Should I Get A Payday Loan Or Bank Loan?

November 5, 2021 | Emma Frost

payday loans or bank loans

 

It is a big misconception that a financially stable person must always go to a bank when in need of a personal loan. For those who’ve never used a private lender’s services before, getting a Nevada payday loan when you could qualify for a bank loan may seem surprising.

But those who’re a little more well-versed and know a thing or two about using loans to their advantage also know that both a bank loan and a payday loan have their place. And choosing the right one in the right situation could save you a lot of future trouble. If you’re having trouble deciding, ask yourself these few questions.

Deciding Between A Payday Loan Or A Bank Loan

How Much Time Do You Have?

The one major difference between getting Nevada payday loans and a personal bank loan is the timeline. Getting through the Nevada payday loan process takes less than a day while getting a bank loan could take a few weeks. Payday loans are often used in situations when the deadline is either right around the corner or has already passed.

Think unplanned health expenses, overdue financial obligations that need to be immediately settled, any car or house repairs you haven’t budgeted for but need to cover quickly less you endanger yourself, and so on. If you’re on a tight timeline and need emergency cash quickly, then getting a payday loan would be a more suitable choice. If you’re not on a deadline, then you can go with a bank loan.

How Much Money Do You Need?

Payday loans are specifically designed to help a borrower tide themselves over until their next paycheck. They’re not designed to help cover large expenses. Getting a payday loan is supposed to be a short-term solution to an urgent problem. You use them to cover the holes in your budget until your paycheck comes in and pay them right off on your next payday.

This is why the max amount for a Nevada payday loan is $500. If you need a larger sum to take care of a problem long-term, then you should look into bank loans. The max amount for a personal bank loan can be as large as $50,000 with the repayment period lasting years.

What’s Your Credit Situation Like?

Your credit will have paramount importance during the application process for a bank loan. Not so much when a payday loan is concerned. All you need to qualify for a payday loan is a state-issued ID or driver’s license, your most recent pay stub, and a blank check from an active checking account in your name. You can qualify for a Nevada payday loan even if you have poor credit. Not so much when a bank loan is concerned. Bad credit can easily render you ineligible.

Would You Like To Keep Your Credit Untouched?

Another crucial difference between a payday loan and a bank loan is that getting a payday loan from us means we will not report to credit agencies. If you wish to avoid risking your credit score declining and want to preserve it as is, then getting a payday loan could be the way to do that. On the other hand, if you’re getting a loan so that you can improve your credit history by paying it off, then you should go with a bank loan.

 

payday loan applying

 

How To Get A Nevada Payday Loan

One of the great advantages of getting a Nevada payday loan is that you can easily get started online, making it convenient for those that want to begin the process at home. All you need is to fill out and submit the form you’ll find on the website and our loan representative will take over from there. The form sends your information to the nearest payday loans near me, and as soon as it’s processed, a loan representative will give you a call with further instructions.

You’ll need to take the required items – your state-issued ID or driver’s license, most recent pay stub, and a blank check from an active checking account in your name – to the meeting the loan representative arranges for you.

They’ll need to assess your documents to determine how much you could get and if you qualify for approval. If you get approved, they’ll help you finish up the final paperwork and you’ll get the cash on the next bank business day at the very latest.

Need Money Quickly? Apply For A Nevada Payday Loan Now!

With our simple streamlined process, you could learn whether you’ve been approved just thirty minutes after walking into the store! Get the help you need today with your emergency expenses when you turn to payday loans. Fill out the online form to get started.