Payday Loan
What is the difference between Payday Loan and Personal Loan?
A payday loan is tied to the date of your salary and is a short-term loan to cover urgent financial needs until the your next paycheck. For example, if your pay day is on 30th and you take a loan on the 10th.This means that you will make repayment on the 30th instead of 1 month later. How is this good for you? This just means that you will only be paying 20 days of interest instead of 30 days! You will be saving yourself 10 days worth of interest.
A personal loan, on the other hand, is a longer-term borrowing option offered by banks and licensed moneylenders, with repayment periods ranging from several months to years. These loans usually have lower interest rates compared to payday loans, and approval often depends on factors like income, credit score and employment stability. Personal loans are commonly used for larger expenses such as medical bills, education or debt consolidation, making them a more structured financing solution. Click here for more personal loan details.
Interested to find out more about payday loan?
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KBB Credit SD Pte Ltd can provide you a lowest interest rate for your loan.
Click here to send us your loan enquiry and we will get back to you within an hour. If you would like to visit our office, we welcome you too.