When you take out a loan for a house or a car, or a student loan for college tuition, you gain the benefits of the loan but you don’t get cash in hand. For some types of loans, that’s fine.
But there are situations where anything other than cash readily available that you can spend in any way you choose simply isn’t going to work.
If you’re wondering what kinds of cash loans are out there that you can get approved for quickly online, there’s two main options: personal loans and payday loans.
Comparing the Two Main Types of Fast Cash Loans
A traditional bank loan will not normally give you cash in hand you can use on personal expenses, and even if it could, it would likely take too long to secure and might require a good credit score.
Then there’s title loans, but that requires owning your vehicle free and clear and being the only one listed on the title. Plus, you would have to risk what might be your only means of transportation.
That leaves payday loans and personal installment loans as the two best options for cash loans. But how do they compare?
Payday loans are generally taken out in small amounts of only $100 to $1,000, may or may not require collateral and a US bank account, and have to be repaid within 2 to 4 weeks.
Personal loans, by contrast, are no-collateral loans in the range of around $1,000 to $10,000 that allow anywhere from a few months to a few years for repayment.
Payday loans are repaid in one lump-sum amount, while personal loans are repaid in monthly installments. Interest and fees on payday loans might be higher on a percentage basis but lower as to the raw total as compared to a typical personal loan.
When to Choose Payday or Personal Loans
The differences between payday and personal loans are complementary to a large degree.
If you need only a few hundred dollars cash and can repay it in full out of your next pay check, a payday loan makes sense. But if you need a somewhat bigger loan, say, for a car repair, roof repair, or college living expenses, and you need more time to repay, a personal loan could work better.
You can often get approved for either type of cash loan without a good credit score, and sometimes, without a credit check being run on you.
How to Find the Best Fast Cash Loans Online
There are a bewildering plethora of fast cash loan options online these days, and it can be an intimidating, daunting task to try to wade through their them and investigate them all yourself.
And, after all, what you want is to have the best three or four choices set before you so you can examine only those options in more detail. Otherwise, you could spend hours and hours looking for the best loan and never find it – only to end up settling for second best.
At Bonsai Finance, we provide a solution to this “logistical” problem. We help you to search through large numbers of loan offers instantaneously with out high-powered search engines. We let you narrow down the options based on very specific preferences that you determine.
Bonsai is dedicated to matching loan applicants to their ideal lenders and loan terms. We make the process fast and simple, while delivering optimal results.
Which fast cash loan type best fits your situation – payday or personal loan, and what led you to make that decision?