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Q.12) Personal loan or Payday loan: What should I choose?

Although personal loan and payday loans serve the purpose of fulfilling your cash requirements during emergencies, there are a few differences between them. A payday loan or salary advance has to be repaid when you receive the paycheck of next month and usually, the loan amounts are smaller.
The differences between a payday loan and personal loan have been illustrated below:

BasisPayday LoanPersonal Loan
ObjectiveFor immediate cash requirementsApplicant can wait for a week to get the cash
Loan requirementLoan amount proportionate to the monthly salaryHigher loan amount (depending on the monthly salary)
Loan periodShorter period for repaying the loan amount (15 days to 60 days)Loan tenure ranges from 1 year to 5 years
Loan repaymentWhole loan amount is repaid on the agreed dateLoan amount is distributed and paid in smaller installments
Interest rateInterest is charged for a few days or monthsInterest is charged annually
Loan processingShorter period of the loan process as the current financial position of the applicant is assessedLonger duration for completing the loan process as credit history along with the current financial condition is assessed
Loan amount disbursementLoan amount is disbursed within minutesLoan disbursement takes longer duration depending on the loan amount

The type of loan required depends on the requirement and financial condition of the individual. Payday loans are beneficial to those who have an immediate requirement and can repay the amount with their next paycheck. On the other hand, personal loans can be availed for a larger amount and cannot be repaid within a short period of time. Hence, selecting the right option is the key to minimize your financial burden.

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