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Shopping for a loan can be stressful and a bit confusing, as options can be limited. Only you can decide what type of loan is right for you, but we can help educate you on some of the major differences between personal loans and payday loans.

Personal Loans For Bigger Everyday Needs
Personal loans may be the most common type of loans for the average borrower. These loans often provide higher amounts, longer repayment times and many different interest rate or fee options.

Personal Loan Common Uses
When you're looking for cash for home repairs like a window replacement or even larger expenses like a new roof, a personal loan may be a good option for you.

Typical Personal Loan Requirements
Generally, a personal loan will require an applicant to have a credit check, a “good” credit score, involve a more in-depth application process and may possibly include loan origination fees in addition to the interest charges. Keep in mind that simply applying for a personal loan can affect a credit score rating, so a personal loan is not something you would want to use on a consistent basis. Always ask questions and make sure that a prepayment penalty fee is not charged for paying off your loan early. Any late payments or non-payments will typically be reported to credit bureaus.

Payday Loans for Emergency Situations
Compared to a personal loan, payday loans are typically a smaller dollar loan. A payday loan is a loan that charges a fee that we agree to pay back when we receive our next paycheque.

Payday Loan Common Uses
Payday loans are an option for those of us in situations where a personal loan isn't an option- whether our credit score is less-than-perfect, or we have an immediate need for cash. Payday loans are a solution for situations where we may need money to cover unexpected utility bills, make ends meet until our next paycheque, or pay for other immediate necessities.

Typical Payday Loan Requirements
Payday loans, also known as cash advances, have a shorter term than personal loans, which means that the money needs to be paid back more quickly, usually as the name tells us, by the next payday. A payday loan has a higher rate than personal loans, but usually allow us to access cash on the same day or within minutes of approval. Payday loans, and companies like 310-LOAN don’t check your credit. The application process is usually much faster and easier than some personal loans and can be done conveniently online from your home or office. For example, 310-LOAN will have money in your account usually the same day within 30 minutes of approval. 

Weigh Your Options
In the end, we each need to decide which loan type will work best for our personal situation. If you decide that a payday loan for quick cash to make ends meet is the decision for you, a payday loan from 310-LOAN may be a good option for you. 

You can apply now online by picking your Province, filling out the short application and have the cash you need in your account available today. Our customer service representatives are available to answer any questions you may have or help you to apply over the phone by calling 1-800-310-LOAN
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