What are payday loans and personal loans? A personal loan is an exact amount of money repaid over a set amount of time. In essence, you would pay back a set amount every month, including interest, until the debt is settled.
Personal loans are also known as unsecured loans, a type of installment loan, because you don’t need to secure it against something valuable that you own, such as a car or your home.
How do they work?
A lender will look at your application and then consider your income and any existing debt and outgoings. Based on this, a decision will be made about how much you can borrow and over how long.
Interest rates are usually fixed, so you know exactly how much you will pay every month.
Personal loans can have higher than usual interest rates rather than loans secured against something which could be dependent on your credit score. You can easily check your credit score on websites like Experian.
Credit scoring is heavily relied on by lenders due to the fact that it is only a ‘promise’ to pay it back; they wish to see that you are good at repaying debt.
It is worth acquainting yourself with the various aspects involved in borrowing from different lenders. This will include APRs, loan lengths, T’s & C’s, and repayments.
Ensure you only borrow what you can comfortably afford to pay back every month, or you may find yourself in financial difficulties and with a negative credit score.
These loans are easier to budget for as there is a set repayment.
Personal loans generally have a fixed rate (but it can vary, so double check first).
Although it may extend your loan’s terms, you can consolidate other debts into a personal loan. This means just one repayment to one lender.
Personal loans can have a lower APR than credit cards if there is a large outstanding balance.
You may be able to borrow more than a set credit card limit.
Payday loans – Payday and personal loans comparison
What is a payday loan?
Payday loans, like installment loans, are high-cost, short-term loans that are often paid back over 1-6 months and have a loan value of $300-$2500. Like installment loans, payday loans are helpful if you are experiencing an emergency bill or payment that must be paid within a few days or weeks. Payday loans allow you to spread this cost over a short period. Direct lenders can provide funds for your payday loan, usually within an extremely short amount of time – often within 1 or 2 business days!
How does it work?
If your payday loan or personal loan application is accepted by a lender, you will be required to pay back the agreed amount in the contract, including interest, on the date agreed, directly from your bank account. They are useful when dealing with emergency or unexpected bills, such as auto repairs, Medical Expenses, Wedding Expenses, Home Improvements, and Vacations.
To be considered (negative points/risks)
APR rates can be very high with this type of loan.
Some payday lenders can fall exempt from some state laws that limit interest rates. Some states have few restrictions, and some states outlaw payday loans completely.
Ensure you can repay the amount you borrow on your next payday, or you could end up in a spiral of borrowing and debt.
These short-term loans can help your choices regarding spending that may otherwise not apply.
They can be used for borrowing a small amount over a short period of time rather than a bad credit loan which may tie you in for longer.
They are designed to give you quick access to the money you need.
Payday loans are for people with poor credit – this is not true. Payday Loans are for everyone who needs a cash advance, to help them through to their next payday
Can I obtain a small online payday loan?
Searching online for small payday loans for bad credit is the best way to find your loan. We can help search to find you the right loan.
How will I repay my payday loan?
Terms and conditions can vary from state to state. However, you should be able to pay off your loans on your next paycheck. you will need to check the Terms you are given with the loan you are offered.
When can I apply for a payday loan online?
Payday loans can be very useful in an emergency, such as you need to pay an unexpected bill or a car’s tire change.
A payday loan is recommended if you can pay off the full loan amount plus fees within the next payday.
You can apply for payday loan online 24 hours a day, 7 days a week.
Requirements – apply for an online payday loan.
The minimal requirements for online payday loans can vary from lender to lender, also by State. We recommend you look at the qualifying criteria for each State.
You might find the best payday loans online here at PDK. You could create an emergency fund instead of quick payday loans. Learn more about budgeting and saving tips – click here.
ThePaydayKing is not a lender.
There are no fees to submit your inquiry.
You are not required to accept the loan offered.
If you are not satisfied with the terms and conditions offered by the lender, you can withdraw your loan request.
The operator of this website, www.thepaydayking.com, is not a lender, loan broker or agent for any lender or loan broker.
We are an advertising network service to independent, participating lenders and other advertising networks that may be
able to provide payday loan services, including payday loans bad credit and payday loans for no credit check,
for amounts between $100 and $5,000
Not all lenders provide up to $5,000 and there is no guarantee that your request
will be accepted by an independent, participating lender. This service does not constitute an offer or solicitation for
loan products. The information and application provided by ThePaydayKing.com does not constitute either an offer or a
solicitation for a loan or a financial product, which are prohibited by any state law. We do not endorse or charge
you for any service or product. ThePayDayKing.com is under no obligation, and does not actively monitor or review loan
offers presented to consumers to determine whether the offer is the “best” available to any particular consumer.
Consumers are both instructed and encouraged to review the loan offer presented to them to determine if the terms
are acceptable to them.
This service and offer are void where prohibited, and ThePayDayKing.com is not responsible for ensuring that any
particular consumer is eligible any loan or financial product offered by our lending partners.
We do not control and are not responsible for the actions of any lender, loan organization or advertising network.
We do not have access to the full terms of your loan. For details, questions or concerns regarding your loan,
please contact your lender directly. Only your lender can provide you with information about your specific loan terms,
their current rates and charges, payments and the implications for non-payment or late payments.
The information submitted by you on this website will be shared with one or more participating lenders or advertising networks.
You are under no obligation to use our service to initiate contact with a lender, apply for credit or any loan product,
or accept a loan from a participating lender. Cash transfer times and repayment terms vary between lenders, therefore,
may not include online same-day deposit. Repayment terms may be regulated by state, local, federal and/or tribal laws.
These disclosures are provided to you for information purposes only and shall not be considered legal advice.
Annual Percentage Rate (APR) may vary between lenders and is dependent on a consumer’s credit worthiness,
applicable regulatory guidelines, and other factors determined by each individual lending partner and their underwriting department.
APRs may range from 59% and 1386%. The Annual Percentage Rate is the rate at which your loan accrues interest
and is based upon the amount, cost and term of your loan, repayment amounts and timing of payments.
Lenders are legally required to show you the APR and all other material terms of your loan before you execute a loan agreement.
Residents of some states may not be eligible for some or all short-term, small-dollar loans.
The list of eligible states may change from time to time, and it is the consumer’s responsibility to determine
if they are eligible to participate in the service.
We do not make any underwriting or credit decisions. Independent, participating lenders that you may be connected
to may perform credit checks with credit reporting bureaus, obtain credit reports, or otherwise verify your Social Security Number.
Typically, lenders may conduct a credit check through alternative credit bureaus to determine creditworthiness,
credit standing and/or credit capacity however, they may also utilize the major credit bureaus as well.
By submitting your information, you agree to allow lenders to verify your information and check your credit.
Your credit score may be affected.
Loans provided by independent, participating lenders in our network are designed to be repaid within a short amount of time.
Short-term loans are not a solution for long-term debt and credit difficulties. Only borrow an amount that can be repaid.
Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans.
Non-payment of your loan could result in collection activities, which may result in additional fees or collection activities,
or both. Each lender has its own terms and conditions. Please familiarize yourself with your lender’s policies
for further information.