Credit with bank VS. Payday Loans

Credit with bank VS. Payday Loans

Being about drawing upon a loan, everyone can’t choose sides between common credit taking from a local banking house and payday loans. In sober fact, the decision depends on one’s intention. Intention to buy a car, to cover medical bills, to get free off the debt and etc. For smaller sums of money, for e.g. under 1500$, PDL is an ideal variant.

pay day loan now foto

In order to understand the essense of each type of a credit, let’s compare them.

We shall start with the banking accommodation. The essense of it can be clearly seen on the assumption of its critera fordrawing upon a loan.

a private communication between a lener and a borrower. The discussion of all the nuances.

one is filling in the application form , and pays a fee.

the checking of credit history and status in employment.

one will have to wait for a couple of weeks before the lender announces the decision.

If the answer will be positive, in a week the borrower receives money.

  • Also, collection of a tax.

Time for repairment: from 1 year up to 5 years

Now let’s turn back to Payday Loans.

  • First of all, there is no need to communicate with a lender face-to-face. Everything is done via Interweb.
  • Second, The application consists of pretty simple questions.
  • Third, no complications with documents. All that is required is to be an 18 old Statesider, employed.
  • Next, no credit check can’t be promised.

99% of the client gets approval.

The next day cash issues will be solved.

The average fee is about 25 $ per 100$.

Also, the  payment should be  paid off the  next pay date following the date of the loan.

It stands to reason that  the choice depends on the goal, urgency and the sum of money you wish to borrow. For a small  period of time with a sum of money that doesn’t surpass 1500$ PDL is an ideal variant. For a bigger sums of money and a longer period of time you should contact a bank.