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Why Online Payday Loans Are Better than Bank Loans

World is developing with great technical advancement which has enhanced living standards of people. They try to grab every amusement measure to entertain their lives with pleasure and comfort. It affect has resulted into increased daily expenses. Though this generation is employed; even then their pay check fails to help them handling daily spending. They have become extravagant. As a result of this, national economy is greatly affected and adopt loans such payday loans or bank loans .

Reasons behind emergency cash needs

Sometimes in the middle of the month, they face such cash needs which make them helpless to handle their financial matters. These urgent calls can be because of

  • Outstanding utility bills
  • School fess
  • Auto repair
  • Emergency health Issues
  • Arrival of newly born family member
  • Social Events like wedding functions, parties etc.

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Online Payday Loans Bank Loans Las Vegas

All above are the reasons which cannot be avoided. So, it becomes very necessary to arrange urgent cash for the borrower anyhow to pay off such bills. One option is that he can ask his family members or close friends to lend him cash. But it is not possible that they will have enough cash you immediately. Moreover it may also spoil your social life. Next he can think of going to a bank borrow a loan.

Bank Loans

First option that ever comes to a person’s mind for borrowing required cash is to go apply for bank loans. Banks can provide loan amount of thousands of dollars with which you cannot only handle short term expenses but you can buy a new home, new car and any other big spending can be done.

US Banks offer loans at low interest rates in which you do not need to pledge any collateral as a repayment guarantee. You just need to visit to bank to fill out application form. Your loan application will be submitted immediately and sanctioned within few days. Within a week you will be given all the required cash. Thus you can use this cash for the requirement mentioned in the loan application.

Payday Loans VS Bank Loans

Another option for the borrower is to apply for online payday loans. They are also known as short term cash solutions because they provide instant cash which is enough to handle all short term financial matters. The reasons mentioned above for imperious cash needs do not allow borrower even for a single day to wait cash then how is it possible to wait for bank to lend you cash. They offer from $100 to $1500 within 24 hours.

Following are some of the reasons which will define why online short term loans are better than bank loans: –

  1. Easy Online Processing: – A person is not required to walk even a single step out of his house to borrow payday loan unlike bank loans in which he need to physically move to a bank. Every single step for loan processing is carried out online. It just takes 10-15 minutes to fill out online application form and submit it then and there only.
  2. Instant approval: – Bank loan generally takes 2-3 days to approve and sanction your loan application but this is not the case with online short term loans. Once application is submitted, agency personnel will immediately sanction your loan and transfer processing will be transferred.
  3. Maximum transfer time is 24 hours: – Unlike traditional bank loans, short term loans take less than one business day to transfer cash. Thus they are best fit for every type of urgent cash requirement.
  4. Secure: – It is promised by payday loan lenders that not even a single bit of your personal information will be passed to any other financial institution without borrower’s permission. SSL certificates are used to ensure web security while collecting online application forms.
  5. Hassle free: – They are completely hassle free cash solutions. Everything is carried out electronically. Even if there is any inquiry from any end, it will be asked and answered by email or telephonic call. User will be not demanded to come to agency for any formality whereas n case of bank loans, borrower is asked to move to bank for every little formality.
  6. No paper work and completely fax less: – These loans do not ask borrower to fax any document. Every little or big detail is asked in online application form. In simple words, there will be not even single percent of paper work involvement whereas in bank loans, there is lot of documentation. Most of the time of the use is wastes in bringing each and every required document to bank. Thus short term loans relieve their borrower from this type of trouble.
  7. Easy to qualify: – It is very to qualify eligibility criteria for online payday loans as compared to bank loans. Any person who is US citizen and is 19 years old can qualify for these loans. He just needs to be a permanent employee under same employer since last three months earning at least $1000 per month.
  8. No credit check: – Online short term loans do not perform any credit check. Bad credit payday loan are provided to those who have bad credit history or simply zero credit score. This is not the case with bank loans. They perform a complete credit check before sanctioning loan application.

“Though bank loans provide long term financial solution with big amounts but they lack in flexibility, availability and accessibility as compared to payday loans.”

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