Pay Day Loan
A payday loan is a short-term loan for an unexpected expense typically due on your next payday. Applying is fast and secure. In a few simple steps, you can stretch your budget until your next payday by getting the cash you need now.
It is easier to get a Pay Day loan because lenders usually do not check your credit score, and only ask for proof of income to ensure that you will be getting paid soon. Basically, a payday loan will have to be smaller than your paycheck, so you should not count on it to provide a significant amount of money anytime you need it.
The cons however is that if you don’t pay off your payday loan quickly, it will snowball into a massive amount that you may never be able payback because interest rates are so high and will affect your credit score and future borrowing.
If you find yourself getting payday loans often, you really should reconsider your financial priorities and do your utmost to get your life back in order.
Payday Loan vs Personal Loan.
If you need money quick and are trying to choose between a payday loan and a personal loan, we recommend that you to go with a personal loan almost every single time. There are only a few rare occasions when a payday loan may make more sense than other options like personal loan.
Apply here or contact our professionals at BizBridge for advice.