If you are considering a payday loan or a fast cash loan to deal with your emergencies, you have to be familiar with the difference between the two loan types. Even if both payday loans and fast cash loans can provide you with fast cash of $100 to $1,500 within 24 hours, the basic difference is the time it takes to get the cash and the period you have to repay it.
The requirements for both the form of loans are similar with you requiring to meet very few requirements like, you should be 18 years or more of age at the time of application, you should be US citizen, you should be employed for last 3 months with a reputed company, your job should provide you at least a $1000 per month. In addition you should have an active checking account so that the payday lender can transfer funds directly to your checking account and then again debit your account when the loan amount is to be repaid back.
At first, let's consider the payday loans, these loans are excellent once you require some cash to meet with an urgent situation or to take you through until your next salary. The majority payday loans are extremely simple to get approved for once you meet the above requirements. As soon as you are approved for the payday loan, the cash is directly transferred into your checking account within 24 hours. Next you have 7 to 21 days to repay the loan back in its entirety, besides you have the option to repay or alter the due date with your payday. For that reason it is known as a pay day loan. The majority of people get their salary monthly therefore as soon as you receive your salary you have to repay the loan amount due. This is the best choice if you can and want to repay the loan amount fast.
Coming on to the fast cash loans, these are identical to the payday loan, however with fast cash loans you have extended term to repay it back. Like payday loans it is extremely simple to meet the above requirements and cash is again directly transferred into your checking account very fast. A few fast cash loans can have necessary cash in your checking account within just an hour. The disparity here is the duration of term you will have to pay it back. A few fast cash loans lets you to use the cash for up to 100 days before you pay it back, offering you a number of salary terms to make your repayment over an extended term.
However, whether you choose the payday loan or fast cash loan to meet your financial emergencies, be certain to abide by the repayment plan you accepted when signing the deal so that you can retain excellent credit repute with your lending company. You in no way can make out when you might next have need of their services once more at some point.