Should I Get A Bank Loan Or A Payday Loan Online?

April 21, 2022 | Louis Tully

 man choosing between bank loans and payday loans online

If you need cash ASAP and are trying to choose between a bank loan and a payday loan online, this article is just for you. Here, you’ll find useful information about both loan types that will help you weigh your options and make an informative decision based on what you’ve learned as well as your specific situation. Keep reading to learn more.

Should I Get A Bank Loan Or A Payday Loan Online: Factors To Consider

Whenever you are deciding between a bank loan or a payday loan, there are four factors you need to consider: expediency, money amount, purpose, and credit score. By considering these four factors, you can properly decide which loan type is best for your needs. Let’s take a closer look at each one of these factors.

1. Expediency

Expediency refers to how quickly you will receive the loan money. Do you need the money ASAP, or can you wait a couple of weeks if not months? Asking yourself this question will ensure you get the money you need by the time you need it.

With bank loans, it can take days if not weeks to get the money you need. In contrast, payday loans don’t require a lot of documents, and it may take as little as 30 minutes to get approval. As a result, payday loans can help you get the money you need quicker than bank loans.

2. Money Amount

How much money you can get from bank loans or payday loans varies widely. With bank loans, you can get thousands of dollars from your loan, depending on how much you are approved for and why you need it. With payday loans online or in-store, the amount of money you can get depends on your income and ability to pay it off. In Florida, the maximum payday loan amount is limited to $1000.

So, first, figure out how much money you need. If you need a large sum of money, banks might be a better fit for you, but if you need a small loan to cover you until your next payday, then payday loans are a better alternative.

calculating online payday loan amount needed

3. Purpose

It’s important that you know why you need money before you apply for a loan. Do you need it to buy a house, or have you encountered an emergency and need money quickly? The reason why you need money will largely determine whether you should apply for a bank loan or an emergency payday loan.

Bank loans are typically saved for when you need money to purchase a big-ticket item, such as a home. Comparatively, payday loans are normally used for emergency situations just to hold you over for another two to three weeks.

4. Credit Score

The last thing you need to think about is your credit score. With bank loans, your credit score is a big factor in determining if you will be approved for the loan type. Your credit score is not that important of a factor with payday loans. With this in mind, payday loans are an option for individuals with no credit or bad credit.

Which Is Right For Me?

Whether a bank loan or payday loan is right for you depends on the factors above. If you need money quickly because of an emergency situation or have a low credit score, a payday loan may be an option for you. In contrast, a bank loan may be an option if you need a large sum of money for a big-ticket item, and you don’t need the money today.

How To Apply For A Payday Loan?

If you decide that a Florida payday loan is an option for you, head over to the Fast Payday Loans, Inc. Home page right now to get started. Find a short inquiry form there, fill it out, and click “Submit” to be connected to the nearest storefront. A representative from the closest location will receive this form and call you back shortly.

During the phone call, they will ask you some more questions, walk you through the application process, and set up an appointment so that your items can be evaluated.

For the appointment, you will need to bring your driver’s license, most recent pay stub, and a blank check from your active checking account. If approved, you can get the money you need either the same day or the next business day at the latest.

woman signing payday loan agreement

Apply For A Payday Loan Today!

Bank loans and payday loans are two viable loan options, but they aren’t intended for the same purposes. If you need money quickly because you find yourself in an emergency situation or you have a bad credit score, you might want to consider a payday loan. If you decide a payday loan is right for you, get started by filling out our inquiry form today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.