Quick loans, same day payday loans Kansas
Sometimes there is a vital need for an urgent receipt of money, and if borrowing from friends or relatives does not work, then the only way out is to contact credit organizations. These can be banks, microfinance institutions (payday loans) or credit unions.
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The latter option is in most cases unacceptable since it is necessary initially to be in such a union. The other two options are good, but each in its way: the payday loan is ready to issue a quick loan, but with a minimum limit, the bank is more generous to the limit, but often refuses urgent loans.
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A few years ago, fast loans were virtually unknown in the US, which was because the credit industry was only developing. Banking institutions did not particularly care about the need for customers to obtain urgent loans.
However, times have changed and now it is commonplace. All remain in the gain: financial institutions provide fast credit on specific conditions and get a good income, while clients solve their life problems.
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However, even now there are often problems with obtaining a quick loan in banking organizations. This is especially true when the client cannot provide an income statement or a guarantor, which immediately reduces his solvency in the eyes of the bank.
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Another thing is microfinance organizations, which usually do not care about the client’s credit history, his employment, or his previous experience of working with banks. But for such a loyal service you need to pay: the interest rate in payday loans is higher, and the limit on funds is very small compared to banks (usually up to $500).
Also, payday loans issue loans only for a short period (about a month), but even with all these conditions, it is better in terms of obtaining a fast loan that payday loans than a bank. They have a very low failure rate and in 95-99% of cases, the client receives the money at the same time as he appeals to the payday loan.
Banking structures refuse much more often and even being an active client of a bank (with a good reputation and no debt) in 25-35% of cases, you can get a refusal to get a quick loan.
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Banking structures are good because they have a relatively small interest rate and are willing to provide loans to their trusted customers. To become such clients you need to have a good credit history with the bank, that is, the history of loans with their successful repayment.
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However, in terms of the speed of processing the application, the bank is inferior to the payday loan. Also, it will be very difficult to get a quick loan to a new client, because first, he needs to increase the confidence of the bank. Therefore, the very first loan may turn out to be taken immediately, but with a very small limit (up to 400 dollars).
If you provide proof of solvency (documents about real estate, car, income certificate) – the probability of success is higher, and the amount can be obtained more. But the problem is that the review of these documents will be held for a long time.
The main advantages of banks:
- The ability to get a large amount of money (up to half a million dollars when providing all the necessary documents).
- Relatively low-interest rate.
- The presence of a large number of banking structures – you can always choose the most acceptable bank for yourself.
- The ability to receive funds in any way, not just cash.
The main disadvantages of banks:
- often enough, banks refuse to issue a loan even to customers who have previously successfully taken and repaid loans;
- very often, consideration of an application for a loan takes several days (but not more than three business days);
- the lack of credit history or its damage (overdue loans) in most cases will lead to a refusal to receive funds.
We recommend contacting the banks initially for a non-urgent loan, but if you need money as early as possible, you can safely go to the payday loan. It will not be as profitable as in banks, but funds can be obtained in 15-20 minutes after treatment.
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Microfinance institutions are almost ideal if the client needs to get a small but urgent loan. Money can be received almost immediately, the limit is quite large (up to 1000 dollars), the requirements are minimal.
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Horror stories about the dangers of taking loans in payday loans have been going on the Internet for a long time, but be sure that there will be no problems with timely repayment of debt. But with its long delay, a large penalty is indeed possible, but this is not a specific condition of the payday loan, serious penalties are charged in banks.
Also, in the case of unforeseen circumstances, you can always extend the maturity of the debt. And to make it easier to repay a loan, you need to initially select the most optimal loan program.