Payday loans Vs personal short term loans

Are you behind on your credit card payments? Tired of being charged late fees, over limit fees and other hidden costs associated with credit card debts? Need to borrow cash to pay an imminent bill? Need that new suit? There are a few options available out there. The two main contenders consist of payday loans and personal short term loans.

Personal loans are different to traditional bank loans, in that they require no paperwork, the approval process is almost instant and the rates are typically 25-75% lower than that offered by payday loan companies. You can get anything from £250-£2500 the next business day.

Short-term personal loans can be used for a number of different things; paying higher interest credit cards for use when shopping, holidays, even paying the monthly household bills. The only drawback however is that a credit approval is required and loans are offered by only a few providers e.g. QuickQuid.

You can get a short-term personal loan in 3 easy steps:

1. Complete the online application
2. Get your answer in seconds
3. Schedule payments online any time with no penalty

Unlike a payday advance which forces you to pay the full amount plus the interest from your next pay cheque, Personal loan providers allow borrowers to choose their own schedule and amount to be paid back in bi-weekly payments for the duration of the loan period. Most payments are structured so that you don’t pay more than £100 per payment in fees.