Difference Between Payday and Personal Loans in the UK

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DEFINITION OF PERSONAL AND PAYDAY LOANS

Most people feel that payday loans and personal loans are one and the same thing, but this is not at all true. They may seem similar, but they have many big differences which set the two options at opposite poles. One should consider the credit and the amount one needs to borrow to know what one qualifies for before one applies for it.

Personal and payday loans are both useful when one requires an extra boost in finances, but this is the only similarity between them. The factors that vary are the term, cost and the amount among other different finances.

DIFFERENTIATING FACTORS

The loan amount also differs when it comes to a comparison between the two. Most banks in the UK do not lend less than 1000 pounds for a 12 month period in case of personal loans.

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refinance rates
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reverse mortgage
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quick loans
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education loan
home equity loan rates
chase refinance rates
td mortgage rates
subsidized loan
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barclays mortgage
heloc rates
kabbage ppp
home mortgage rates
capital one auto loan
bamboo loans
cash out refinance
va home loan
discover personal loans
home improvement loans
rocket mortgage rates
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debt consolidation loans
va loan rates
capital one car loan
home refinance rates
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best mortgage lenders
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lowest mortgage rates
refinance rates today
quicken loans rates
current refinance rates
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secured loan
citizens one home loans
mortgage lenders
costco mortgage
upgrade loans
discover loans
online personal loan
personal loan apply
hard money lenders
cbils
mortgage pre approval
refi rates
year refinance rates
prosper loans
term loan
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home equity
mortgage broker near me
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personal loan online apply
best home loan rates
kabbage ppp loan
equity loan
pnc mortgage rates
refinance home loan
heloc loan
direct stafford loan
refi
best personal loan rates
bad credit auto loans
cash out refinance rates
ycornerstoneloan
va home loan rates
hitachi loans
lightstream loans
barclays mortgage rates
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lendio ppp
loan consolidation
mortgage lender
renovation loan
second mortgage
va refinance rates
nfcu mortgage rates
low interest personal loans
owning mortgage
auto finance
quicken loans mortgage rates
anz personal loan
upstart loans
home equity line of credit rates
td mortgage
current mortgage refinance rates
navy federal auto loan
refinance mortgage rates today
business line of credit
westpac home loan rates
year refinance rates
federal loans
home renovation loan
va irrrl rates
fha streamline refinance
mortgage lenders near me
citizens one mortgage
westpac home loan
equity line of credit
jumbo mortgage
refinance interest rates
unsecured personal loan
the lending club
home mortgage
sallie mae loans
loans for students
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first mortgage
virgin money mortgage
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mortgage companies near me
chase ppp loan
us bank refinance rates
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business loan rates
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bank of america heloc
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mortgage prequalification
st george auto finance
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kabbage loan
business loans for women
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commercial real estate loans
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bad credit business loans
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bankrate refinance
state farm auto loan
st george home loan
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best refinance companies
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va streamline refinance
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refinance closing costs
owning mortgage rates
pre approved car loan
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chip reverse mortgage
cost to refinance mortgage
private mortgage lenders
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homeowner loans
year refinance rates today
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best small business loans
loandepot administration
bhg loans
servicehomeloan
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mr cooper refinance
commbank personal loan
mezzanine loan
buying a car with bad credit
lightstream personal loan
westpac car loan

When it comes to cost comparison, personal ones are considerably cheaper with a maximum APR of 29.9% but one needs to have good and excellent credit. Payday loans can be usually more expensive, but it does not require any strict credit requirement.

When it comes to loan term, personal loans offer around 5 years maximum as the loan tenure. Payday have a shorter term of around two to maybe four weeks that can go upto 12 months.

When it comes to eligibility, personal loans which are offered by credit unions and banks have very strict criteria for eligibility. They generally require borrowers to have a good credit along with a fairly strong financial background. Payday loans seem much more flexible in comparison as lenders only require that the borrowers have a proper and regular source of income for qualifying.

Personal loan lenders are online lenders, banks, peer to peer lenders and credit unions whereas payday loans are offered by those lenders who specialize in check cashing services and short term lending.

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refinance rates
small business loans
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reverse mortgage
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home equity line of credit
heloc
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education loan
home equity loan rates
chase refinance rates
td mortgage rates
subsidized loan
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barclays mortgage
heloc rates
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home mortgage rates
capital one auto loan
bamboo loans
cash out refinance
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home improvement loans
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best mortgage lenders
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refinance rates today
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citizens one home loans
mortgage lenders
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mortgage pre approval
refi rates
year refinance rates
prosper loans
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equity loan
pnc mortgage rates
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refi
best personal loan rates
bad credit auto loans
cash out refinance rates
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va home loan rates
hitachi loans
lightstream loans
barclays mortgage rates
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lendio ppp
loan consolidation
mortgage lender
renovation loan
second mortgage
va refinance rates
nfcu mortgage rates
low interest personal loans
owning mortgage
auto finance
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anz personal loan
upstart loans
home equity line of credit rates
td mortgage
current mortgage refinance rates
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refinance mortgage rates today
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westpac home loan rates
year refinance rates
federal loans
home renovation loan
va irrrl rates
fha streamline refinance
mortgage lenders near me
citizens one mortgage
westpac home loan
equity line of credit
jumbo mortgage
refinance interest rates
unsecured personal loan
the lending club
home mortgage
sallie mae loans
loans for students
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virgin mortgage
first mortgage
virgin money mortgage
sofi personal loan
mortgage companies near me
chase ppp loan
us bank refinance rates
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wells fargo refinance
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business loans for women
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bad credit business loans
lending home
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st george home loan
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refinance closing costs
owning mortgage rates
pre approved car loan
refinance house
refinance rates  year fixed
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bank of melbourne home loan
chip reverse mortgage
cost to refinance mortgage
private mortgage lenders
your mortgage online
homeowner loans
year refinance rates today
apply for fha loan
best small business loans
loandepot administration
bhg loans
servicehomeloan
best bank for home loan
mr cooper refinance
commbank personal loan
mezzanine loan
buying a car with bad credit
lightstream personal loan
westpac car loan

PAYDAY OR SHORT TERM LOANS

Payday loans, auto title loans and instalment loans have high fees and rates which could trap a person in a debt cycle. The person could be forced to take a second or even third loan just because they couldn’t pay the first one in the stipulated time limit. Alternatives to short term loans like local resources such as local charities, government agencies and non-profits offer relatively free services for financial needs and also help with rent, food and utilities for those people who are in dire need of it.

One can also get payment extensions by talking with the concerned bill providers regarding an extension or a longer time frame or payment plan if one is behind on his or her payments. One can also take side jobs to catch up on the payment.

COST FOR EACH OPTION

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refinance rates
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education loan
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chase refinance rates
td mortgage rates
subsidized loan
va loan
barclays mortgage
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home mortgage rates
capital one auto loan
bamboo loans
cash out refinance
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discover personal loans
home improvement loans
rocket mortgage rates
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va loan rates
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best mortgage lenders
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refinance rates today
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current refinance rates
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secured loan
citizens one home loans
mortgage lenders
costco mortgage
upgrade loans
discover loans
online personal loan
personal loan apply
hard money lenders
cbils
mortgage pre approval
refi rates
year refinance rates
prosper loans
term loan
anz home loan
home equity
mortgage broker near me
best refinance rates
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athena home loans
personal loan online apply
best home loan rates
kabbage ppp loan
equity loan
pnc mortgage rates
refinance home loan
heloc loan
direct stafford loan
refi
best personal loan rates
bad credit auto loans
cash out refinance rates
ycornerstoneloan
va home loan rates
hitachi loans
lightstream loans
barclays mortgage rates
ing home loan
lendio ppp
loan consolidation
mortgage lender
renovation loan
second mortgage
va refinance rates
nfcu mortgage rates
low interest personal loans
owning mortgage
auto finance
quicken loans mortgage rates
anz personal loan
upstart loans
home equity line of credit rates
td mortgage
current mortgage refinance rates
navy federal auto loan
refinance mortgage rates today
business line of credit
westpac home loan rates
year refinance rates
federal loans
home renovation loan
va irrrl rates
fha streamline refinance
mortgage lenders near me
citizens one mortgage
westpac home loan
equity line of credit
jumbo mortgage
refinance interest rates
unsecured personal loan
the lending club
home mortgage
sallie mae loans
loans for students
flagstar my loans
virgin mortgage
first mortgage
virgin money mortgage
sofi personal loan
mortgage companies near me
chase ppp loan
us bank refinance rates
loans canada
usaa refinance rates
best debt consolidation loans
perkins loan
wells fargo refinance
bank of america loans
business loan interest rate
bridging finance
hecm
navy federal car loan
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st george car finance
usaa mortgage
home refinance
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best egg loan
commercial loan
navirefi
ubank home loan
best mortgage refinance rates
working capital loan
tiaa mortgage
bankrate refinance rates
streamline refinance
cbils loan
merchant cash advance
irrrl rates
penfed auto loan
college loans
vehicle loan
paypal business loan
va irrrl
paypal loanbuilder
online business loan
no closing cost refinance
bad credit car dealerships
business loan rates
mr cooper mortgage rates
refi rates today
pool loans
nerdwallet mortgage rates
bank of america heloc
wonga payout
rocket mortgage refinance rates
aes loans
quicken loans refinance
costco refinance
chase refinance
mortgage prequalification
st george auto finance
irrrl
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sofi refinance
kabbage loan
business loans for women
navy federal personal loan
usaa home loans
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unsecured business loans
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pre approved loan
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owning refinance
discover home equity loans
newrez loancare
mutual of omaha mortgage
chase bank refinance rates
loandepot rates
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best va loan rates
usaa car loan rates
refi mortgage rates
best  year mortgage rates
small business loans for women
va loan interest rate
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capital one auto financing
afg home loans
pnc refinance rates
home loan pre approval
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costco mortgage rates
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year mortgage refinance rates
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commercial real estate loans
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lightstream auto loan
pnc bank mortgage
heloc interest rates
navy federal refinance
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bad credit business loans
lending home
bankrate refinance
state farm auto loan
st george home loan
fha streamline
bmo mortgage
best refinance companies
pnc bank mortgage rates
lowest personal loan rates
va streamline refinance
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chase heloc
bad credit car dealerships near me
auto loan bad credit instant approval
tfcu mortgage rates
auto loan pre approval
cost to refinance
commercial lending
chase refinance mortgage rates
amerisave mortgage rates
anz loan
year refinance rates
direct stafford loan estimate
bmo harris auto loan
refinance closing costs
owning mortgage rates
pre approved car loan
refinance house
refinance rates  year fixed
fafsa parent plus loan
best  year mortgage rates
bank of melbourne home loan
chip reverse mortgage
cost to refinance mortgage
private mortgage lenders
your mortgage online
homeowner loans
year refinance rates today
apply for fha loan
best small business loans
loandepot administration
bhg loans
servicehomeloan
best bank for home loan
mr cooper refinance
commbank personal loan
mezzanine loan
buying a car with bad credit
lightstream personal loan
westpac car loan

The payment cost varies when it comes to payday loans versus personal loans. The interest rate that you will receive along with the terms is based on the individual’s credit history and if one has collateral or not along with the amount you borrow and the stipulated loan term.

Payday loans whereas have APRs of three or four digits (100%-1000%). The actual total cost depends on the state of living of the borrower. APR represents the yearly cost which is important to note.

DECIDING THE RIGHT TYPE OF LOAN

Deciding whether to opt for a payday loan or a personal loan depends on the amount of money that the individual intends to borrow and it also depends on the person’s credit. If one needs to borrow around 50 pounds to 1000 pounds, he or she can opt for a short term loan as personal loans require the person to borrow a minimum of 1000 pounds to around 2000 pounds.

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refinance rates
small business loans
home loan
home equity loan
reverse mortgage
mortgage refinance rates
business loan
natwest mortgage
mortgage broker
best mortgage rates
home equity line of credit
heloc
refinance
quick loans
refinance mortgage
mortgage loan
capital one auto navigator
auto loan
education loan
home equity loan rates
chase refinance rates
td mortgage rates
subsidized loan
va loan
barclays mortgage
heloc rates
kabbage ppp
home mortgage rates
capital one auto loan
bamboo loans
cash out refinance
va home loan
discover personal loans
home improvement loans
rocket mortgage rates
best personal loans
newrez mortgage
debt consolidation loans
va loan rates
capital one car loan
home refinance rates
sofi loans
best mortgage lenders
auto navigator
lowest mortgage rates
refinance rates today
quicken loans rates
current refinance rates
sofi mohela
secured loan
citizens one home loans
mortgage lenders
costco mortgage
upgrade loans
discover loans
online personal loan
personal loan apply
hard money lenders
cbils
mortgage pre approval
refi rates
year refinance rates
prosper loans
term loan
anz home loan
home equity
mortgage broker near me
best refinance rates
house loan
paypal working capital
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One must also consider the time factor. Short term loans offer faster times for the turnaround when compared to personal loans as it involves less approval process. Nowadays, more and more personal loan providers are shifting online hence they have almost the same processing speeds similar to short term loans like payday loans.

Credit history is also an important factor. If the borrower has excellent credit scores, they are more likely to save money by obtaining a personal loan at lower interest when compared to a payday loan which will be available at higher cost.

The total cost of the loan depends on the borrower’s monthly payments and also depends on the total amount to be repaid which depends mostly on the interest rate. One should always compare and consider various different options and check on online calculators offered by the lender to see which mode of loan is best suitable for your needs and how much one will need to repay.

ALTERNATIVES AVAILABLE

There are many alternative options available to personal loans and payday loans which can be beneficial to the borrower. One can borrow a small sum or amount of money without the need for the borrower taking on a payday loan.

Another short term loan is an installment loan in which the borrower repays the amount in a single lump sum. Thus, personal loans and payday loans for bad credit can be beneficial only when one carefully examines which loan type is best suited for his or her needs.

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