When it comes to borrowing money for miscellaneous shortfalls, there are always personal loans. However, there are various kinds of personal loans that differ based on a variety of factors.
Here at Better Than The Bank, we offer payday loans in British Columbia ‒ among other kinds of loans ‒ helping people easily cover gaps in their finances.
Why Take Out A Loan?
The current economic climate is not favourable for many people. The impact of Covid-19 on the global economy, followed by the outbreak of conflict between Russia and Ukraine and a burgeoning energy crisis in many countries, has caused skyrocketing inflation.
With everything costing more and not enough jobs, it’s no surprise that most people don’t have much spare cash. This means that they have to borrow if there’s a shortfall.
Loans can give you more control. By borrowing money from a reputable lender, set terms for repayment can be agreed upon, then planned and budgeted for. By contrast, you’re left floundering in emergencies, spending left and right without much forethought or consideration for your budget.
Let us look at the big difference between conventional personal loans and payday loans.
Traditional personal loans come in various shapes and sizes. Some are secured, meaning they are backed by some kind of collateral or surety, while others are unsecured. Some personal loans are repaid once-off through instalments, while others take the form of revolving credit.
Generally, however, while personal loans and their providers vary, most require a credit check and significant administrative effort. These factors alone might put applying for a traditional personal loan off the table since it is not uncommon for many to have somewhat bad credit histories ‒ especially given the current economic climate.
A less-than-ideal credit history can cause you to be rejected outright or, at the very least, offered unfavourable and expensive terms.
While technically, a payday loan is a type of personal loan, it differs from all other traditional payday loans in one key way: it doesn’t require a credit check. Here at Better Than The Bank, we offer payday loans that are backed by your paycheck, with no credit check required. This means that the only real requirement for getting approved is proof that you have a steady job and can thus afford the loan.
Get approved for payday loans in British Columbia from Better Than The Bank today. Don’t go another day without the funds you need!