Payday Loans vs Bank Account Overdrafts

Not many know the difference between these two financial instruments.

To put it simply, payday loans (a.k.a pay advance or cash advance) are short-term loans and can generate money for the borrower between wage payments.

As far as an overdraft is concerned, it is a kind of loan arrangement under which the bank allows or extends the credit to a certain limit against which the customer can make withdrawals or draw checks.

Many borrowers think that payday loans are costlier but that is not the case as overdraft facilities are instruments that often cost more in the longer run. The charges of an overdrawn account over the long-term would be more than a payday loan.

The cost of payday loans is not only less than overdraft fees, but they are also an easy method of acquiring funds.

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San Diego, CA 92101
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