» Loan Solution » The Difference Between a Payday Loan and a Traditional Loan

The Difference Between a Payday Loan and a Traditional Loan

When looking at the best personal loan singapore or a more traditional bank loan, is there really a difference between the two? There is, and the difference is rather substantial.

Image result for traditional loan

Understanding the difference between these different personal loan options is a must, so before you go in to apply for a personal loan from one of the money lending professionals, you know exactly what the difference is and how it might affect you.

Time

One of the biggest differences is time. A regular loan can take days to process and to let you know if you are approved.

Fast cash loans will let you know in a few minutes and often times you’ll receive your money on the exact same time. This makes online fast cash loans far superior to a traditional loan when you need the money quickly.

Credit Check

With a regular loan, there is almost always going to be some sort of a credit check.

This means you have to provide your Social Security number and, if you do receive the loan, it will affect your credit score.

With a payday loan though, you don’t need to provide your Social Security number and there will not be a credit check performed. This way, no matter what your credit score is, you’ll be able to receive the loan.