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Are you facing a financial predicament and can’t decide whether to pursue personal loans versus payday loans?
We can help you reach an educated decision. It always depends on your specific circumstances, but we’re happy to explain the difference between the two, identify which is better, and dispel a few myths about payday loans.
You can use personal loans and payday loans to pay for almost anything, but the difference typically boils down to how much money you require. It also depends on your credit score.
Personal (AKA, traditional) loans involve higher sums of cash, and their interest rates are better if you have a stronger credit score. Payday loans carry high interest rates, but they’re significantly smaller ($500 or less), with durations of only one to four weeks. In other words, you would use a personal loan for a larger expense, whereas a payday loan can help someone with a poor credit score cover more immediate expenses.
Payday loans are some of our favorite financial tools because they allow you to avoid so much of the hassle you get with traditional loans.
Also, both loans can help you improve your credit if you make timely payments. In summation, payday loans can help you improve your financial situation after you’ve struggled with sudden expenses and/or a mediocre credit history.
We often encounter a few unsubstantiated myths about payday loans. Here are the worst ones, including how to dispel them:
On the contrary, you can obtain a payday loan with poor or non-existent credit. Other factors like work history play a bigger role in loan approval.
Our application process is one of the most secure because we utilize multiple security applications (Site Lock Secure, for example) to protect clients’ confidential information.
The Truth in Lending Act, the most relevant congressional legislation, requires lenders to be forthright with fees, terms, and conditions. Therefore, we always make sure customers have access to all information regarding the loans they purchase. This includes fees, rate, duration, and so forth.
Income plays a role, but it’s not the only factor. Regardless of income, payday loans are of smaller value anyway because they’re intended for short-term purposes.
Lending Bear offers multiple payday lending solutions that can help you escape a financial jam, even when traditional loans are off the table. Everything we do involves full disclosure, and our business complies with all state and federal financial regulations. As a matter of fact, you should never do business with an unscrupulous lending institution that cannot verify its credentials.
We subject ourselves to numerous audits and evaluations from organizations like INFiN (A Financial Services Alliance) and the Better Business Bureau (BBB). Our website also furnishes several customer testimonials to go along with over 5,000 5-star evaluations on Google Reviews.
Contact us today for professional guidance and customer service regarding personal loans and payday loans.
*In order to receive a same-day online loan, it must be approved by 2:00 pm EST. Eligible loan amounts vary by state and product category.
There are a wide variety of loan products available in the marketplace, so your choice of lending products should match your financial needs. Small-dollar loans used over a long period of time can be expensive.
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