Difference between Personal Loans and Payday Loans

In the earlier years people used to hesitate from taking personal loan, because of the high rate of interest and inability to pay on time, but the system is changing rapidly and people take personal loans pretty casually. To avail a personal loan is also pretty easy and there is a wide range of banks and lenders from which you can chose. Payday loans are also similar to a personal loan but for a much-much shorter time. The principal of personal loan and Payday loan is to pay for things which you might not be able to purchase at once. Let’s compare the both and look at their some of the pros and the cons.

Personal Loan

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A personal loan is not like a home loan or a car loan, as in the bank cannot confiscate something from you. In case of Home loan, if you do not pay, the banks takes your house and if you do not pay for your car loan, the bank can confiscate your car, but that is not the case of personal loan and bank cannot directly seize your assets. That is why personal loan takes weeks to process and approve. For your personal to be approved you need a good enough credit score too. Usually banks charge high rate of interest like 12% to 15% but apply for HDFC personal loan, you can get rate of interest down to just 10%.

Pros-

  • Lower Interest Rates- Although personal rates are high but when compared to a payday loan, it is significantly low.
  • Avoid credit card debt- A personal loan has much lower rate of interest as compared to credit card processing fees and even the rate of interest charged at the time of repayment is much higher combined.

Cons-

  • The rate of interest on personal loan depends on credit score, so if your credit score is low than chances are your rate of interest charged on the personal is high. In case of a big purchase, get a new credit and enjoy 0% rate of interest in the beginning.
  • As I mentioned above, personal loan takes time to process and it is not very easy to get a personal loan approved. Especially if you have a low credit score.

Payday Loan

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A payday loan can be defined as a short term loan with high rate of interest. As the name suggests the loan must be paid by the time you receive your next salary. So the duration of the payday loan is only 1 months. In some cases, the income or salary is not credited every month, in that case the loan must be paid in whatever time is mentioned by the loanee, like 2 months, 3 months or 6 months.

Pros-

Credit score is not important- You can get your payday loan approved even if you have a poor credit score and even if you have no credit history.

Loan Amount can be small- As the loan duration is very short, the loan amount can also be short and the limitation on how small the loan amount can be is pretty low.

Cons-

Higher rate of interest- As mentioned above payday loan have very rate of interest that is why it is usually not suggested. The average rate of interest starts from 15%.

Payday loan can become a Debt Trap- The banks are very smart and most of the time they know the lonee would not be able to pay on time, going by their credit history, so they offer other loans to the loanee as well, which can become a vicious cycle of never ending loans and debts.

Conclusion- The payday loan should be avoided in most of the scenarios, but in case you have some kind of emergency and you need the cash quick and you can pay it by the next payday too then it would be the best choice, otherwise go for a personal loan.

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Hybrid Species of Flowers

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If we could see the miracle of a single flower clearly our whole life would change – Buddha

Flowers symbolize the divine supremacy of god that has made life possible on earth in the form of the enchanting flora and a thrilling hodge-podge of fauna. Flowers are a heavenly gift to the mankind. Flowers not only fill the aura with positivity and vibrant colors but also brings a smile on our face. A variety of flowers are significantly used for religious ceremonies and for gifting to other on different occasions like birthdays and anniversaries. Flowers are taken as food by birds, butterflies, bees.

A hybrid flower is fundamentally the progeny of two distinct species of flowers, bred by humane human interference. To put it simply, florists choose among the best grown flowers and manually pollinate them to achieve specific results. This can result in flowers bred for certain colors or other desired characteristics.

Flowers like the roses, lotuses, tropical water lilies, dalais, etc. are majorly known for their splendor and charm. Besides, there are many other popular and commonly found flowers like lily, marigold, jasmine, China rose, chrysanthemum, etc. There are also small flowers like daisy and seasonal flowers of small and pretty sizes and color implanted in parks, lawns, etc. Hybrid flowers are not very commonly found. Few of the hybrid flowers found in India are:

  • Hybrid Lilies:

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Hybrid lilies are differentiated as Asiatic hybrids and Oriental hybrids. Oriental hybrid lilies consist of large 6 to 8 inch and fragrant, pink, red, purple or white flowers. The flowers of the Asiatic hybrids are comparatively smaller and usually have no fragrance. The flowers are usually found in bright shades of yellow, gold, rose, pink, white and orange.

  • Peace Rose: The Peacerose is a well-known hybrid tea rose flower. These form elegant buds that open to large, cupped flowers. Their color may be a combination of yellow and crimson edges that depends on the situation, the weather and changes because the flower fades.Image result for Peace Rose
  • Crimson Queen : Crimson Queen is a red rose hybrid particularly known for the size of its buds. Each rose bloom has a head of whirling flowers in crimson, maroon or red. The rose flower puts gives out a strong fragrance that is evocative of antique rose scent.Image result for Crimson Queen
  • Penelope Hybrid Musk: Penelope is a variety of hybrid musk, a rose variety that is specifically propagated for its fragrance. This fragrance gradually spreads freely in the air as the roses grow. Penelope is known for pale pink or creamy white flowers with a perfume vaguely citrus in nature.Image result for Penelope Hybrid Musk

Visit Flowersngiftsonline.com and send flowers to India to your loved one according to their likings. Display your love and emotions through the special variety of hybrid and exotic flowers in the website.