Micro finance and personal loans are
two different things altogether. Micro finance is an option that has
been designed to suit the needs of low income sectors who maybe self
employed or poorly paid. The advantages of these micro finances are
numerous, including confidentiality, flexibility and convenience.
These loans are popular in small towns and villages around the world.
Here, the lender is just a person or an organization who has enough
money to register and start lending the money that rotates around the
community. These micro finances are in some ways like the highly
popular payday loans that have become prominent in the global
Personal loans are in their own ways
reliable and secure. This is the reason why a large chunk of the
population turn to these loans. The amount that is lent to the
customer is large and repayments happen over a long period of time.
These personal loans have been in the market for quite a while now
and have gained trust because of their reliability. The interest
rates are not as high as the payday loans but they take a while to
process. This is the only disadvantage of personal loans over short
termed payday advances.
When the applicant is in need of an
immediate option for money, the first thing that comes to his mind
nowadays is a payday loan. These payday loans are generally cash
options that have been designed to be repaid in a month or so, but
nowadays have become more flexible than other financial products by
being possible to extend if necessary. The rates of interest of these
payday loans are high but they do not sound unfair because of the
high risks that are involved in these loans. If a customer decides to
take this type of a loan, the only thing that he must do is to browse
online for the most suitable loan for his current need and apply
The application form of payday loans
are so short an simple that anybody who realizes how quickly they can
be processed and how fast funds can be transferred, nobody even
thinks the subsequent times before taking a loan. The speed proves
nothing about the product or the lender being fraud since all lenders
have some data security numbers and licenses that prove their
authenticity. The loans vary from 25-30% per pay cycle and can be
extended up to a period of 6 months of the customer wishes to. This
is a means that helps customers to repay over a longer period of time
by fragmenting the repayments into smaller affordable chunks. These
are the few types of cash option that people can turn to when they
feel cornered. The type of loan mainly depends on the need and
duration that it is needed for. Once those factors are clear,
availing either a personal loan or a payday loan or a micro finance
is an easy task to do.
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