• Business
  • Life
  • Celebrity
  • Sport
  • Blog
  • Auto
  • Tech
Stories from SWNS
Advertisement
  • Home
  • News
    The Führer’s Prophecy by Brian Klein 

    The Führer’s Prophecy by Brian Klein 

    How to find safe non-gamstop casino games

    How to find safe non-gamstop casino games

    Conservation zoos ‘have powerful potential to reverse extinction’

    Conservation zoos ‘have powerful potential to reverse extinction’

    Royal Navy aviators raising cash to rescue stray puppy

    Royal Navy aviators raising cash to rescue stray puppy

    “I got a new haircut – now I look exactly like Frodo Baggins from Lord of the Rings”

    “I got a new haircut – now I look exactly like Frodo Baggins from Lord of the Rings”

    £6.8billion turtle-shaped floating city unveiled

    £6.8billion turtle-shaped floating city unveiled

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Business
  • Life
    • Celebrity
  • Tech
    Why Is Cloud Storage Migration Best Left To Professionals?

    Why Is Cloud Storage Migration Best Left To Professionals?

    How Tech Is Empowering Small Businesses And The Economy 

    How Tech Is Empowering Small Businesses And The Economy 

    The Technology Behind Forex Trading – And its Wider Impact

    The Technology Behind Forex Trading – And its Wider Impact

    Must-Have iPad Accessories At PITAKA Black Friday Sale Event

    Must-Have iPad Accessories At PITAKA Black Friday Sale Event

    How To Select The Best Lead Generation Software For Your Business: Our Top Tips

    How To Select The Best Lead Generation Software For Your Business: Our Top Tips

    Best Technologies in the Gambling Industry That Are Worth Your Attention

    Best Technologies in the Gambling Industry That Are Worth Your Attention

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Review

    The Legend of Zelda: Breath of the Wild gameplay on the Nintendo Switch

    Shadow Tactics: Blades of the Shogun Review

    macOS Sierra review: Mac users get a modest update this year

    Hands on: Samsung Galaxy A5 2017 review

    The Last Guardian Playstation 4 Game review

    Intel Core i7-7700K ‘Kaby Lake’ review

No Result
View All Result
  • Home
  • News
    The Führer’s Prophecy by Brian Klein 

    The Führer’s Prophecy by Brian Klein 

    How to find safe non-gamstop casino games

    How to find safe non-gamstop casino games

    Conservation zoos ‘have powerful potential to reverse extinction’

    Conservation zoos ‘have powerful potential to reverse extinction’

    Royal Navy aviators raising cash to rescue stray puppy

    Royal Navy aviators raising cash to rescue stray puppy

    “I got a new haircut – now I look exactly like Frodo Baggins from Lord of the Rings”

    “I got a new haircut – now I look exactly like Frodo Baggins from Lord of the Rings”

    £6.8billion turtle-shaped floating city unveiled

    £6.8billion turtle-shaped floating city unveiled

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Business
  • Life
    • Celebrity
  • Tech
    Why Is Cloud Storage Migration Best Left To Professionals?

    Why Is Cloud Storage Migration Best Left To Professionals?

    How Tech Is Empowering Small Businesses And The Economy 

    How Tech Is Empowering Small Businesses And The Economy 

    The Technology Behind Forex Trading – And its Wider Impact

    The Technology Behind Forex Trading – And its Wider Impact

    Must-Have iPad Accessories At PITAKA Black Friday Sale Event

    Must-Have iPad Accessories At PITAKA Black Friday Sale Event

    How To Select The Best Lead Generation Software For Your Business: Our Top Tips

    How To Select The Best Lead Generation Software For Your Business: Our Top Tips

    Best Technologies in the Gambling Industry That Are Worth Your Attention

    Best Technologies in the Gambling Industry That Are Worth Your Attention

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Review

    The Legend of Zelda: Breath of the Wild gameplay on the Nintendo Switch

    Shadow Tactics: Blades of the Shogun Review

    macOS Sierra review: Mac users get a modest update this year

    Hands on: Samsung Galaxy A5 2017 review

    The Last Guardian Playstation 4 Game review

    Intel Core i7-7700K ‘Kaby Lake’ review

No Result
View All Result
Stories from SWNS
No Result
View All Result
Home Blog

The Differences Between Short Term Loans and Payday Loans

Jess Young by Jess Young
February 9, 2018
in Blog
0
The Differences Between Short Term Loans and Payday Loans
0
SHARES
54
VIEWS
Share on FacebookShare on Twitter

If you need to borrow money, a variety of options are available. Two of the most common short term borrowing options are payday loans and short-term personal loans, both of which provide immediate access to cash to help you pay bills, purchase items and run your financial life.

One of these borrowing options — payday lending — has been in the news a lot over the last few years, as new regulations make the industry more borrower friendly.

At first glance, payday loans and short-term loans can seem very similar. However, they’re two different types of loan, each with their own specific advantages and disadvantages for you as a borrower.

In this guide, we’ll explain the key differences between short-term loans and payday loans to help you make more informed, effective and financially sensible decisions as a borrower.

Short-Term Personal Loans

Short-term loans are loans that are designed to be paid back over several installments. These installments are usually monthly, meaning you’ll pay back some of the capital amount and some of the interest due each month for six to 12 months until it’s completely paid back.

Most people use short-term loans for purchasing certain items or covering other major expenses.

Short-term loans are usually approved fairly quickly, with borrowers able to access their loan in around 24 hours. Loans of this type have an approval process, meaning borrowers will usually need some amount of credit history.

From a borrower’s perspective, the advantages of short-term loans include lower overall costs than payday loans. However, the credit check process and approval period mean that loans of this type often aren’t instant enough to help borrowers deal with urgent financial needs.

Payday Loans

Payday loans are loans that are designed to provide immediate access to cash when you need it. Most payday loans are for relatively small amounts of money, such as £200 to £500, and are aimed at providing cash until you get paid again.

Often, payday loans are referred to as a “cash advance” or “check loan,” as they’re given out to borrowers relatively quickly. Compared to the 24 hours that’s typically required for a short term loan, many payday loans are processed almost instantly.

Unlike short-term loans, payday loans usually aren’t designed to be repaid in installments over a long period of time. With a payday loan, borrowers receive money for a specific period of time — usually up to three months — and repay the loan in relatively a short timeframe.

Payment schedules for customers are designed to tie in with the borrower’s pay frequency, making it easier for the borrower to deduct a specific amount of money from their wages or salary to repay the loan.

Payday loans form a major part of the UK lending industry, with an estimated market value of approximately £2 billion.

Which option is best for you?

Payday loans and short-term loans both offer a range of advantages and disadvantages. If you have a reasonable credit history and need a loan for upcoming but non-urgent expenses, there are advantages to taking out a short-term loan.

However, if you have a limited credit history or need cash for an urgent expense, there are also benefits to considering a payday loan.

As with all loans, it’s important to borrow responsibly. This means understanding your ability to repay the loan and developing a concrete plan to help you make the required loan installments as they come due.

Previous Post

The Value Of Membership Marketing

Next Post

First Picture Of Nine-Year-Old Believed To Be Youngest To Die In Latest Flu Outbreak

Jess Young

Jess Young

Next Post
First Picture Of Nine-Year-Old Believed To Be Youngest To Die In Latest Flu Outbreak

First Picture Of Nine-Year-Old Believed To Be Youngest To Die In Latest Flu Outbreak

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 122 Followers
  • 60k Followers
  • 190k Subscribers
  • 23.8k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Women love cheesy chat up lines, a study has revealed

Top 20 cheesy chat-up lines ladies really love

March 5, 2014
The top ten most well-known bingo phrases

The top ten most well-known bingo phrases

January 21, 2014
The horses thunder towards a jump at the Grand National

Amazing racehorse names which never made it

April 23, 2014
HGH Injections Brands: Which Ones Are Best?

HGH Injections Brands: Which Ones Are Best?

January 14, 2019
Chris Fear, 33, outside the Coral betting shop which is refusing to pay out on his 485/1 winning bet

Boycott Coral! Bookmaker faces protest after refusing to pay out on a football fan’s 485/1 bet

184
Women love cheesy chat up lines, a study has revealed

Top 20 cheesy chat-up lines ladies really love

147
Women feel invisible to the opposite sex at the age of 51, researchers found

Women begin feeling invisible to men ‘when they turn 51’

138
UKIP candidate claims Jews murdered each other in the Holocaust in masterplan to create State of Israel

UKIP candidate claims Jews murdered each other in the Holocaust in masterplan to create State of Israel

105
Why are UK mortgage approvals at an all-time low?

Why are UK mortgage approvals at an all-time low?

March 28, 2023
Mobile gaming vs PC gaming: Which is better for playing casino games?

Mobile gaming vs PC gaming: Which is better for playing casino games?

March 19, 2023
The Führer’s Prophecy by Brian Klein 

The Führer’s Prophecy by Brian Klein 

March 16, 2023
6 Benefits of Customs Clearance Services

6 Benefits of Customs Clearance Services

March 10, 2023

Recent News

Why are UK mortgage approvals at an all-time low?

Why are UK mortgage approvals at an all-time low?

March 28, 2023
Mobile gaming vs PC gaming: Which is better for playing casino games?

Mobile gaming vs PC gaming: Which is better for playing casino games?

March 19, 2023
The Führer’s Prophecy by Brian Klein 

The Führer’s Prophecy by Brian Klein 

March 16, 2023
6 Benefits of Customs Clearance Services

6 Benefits of Customs Clearance Services

March 10, 2023
SWNS

SWNS all rights reserved. Copyright 2020

Follow Us

Browse by Category

  • Auto
  • Blog
  • Business
  • Celebrity
  • Gaming
  • Life
  • Lifestyle
  • News
  • Pictures
  • Property
  • Review
  • Sport
  • SWNS
  • Tech
  • Travel
  • Uncategorized

Recent News

Why are UK mortgage approvals at an all-time low?

Why are UK mortgage approvals at an all-time low?

March 28, 2023
Mobile gaming vs PC gaming: Which is better for playing casino games?

Mobile gaming vs PC gaming: Which is better for playing casino games?

March 19, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

Real Fix is a trading style of South West News Service Limited.
Copyright © 2020 South West News Service Limited.

No Result
View All Result
  • Business
  • Life
  • Celebrity
  • Sport
  • Blog
  • Auto
  • Tech

Real Fix is a trading style of South West News Service Limited.
Copyright © 2020 South West News Service Limited.