The most popular types of Payday lenders are of course banks and loan companies. What is the difference between the two? You might ask yourself what type of lender you ought to choose if you need instant cash to cover some unexpected expenses that each of us can have one day. Well, both lenders offer slightly different terms of conditions, and they"re generally chosen by different types of customers. Banks usually offer lower interest rates and a longer payment period. They"re also more customer-friendly when it comes to prolonging the payment time or changing the conditions in exceptional circumstances. However, to get a loan from a bank, you have to provide several documents that confirm your income, identity and creditworthiness. The process usually takes a lot of time and it"s uncommon to get a cash loan within fifteen minutes, like it is in case of other payday lenders. Loan companies, on the other hand, are not as strict and they often openly admit that they offer loans for people with low income or bad credit history. Consequently, you are approved in a very short period of time, and you get the cash almost immediately. However, the interest rates are usually higher and very often, you cannot change the conditions in case you have some financial problems.