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Personal Loans vs Payday Loans

Nowadays you have a great choice of financial tools offered. This variety is able to make a customer feel confused facing a problem of choice. That’s why it is so important to understand main differences between different types of loans.

Among the most popular loans at the moment there are payday loans online and personal loans, which are not the same. Let’s find out more about the features that make them different in order you are able to take a reasonable decision what to choose.

Main features of payday loans online

Payday loans have the following characteristics:

  • Being short-term loans, they are given for the period of 1-2 weeks but not longer than one month, depending on the date of your salary.
  • Payday loans offer from $100 to $1000 for emergency situations.
  • Payday loans are approved regardless of your credit score.
  • Getting a payday advance you enjoy the convenience of online procedure, which refers to all stages of both getting and repaying the loan.
  • No faxing and paperwork is necessary for getting the same day loan.

How to characterize personal loans?

If you have never applied for personal loans, then you should be careful reading about the things that make them different from the popular payday loans.

Main features of personal loans are the following:

  • Personal loans are tailored to your individual needs.
  • This kind of loans supposes covering not only urgent financial problems but also serious projects finance as well as larger amount of money compared to payday loans.
  • Longer terms of repayment as personal loans are long-term loans.
  • Low interest rates that may be adjustable for the customer’s needs.

When to use payday loans and when is it better to choose personal loans?

Both kinds of loans have their pros and cons. Depending on the intention of applying for a loan, you should choose between these two options as they are aimed to be used to be helpful in different situations.

Payday loans online are used for emergency situations, which haven’t been planned in your monthly budget, for example, one of your relatives or you have fallen ill and you need to pay medical bills, which can’t wait till you get your salary in the end of the month. Or your car has broken down and you use it for work, which is the reason of urgent need to repair it. Payday loans have a lot of benefits but they are intended to be used only if you can’t do without this money and need it badly as short-term loans are not cheap to use.

As for the personal loans, the situation is quite different. They can be used for organization of holidays or buying presents or anything you want as you don’t need to pay them back within the short period of time. This makes them more affordable for most number of borrowers as long term of repayment supposes the lower interest rates. In comparison of payday loans, here you can get from $1000 and up to $50000 and even more depending on your lender and the state where you apply for the loan in as some states have limitations on loan amount.