Online Payday Loans
Are you wondering about the difference between a storefront and online payday loans? Well, both provide immediate loans to qualified borrowers. The difference lies in the location of the business and the processing of loan applications. If you are planning on applying for a payday loan but don’t know which is the best place to apply, read on.
Some payday loans borrower obtain loan near their home. These storefront lenders are accessible during business hours. With a storefront, you can personally interact with the lender. If ever something is wrong like you cannot pay your loan on time you can easily contact your lender to discuss your money problem.
There are also people who prefer obtaining loan from online lenders because of accessibility, ease of applying for a loan and fewer requirements. With payday loans online you can apply for a loan day and night for they are open 24/7. The requirements for qualified borrowers are also very basic so much that anyone with a job and bank account can get a loan.
Payday loans online are expensive because these loans are short term. They are repaid on the 15th or 30th day of the month. Many people still apply online for a loan because of the fast processing. Most of the time borrowers get a response within 2 hours after submitting their loan application.
But the downside is when you take out a loan the website you submitted your loan application form might not be the actual lender. Some of the payday lenders online are middle men or lead generator. These are website that collects application form for payday loans. The applications are sent to a number of lenders for approval.
Additionally, when you apply online there is no guarantee that the online lender processing your loan application is licensed to engage in this type of business in your state. Majority of payday lenders online don’t have a brick and mortar store. So, they are not following the payday lending laws of any state. Anyway, the choice is yours whether you will apply online or at a brick and mortar store near you.Share