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Green dot payday loans – Payday loans and cash advances have gained popularity in recent years, even garnering the endorsement of celebrities on television commercials. These services are presented as financially relieving options for struggling families that cannot otherwise procure loans or other financial relief. So what are these loans, and more importantly for our purposes here, how do they differ. The two are often used interchangeably, leading consumers to believe that they are in fact the same thing. While it is true that at times the two terms can be used as synonyms, in general there are very important differences between payday loans and cash advances. Failing to understand these differences may have bad consequences that could otherwise be avoided.
Payday loans are loans that are borrowed with the intention of repayment being made as soon as one receives their next paycheck. These loans are generally given at a high interest rate and includes fees such as initial costs of withdraw and late payment charges. Because of the risk of non-repayment, lenders generally have stricter requirements for those who hope to enjoy such services. Due to the fact that repayment is based on an upcoming paycheck, payday loans often require that you are employed and make a minimal amount of monthly income from said employment. In addition, many lenders will also want you to have a certain amount of money in your bank account as well.
Cash advances can take on several different forms, depending on how the term is used. Often times, they will have the same rules and regulations as mentioned above, making them synonymous with payday loans. However, many times a cash advance will require collateral instead of employment, such as a car or some other high value object. You must own the object in order to have this option and must repay the money borrowed within the allotted time or risk losing said objects. These services are more akin to what is known as a title loan and are popularly available at pawn shops and other such establishments.