People may think that cash advance or payday loan is the same with conventional loan. But actually, it is totally not the same. There are some major differences between them. To help you differentiate cash advance and conventional loans, here are the differences:
|
Cash Advance |
Conventional Loans |
| With cash advance, you can get the money you need in one day or even in hours because the process is not complicated. | With conventional loans, it takes time to get you application approved, then you can get the money. It may take a week or longer. |
| With cash advance, the lender will not check for the credit record. So people with bad credit history can still get the loan easily. | In conventional loans, the lender will check the credit history of the applicants. Applicants with bad credit history will be more difficult to get their application approved. |
| Cash advance lender just needs a prove that the applicants still works and will get payment next month. So the applicants can pay the loan next month after they get their salary. | Conventional loan lenders will check many things before the applications of the applicants approved. |
Above differences may help you to pick which one suits best with your need.