loans - Great financial help available online
Published by Georgia Bart on June 12th 2012 | Loans
If you are availing instant funds via internet payday loans, you have option to overcome financial h...
Christmas cash loans-includes no credit check
Published by WILLIAM SMITH on November 25th 2011 | Loans
People are always in I need of some extra money by which they can celebrate Christmas in a grand way...
Unsecured loans online: Money Possible with No Guarantee
Published by Ramsy Potin on May 22nd 2012 | Loans
If you are not willing to take money from your kith and kin, you can proceed further with these unse...
Get those loans quick and hassle-free
Published by Mathias Scott on March 7th 2012 | Loans
If you are one of those who has a bad credit line and who is in business, you will know how difficul...
Direct payday loans- Grab instant funds and achieve financial hurdles now!
Published by Freddie Lee on May 14th 2012 | Loans
In short, direct payday loans are useful loans where borrowers have capability to meet unexpected fi...
Monthly loans- Financial help for bad credit people
Published by John Simen on May 16th 2012 | Loans
In order to get rid of any financial crunch, you need to avail monthly loans available widely in the...