When it comes to receiving immediate financial support, a traditional loan can be troublesome and might not offer immediate results. 

Even with a good credit history, a traditional loan can take a long time to authorize, and some lenders may require you to meet with them personally, provide several financial documents, and wait to be approved following a credit check. While traditional loans can be beneficial for some purposes, especially if your credit rating is good, it’s not a great solution for immediate financial support.

That’s where payday loans can come in handy. Instead of being a long-term loan that requires more time and authorization to get, a payday loan is a short-term lending option that offers immediate financial support. These loans are approved much more quickly, making them a much better choice for a financial emergency.

payday loans vs traditional loans

What is a traditional loan?

A traditional loan is often taken out from a bank or in-office lender. These are also known as personal loans, and they typically have terms that last several years. 

The amount you can borrow is generally much higher than a payday loan, since they’re designed for things such as home improvements, debt consolidation, medical costs, and more. If it’s a large pre-planned purchase, then a traditional loan may be a good option. But for short-term, immediate financial need, payday loans are much more useful.

What is a payday loan?

A payday loan is a short-term loan that has much fewer requirements and approval processes than traditional loans. In most cases, payday loan amounts are under $1,000 and must be paid within just a month. The date usually coincides with the borrower’s payday, hence the name of this type of loan.

This type of loan is approved much more quickly, doesn’t require a credit check, and can be applied for online. Since you get the money much faster, a payday loan is ideal for any kind of immediate financial need.

There’s no need for a credit check

One of the biggest benefits of a payday loan is that credit checks are unnecessary, meaning you don’t have to have an optimal credit score to be approved for a payday loan. 

Traditional loans do require credit checks, which can be a complication for many people as they might not have the required credit rating to actually take out a traditional loan. If you’re facing a financial emergency, running credit checks is both time consuming and potentially further damaging to your credit score.

When it comes to payday loans, lenders don’t need to run a credit check. As long as you’re over the age of 18 and have a family form of ID, a bank account, and proof that you’re employed, you’ll be accepted for a payday loan almost immediately. This makes a payday loan a great option for those with a poor credit history or who are working to repair it.

Why a payday loan with Cashback Loans is more convenient

Payday loans are far more convenient for a number of different reasons, as mentioned. But it’s important to find the right lender for your payday loan so as to avoid third-party lending fees or unnecessary wait times.

As one of the most reliable direct payday lenders in the country, Cashback Loans provides you several convenient options for getting a payday loan quickly. You’re not required to have face-to-face meetings with anyone, and the whole process can be completed online. There are no complicated or time-consuming credit checks and the terms are simple and laid out clearly. It’s the ideal way to guarantee a fast payday loan to help with your expenses.

Get approved for a payday loan in minutes with Cashback Loans 

Cashback Loans is also the perfect partner to help you secure a fast payday loan within just minutes. Since we’re a direct lender both in-office and online, we’re able to approve your loan in just a few minutes after you submit your application. 

We are also one of the only lenders who offer a direct funding option to ensure that you get the financial support you need immediately. Once you’ve been approved for the loan, the direct funding option deposits the loan within minutes to your account. You don’t have to wait the standard 24–48 waiting period for funds to be deposited as you do with other payday lenders.

Payday loans are a great option for people who need to borrow some money from a future paycheck, as it were, without going through the hassle and stress of applying for a traditional loan. Payday loans help you avoid running credit checks or waiting several days for funding, and Cashback Loans has several options to make sure you get the funds you need within just minutes.

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