The difference between cash apps and payday loans
Cash apps are typically cheaper, but payday loans can be faster in some cases.
Cash apps | Payday loans | |
---|---|---|
Cost | Cheaper than payday loans ($0 to $10 monthly fee, plus optional instant transfer fees of $2 to $8) | More expensive than cash apps ($30 to $50 for every $200 borrowed) |
Funding times | First loan can take up to two weeks due to bank activity verification Afterwards it can take 1 to 3 business days or same-day for instant transfers | In-store loans are usually funded same day Online loans are typically funded in 24 hours |
Eligibility | Requires verification of direct deposits, bank account activity and possibly work timesheets | Requires verification of income |
Repayment terms | On your next payday | Typically two to four weeks |