What is the difference between Short Term Loans and Paydayloans?
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Just about everybody has heard of paydayloans, and you may have heard of short term loans, but do you know the difference? Some of what you’ve heard may be good, or maybe you’ve heard something bad. Regardless of what you’ve heard, millions of paydayloans are made each year. With all those paydayloans being funded, there will inherently be good stories and bad stories and stories in-between.
Which Loan is Right for Me — Short Term Loans or paydayloans?
In a nutshell, a paydayloan is a loan based on your paycheck. If you don’t have a paycheck, you can’t get a paydayloan. Needless to say, in order to have a paycheck, you must have a job. Typically, you get a paydayloan and you pay it back within two weeks or on your next payday, whenever that is. There are exceptions; some lenders are willing to offer extensions under some circumstances. The maximum amount of a paydayloan is usually $1,000.
Typical qualifications for short term loans and paydayloans are the same
- Must be at least 18 years old; and
- Must be employed; and
- Must have a checking account
Paydayloans and a short term loans are similar and the qualifications are the same. But, the way you repay the two loans are different.
What are short term loans compared to paydayloans?
Short term loans are not as well publicized as paydayloans. A short term loan is like a paydayloan except that you pay the short term loan back over a period of time. This helps a borrower who needs smaller payments over a longer period of time. However, keep in mind that short term loans length of time to pay back the loan can vary from two weeks to a year or more.
These benefits are the same for both short term loans or a paydayloans:
- Filling out the applications is quick and easy and can be done online (4 minutes or less)
- Bad credit—okay
- No credit—okay
- EZ credit check
- No faxing or mailing of documents
- On-line application is safe and secure
- Military members—okay
- Receive funds fast
Filling out the short term loans or paydayloans application is easy and quick
Just a click away and a few questions and answers and you could be on your way to approval. Everything can be done online from application to approval to deposit of money into your checking account and even repaying the short term loan.
Bad credit short term loans and bad credit paydayloans okay
Even people with bad credit need short term loans from time-to-time. The paydayloan and short term loan market addresses the needs of those who may have bad credit but are in need of these loans.
No credit short term loans and no credit paydayloans okay
There are many people who don’t have good credit or bad credit—they have no credit at all. There are young adults and sometimes older adults with no credit. There are senior citizens with no credit. This is not a factor with short-term loans and paydayloans.
EZ credit check required for short term loans or paydayloans
Many borrowers don’t want their credit checked for several reasons. Sometimes it’s because they are trying to rebuild their credit and they do not want inquiries to appear on their credit report. It may also be that their credit is bad, they know it, and they are looking for help in the form of a short-term loan or paydayloan where a credit report is not necessary.
Bankruptcy short term loans and bankruptcy paydayloans
What do you do if you have a bankruptcy on your credit report and you need a short term loan or paydayloan? Apply for a bankruptcy short term loan or a bankruptcy paydayloan where your bankruptcy is irrelevant and approval of your loan is not based on bankruptcy.
No faxing or mailing of documents with short term loans or paydayloans
One of the most frustrating things borrowers are faced with when applying for a short term loan is the need to provide supporting documentations to verify the information in the application. Short-term installment loans and paydayloans do not require the applicant to fax or send in supporting documentation in order to get approval for their loan.
Online short term loans and paydayloans application is safe and secure
You don’t need to worry about your private information falling into the wrong hands when applying for a short term loan or paydayloan. Everything is done online on a safe and secure web site.
Whether you decide to apply for a short term loan or a paydayloan, remember that the cost of penalties, late charges, and overdraft fees from banks, landlords and other creditors is a lot more than the cost of the short-term loan. If you need a short-term loan to pay a bill or keep a check from bouncing, remember that the process is quick, safe, and easy. If you need a short term loan or a paydayloan for some other purpose, the process is quick, safe and easy.