Many people think that the same day payday loans and regular loans are same. But they are wrong and getting is the regular is not easy as one think. Here are some of the major differences between the two.
Application process for the applying the regular loan is difficult as you personally have to visit some office, bank or any financial institution for applying the loan. While, process of applying the payday loan is easy and simple. You can apply the loan online by sitting from your home and you don't have to wait in queue for loan application. Just you have to fill up the online application form with your bank account and personal details and your application will be sent to the lenders online.
In regular loans, approval process is lengthy and it takes around 10-15 days for approval, while in same day payday loans payday lenders have to make the instant decision regarding your application and you will get the conformation within few minutes. If your loan is approved, you will get instant cash advances within same day.
In regular loans, banks or financial institutions are going to check your credit history and you have to fax the documents for that, while if you are having bad credit you can instant cash with same day bad credit online loans. Also, such loans do not require any faxing or documents for loan approval.
In order to repay the regular loan, you might have to go the conventional office or bank for payment of your loan, but in case of payday online loans, such loan amount is automatically paid from your check account on the given due date.
Same Day payday loan is a boom for the persons who is having bad credit and want instant cash advances online.