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Every loan is an additional financial burden, be it from traditional lenders or cash advance lenders. The differences between traditional lenders and payday cash advance lenders are several. The traditional lender will not provide loans for small amounts. The borrower is required to submit various papers for employment and credit worthiness, salary stubs and references, and then the time taken to verify the information provided can take a week, sometimes even more. These lenders also provide loans on a long-term basis and their interest rates are much lower. However, this is not so with cash advance lenders. They don’t ask for any documents to be faxed and they do not undertake any credit checks. All they ask for is information of the borrower’s employment status and bank details, so as to deposit the cash and for repayment purposes. Instant verification is done and the cash is electronically deposited into the borrower’s checking account within the day. But all this comes with a cost. The rate of interest charged by these lenders is much higher.

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