Should I get an Online Line of Credit or Payday Loan?

man receiving loan

What is an Online Line of Credit?

A line of credit is a loan you are able to pay back on your own timeline. When you complete your information and get approved, we will let you know how much you are able to qualify for. As you make payments on your balance, you might be able to qualify for a credit increase from time to time. You can take out as much as you need up to your credit limit. Similar to a credit card, a line of credit is always there when you need it, and you don’t need to keep completing your information. At Advance Financial, we always recommend paying more than the minimum due. This will ensure that you are paying the least possible amount in interest. An Advance Financial line of credit might be the right choice for you when looking to pay for those emergency expenses. Some common uses for a line of credit could be home repairs and costs, medical bills, or car repairs.

What is an Online Payday Loan?

An online payday loan is a short-term loan that is normally due on your next payday. This is a short term loan that typically is only open for about two to four weeks. Normally you can only borrow $500 or less with a payday loan. A payday loan is meant to hold you over until your next paycheck. People choose to take a payday loan out to supplement for irregular or seasonal income. One might also be changing to another job and needing a short term income.

In contrast, with an Advance Financial line of credit, you are able to get even more than the average payday loan. You could be approved for up to $4000 in some states where we offer a line of credit. You are also able to keep the line of credit open unlike a payday loan. This quick and easy process allows you to get cash when you need it. An Advance Financial line of credit allows you to pay off the loan as you are able to. Rather than having your payment be due at your next paycheck, you can pay it as soon as the next day if you are able to. This allows for the least possible amount of interest, keeping more cash in your pocket.

Where can I get an online line of credit with Advance Financial?

Ready to apply for an Advance Financial Line of Credit today? To get approved click on “Get Cash Now” at the top of the page. Depending on your state, you will be offered an online line of credit or an online installment loan to get the cash you need. Fill out our quick and easy application form, and our team will be here to answer all your questions and offer a world-class customer experience throughout the process.

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