{"id":6817,"date":"2016-05-31T14:50:42","date_gmt":"2016-05-31T14:50:42","guid":{"rendered":"\/?p=6817"},"modified":"2018-12-28T20:29:45","modified_gmt":"2018-12-28T20:29:45","slug":"difference-between-payday-loans-and-salary-loans","status":"publish","type":"post","link":"https:\/\/findyourcoveragepolicy.com\/finance\/loans\/difference-between-payday-loans-and-salary-loans\/","title":{"rendered":"Difference Between Payday Loans and Salary Loans"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you need to borrow money fast, you may be tempted to take out a payday loan. But before you take out a payday loan there is another option you should be aware of called salary loans. Salary loans are a rather new product that can be taken out at either your bank or credit union. Not all financial institutions offer it, but if they do you\u2019ll at least have to have direct deposit in order to get approved.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, what is the biggest difference between the two products? Salary loans aren\u2019t cheap, but the fees are much lower than payday loan fees. It\u2019s also less risky for the bank because they can easily collect fees from you through direct deposit. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">These loans have to be paid off more quickly, which can be a financial burden. The good news is, you may be able to negotiate installment payments that will allow you to still get by until your next paycheck.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you need to borrow money fast, you may be tempted to take out a payday loan. But before you take out a payday loan there is another option you should be aware of called salary loans. Salary loans are a rather new product that can be taken out at either your bank or credit [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"_links":{"self":[{"href":"https:\/\/findyourcoveragepolicy.com\/wp-json\/wp\/v2\/posts\/6817"}],"collection":[{"href":"https:\/\/findyourcoveragepolicy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/findyourcoveragepolicy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/findyourcoveragepolicy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/findyourcoveragepolicy.com\/wp-json\/wp\/v2\/comments?post=6817"}],"version-history":[{"count":0,"href":"https:\/\/findyourcoveragepolicy.com\/wp-json\/wp\/v2\/posts\/6817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/findyourcoveragepolicy.com\/wp-json\/wp\/v2\/media\/7063"}],"wp:attachment":[{"href":"https:\/\/findyourcoveragepolicy.com\/wp-json\/wp\/v2\/media?parent=6817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/findyourcoveragepolicy.com\/wp-json\/wp\/v2\/categories?post=6817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/findyourcoveragepolicy.com\/wp-json\/wp\/v2\/tags?post=6817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}