The term “ short term payday loans” is a meaningless repetition of words that mean the same thing. Short term loans and payday loans are one and the same thing. The term payday loan was coined to emphasize the fact that this particular type of loan was taken for a very short term; till the next payday. Since the next payday could be a maximum of 30 days away, payday loans were meant to be for taken for a month or given a further grace period of 10 to 12 days beyond a month.
The only difference between conventional payday loans and online payday loans is that in a conventional loan one has to ask for a loan from a company or person by physically meeting the person and take the loan if you are able to convince the person of your credit worthiness. Whereas short term payday loans can be got by applying online and getting them sanctioned online after proving your ability to return the loan without having to meet with anyone.
Short term or payday loans are for emergencies when you need the money urgently and the payday is some days or weeks away. Online payday loans are more transparent as everything; terms and conditions, rate of interest, transaction and other fees are all calculated and shown to you before you decide to accept the loan that is offered. There are no hidden costs and there is no delay in sanction or disbursement. This is the main and positive advantage that online payday loans have over conventional payday loans.
The only difference between conventional payday loans and online payday loans is that in a conventional loan one has to ask for a loan from a company or person by physically meeting the person and take the loan if you are able to convince the person of your credit worthiness. Whereas short term payday loans can be got by applying online and getting them sanctioned online after proving your ability to return the loan without having to meet with anyone.
Short term or payday loans are for emergencies when you need the money urgently and the payday is some days or weeks away. Online payday loans are more transparent as everything; terms and conditions, rate of interest, transaction and other fees are all calculated and shown to you before you decide to accept the loan that is offered. There are no hidden costs and there is no delay in sanction or disbursement. This is the main and positive advantage that online payday loans have over conventional payday loans.
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