The banks would have you believe that bank loans are better than payday loans. The facts of matter is they the are just different sources of Credit. Now most bank loans are good for long-term cash assistance, this includes purchasing a car, truck, motorcycle, boat or a house.

The use of payday loans are short-term cash advances, usually for about two weeks, which can help you meet all your immediate cash needs. Most of the time something breaks down like your car or central air and need to get them fixed today.

The bank loans will take sometime to get, sometimes as long as 2-3 days.

The Payday loan is less than an hour, you have the cash in your hand or money deposited into your bank account.

Banks usually have lower rates than a Payday Loan companies. Banks are geared for long term loans, usually more than six months.

Payday loans are designed to get you cash quick, without much of a requirement and no assets for them to hold until you payback the loan. Most of time just a check made out for the principal and interest.