payday loans

Payday Loans Vs Personal Loans

Mr. Champion

Mr. Champion

Total Posts: 21

Published Date: May 25, 2021

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What Is The Difference Between Personal Loans And Payday Loans?

Personal loans and payday loans are ways to pay for expenses that you might not expect and might not be able to afford. Sometimes, it’s hard to predict when you will need extra cash. Other times, you have advance notice that you will need money for a particular event or occasion. How will you get the money you need? Payday loans and personal loans are two different types of loans with different approaches to getting extra money. Also, if you have yet to file your taxes … Click Here!

Personal Loans Have Advantages That Pay Day Loans Do Not

Personal loans aren’t like mortgages or even car loans because you don’t have to have collateral to trade for the loan. These loans are generally processed fast and you only need documents like pay stubs and bank records. You get lower interest rates compared to payday loans so this is a good option for getting extra money. You can also consolidate credit card debt under one loan and then pay that loan off at a lower interest rate. The loans are generally easy to get and they can be used for any reason. Some people use them for medical bills while others use them for weddings or home renovations. There are no right or wrong reasons for these loans.

Payday Loans Have Extremely High-Interest Rates

Payday loans are much more short-term and usually need to be paid back the next time you get a paycheck. They just help people with jobs bridge their temporary cash shortage until they get paid again. Lenders will look at your employment and your bank account to set a credit limit, which can arise over time if you have a good record with them. There are no credit ratings or collateral needed to get the loan. You just have to fill out an application and the initial loan amount will be lower. If the loan isn’t paid back on time, interest rates can be very steep.

Which Loan Option Is Best For Me?

When it comes to getting cash quickly, personal loans are always going to be cheaper than payday loans. Personal loans are a great way to get a good amount of cash for a project or need and then you have the option to pay it back in low monthly installments. They don’t come at a big expense to you and can be done promptly as well. If at all possible, personal loans are the better way to go for your cash flow needs. Check with the experts about how much you can get and how fast.

Apply For An Online Loan Today!

Whether you need money for a new business, have an upcoming vacation, or simply want to get rid of old credit card debt, the professionals at Champion Financial Services can help. We have several different loan options including title loans, pawn loans, and personal loans. Let’s talk about your needs and get you started down the right path to fulfill those needs as quickly as possible. Don’t settle for payday loans or personal loans, apply online today to start the discussion!

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DISCLOSURES FOR CFS VEHICLE SECURED TITLE & PERSONAL LOANS

California: All loans are made or arranged pursuant to a California Finance Lenders Law License Number: 60DBO-35846.

Arizona: Loans made pursuant to Arizona Department of Financial Institutions Sales Finance Company License SF-1005405.

  1. Upon completion of the call, conditional approval may be given pending the review of documentation.
  2. Loan approval is subject to meeting credit criteria standards, which may include providing acceptable property as collateral and demonstrating the ability to repay the loan.
  3. Funding time may vary depending on the time of final approval following the reception and review of all required documents and signing. Same-day funding is subject to final approval and signing completion before 3 PM PT on a business day. A bank account is required as a condition in order to obtain a Personal Loan. Loan proceeds may need to be disbursed via Automatic Clearing House (“ACH”) to the borrower’s bank account. The actual availability of funds can vary based on bank processing times, daily ACH deadlines, weekends, and holidays.
  4. The actual loan amount, term, and annual percentage rate the applicant qualifies for may vary by applicant, lender, and the law requirements of those terms.
  5. The states this site services may change without notice. This service does not constitute an offer or solicitation for consumers in all states. This service may not be available in your particular state.

Our loans can be up to $50,000 depending on certain factors.

THIS LOAN (Auto-Title or Personal Loan) IS NOT INTENDED TO MEET LONG-TERM FINANCIAL NEEDS. Loan proceeds are intended primarily for personal, family, and household purposes. Lenders recommend and encourage consumers to pay early, often, and more in order to avoid additional finance charges.

Loan approval is subject to meeting the lender’s credit criteria, which may include providing acceptable property as collateral. The applicant must demonstrate the ability to repay the loan. Loan proceeds are intended primarily for personal, family, and household purposes. Minimum loan amounts vary by state.

Loans with an Annual Interest Rate of 36% are limited to loan amounts between $2,500 to $9,999.00, while supplies last.

CFS Investments is licensed or registered as a finance lender as required by applicable state law and does not offer or service student loans. CFS Investments does not provide financial advice and does not guarantee the accuracy of information as it is subject to change without notice about its current product guidelines.

CFS Investments may act as the broker for the loan and may not be the direct lender or servicer of your loan. All loan applications are subject to meeting underwriting and credit criteria, which includes providing acceptable property as collateral. A bank account is required as a condition in order to obtain a loan. Inquiring about a loan and its minimum requirements does not impact your credit score; however, completing a full application may affect your credit score.

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What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. We will make a copy of these identifying documents for our records.