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Cash loan and payday loan – what are the similarities and differences?

Cash loan and loan are not identical concepts. They divide them more than they connect. You can try to identify similarities at the general level. However, clue is in the details. These are two different financial products, granted on different principles, by different institutions and based on different legal regulations.

Similarities between cash loans and payday loans?

Both of these financial products give you access to cash that we don’t currently have. In both cases the cash must be returned. When borrowing small amounts, there is no need to indicate the purpose for which the money is borrowed. Both of these forms are subject to legal regulations, but the rules for granting credit are set out in the Banking Law, while the provisions of Civil Law apply to loans.

However, more differences

That’s it when it comes to similarities. It is more important to realize the differences, because it is on their basis that we can make an informed choice. It is worth paying attention to those aspects that are the most practical and, from the borrower’s point of view, decisive. Therefore, we will compare 4 areas: costs, formalities, time, resources available.

Credit costs and payday loans

Each cash loan is charged with costs. The loan price includes fees, commissions, interest and often also insurance costs. However, the loan does not have to be charged. This applies to cases when we decide on a short-term loan and this is the first loan in a particular company. Each of the loan companies individually regulates the cost of granting the loan. They should always be clearly defined – already during the initial calculation of repayment obligations.

formalities

This is the area where the differences are most felt. We incur a rather detailed verification process when we incur a financial liability at the bank. The following will be checked: size of the household, value of existing financial liabilities, source of income and their amount. The bank will also verify our creditworthiness at the Credit Information Bureau.

In the case of payday loans, the procedure is much simpler. All we need to get a loan is an ID card and, in some cases, a bank account.

Time

Of course, all the activities leading to receiving cash are ongoing. The more complicated the process is and the more formalities we have to complete, the longer it will take to wait for the money. Since most loan companies reduce these formalities to a minimum, the time in which the money will be on our account is very short. It can be up to 15 minutes. It may or may not. The time of payment posting is the most important here. If we have an account with the same bank as the lender, the money will be available very quickly.

Available funds

How much can we borrow at the bank and how much at the loan company? Instantaneous loans are by definition ‘low-value’ loans in the range of PLN 1,000 – 5,000. In the case of a bank loan, the upper limit of its value is determined by individual creditworthiness.

Cash loan and payday loan – what are the similarities and differences?

Cash loan and loan are not identical concepts. They divide them more than they connect. You can try to identify similarities at the general level. However, clue is in the details. These are two different financial products, granted on different principles, by different institutions and based on different legal regulations.

Similarities between cash loans and payday loans?

Both of these financial products give you access to cash that we don’t currently have. In both cases the cash must be returned. When borrowing small amounts, there is no need to indicate the purpose for which the money is borrowed. Both of these forms are subject to legal regulations, but the rules for granting credit are set out in the Banking Law, while the provisions of Civil Law apply to loans.

However, more differences

That’s it when it comes to similarities. It is more important to realize the differences, because it is on their basis that we can make an informed choice. It is worth paying attention to those aspects that are the most practical and, from the borrower’s point of view, decisive. Therefore, we will compare 4 areas: costs, formalities, time, resources available.

Credit costs and payday loans

Each cash loan is charged with costs. The loan price includes fees, commissions, interest and often also insurance costs. However, the loan does not have to be charged. This applies to cases when we decide on a short-term loan and this is the first loan in a particular company. Each of the loan companies individually regulates the cost of granting the loan. They should always be clearly defined – already during the initial calculation of repayment obligations.

formalities

This is the area where the differences are most felt. We incur a rather detailed verification process when we incur a financial liability at the bank. The following will be checked: size of the household, value of existing financial liabilities, source of income and their amount. The bank will also verify our creditworthiness at the Credit Information Bureau.

In the case of payday loans, the procedure is much simpler. All we need to get payday loan is an ID card and in some cases a bank account.

Time

Of course, all the activities leading to receiving cash are ongoing. The more complicated the process is and the more formalities we have to complete, the longer it will take to wait for the money. Since most loan companies reduce these formalities to a minimum, the time in which the money will be on our account is very short. It can be up to 15 minutes. It may or may not. The time of payment posting is the most important here. If we have an account with the same bank as the lender, the money will be available very quickly.

Available funds

How much can we borrow at the bank and how much at the loan company? Instantaneous loans are by definition ‘low-value’ loans in the range of PLN 1,000 – 5,000. In the case of a bank loan, the upper limit of its value is determined by individual creditworthiness.…

Remove and keep inaccurate items out of your credit report

You must remove old or inaccurate items from your credit report and keep monitoring your credit report to keep it clean.

For a Powerful One-Time Upgrade of Your Credit Report

Did you know that 4 out of 5 people have at least one inaccurate item on their credit report? You need help to eliminate any inaccurate items on your credit report.

Errors on your credit report can have a significant and troubling impact on your life. Among other things, you may be denied a mortgage, car loan, credit card or even employment because of these errors. But you do have rights to get your credit report cleaned up.

Monitor Your Credit Report to Keep it Clean

After you get your credit score under control, you’ll want to monitor your credit report for any changes that could affect your credit score.

– Receive weekly email alerts to changes in your report
– Immediately find out about credit report changes including fraudulent activity, new inquiries, new accounts, late payments, and more
– Receive a brand new credit report four times per year
– Receive updated credit scores four times per year that includes personalized analysis with tips for improving your score
– Graphical trending helps you manage your progress

Try the 30-day trial credit monitoring. It can help you keep your credit report clean.…

Clean up your credit report

But, there are steps you can take to clean up your credit report, and then keep it clean.

Become a Good Credit Risk
To clean up your credit report you must begin to pay your bills on time. Don’t use charge cards unless you can always make the required payments on time.

If you have a credit card debt problem there are some steps you can take to get your finances back in balance:

– Pay down debt on credit cards you’ve maxed out in order to reduce your ratio of debt to borrowing power.

– Reduce your overall debt–especially high interest credit cards.

– If your home has more value than your current debt load think seriously about transferring high interest debt to a lower interest consolidation loan

– Make your rent or mortgage payments on time

– Think differently while shopping using these tips for spending money wisely

– Establish a personal budget

– Obtain guaranteed Master card to establish good track record…

Why do you say “Clean up my credit report”?

Millions of people need to clean up their credit report to improve their credit score.

Easy Credit Our commercial filled, easy credit society has encouraged too many people to spend beyond their means to pay for their purchases. Many people do not even think about the price of an item; they only wonder if they can make the payments.

After too many credit card purchases, their minimum payment requirements exceed their ability to pay.

When your bills are not paid on time notations are made in your credit report and your credit score suffers.
Identity Theft Because dishonest people want things they cannot afford, they steal identities of innocent victims. These criminals then use the good credit ratings of others and go on a spending spree.

Their philosophy is, “Buy Now, Pay Never!”

The result is that innocent people spend months or years trying to redeem their good names, not to mention correcting their credit reports and improving their credit scores.

If you are a victim you can see how you can help prevent future identity theft and help free yourself from unauthorized charges made to your credit cards at Identity Theft Help and Prevention.…