Pros and Cons:
Online Payday Loans vs. Local Payday Loan Stores
There are really 2 ways to get a Payday Loan, either from a brick and mortar store in your local Area, or you can apply online to get your loan. There are pros and cons for each.
We compare Online Payday Loans and Physical store location loans in 7 different areas:
Here are the Pros and Cons.
Loan Amounts:
Winner...Online Payday
Online lenders are normally willing to lend more money then local payday loan stores. When consumers apply online for a loan they are normally dealing with larger finance companies that are better able to fund larger loan amounts than the average local payday loan office. Also some payday loan sites like www.MoneyNowUSA.com have Installment loans up to $5,000 built into the loan search system.
Time to get Cash:
Winner...Local Payday Loan Stores
Most Local Payday Loans Stores are able to get a check or cash in your hand in about 30 minutes to an Hour. With online lenders some are able to wire funds are fast as one hour, but in general terms most consumers receive their funds around midnight the following day.
Time it Takes to Apply:
Winner...Online Payday
Normally applying for a payday loan online takes around 5 minutes. With a local payday loan store, it takes the time to drive to the store, and then waiting in line or for documents to be checked. In addition many payday loan stores do not carry cash, so you may need to make two trips one to the store and the other to the bank to cash the payday loan store check.
Security:
Winner...Online Payday
How do you know if the Payday Loan store is careful with the copies of your bank statements and personal information? The truth is no one can be sure. With online payday lenders, most belong to privacy groups, and are regulated by law.
Payment Options:
Winner...Local Payday Loan Stores
For the most part your local payday loan store is going to be more flexible with payments. While it is true true that online lenders can be more flexible in the collection area, when it comes to paying a little late or skipping a payment many brick and mortar stores can be more forgiving to a local resident.
Privacy:
Winner...Tie
For privacy it is best to spilt these up into two areas: Personal Privacy and Marketing Privacy.
For personal privacy the winner is...Online Payday Loans.
The process of apply for a payday loan over the internet is very private. Your friends and family will never know. Applying for a loan online does not carry the same embarrassment as walking into a payday loan store.
For marketing Privacy the winner is...Local Payday Loan Stores.
Most big websites have privacy policies that prevent them from selling your data to anyone but a lender who wants to get you a loan. However some of these smaller sites so try to sell your information to marketing companies. This is legal if outlined in the privacy policy of the website, but it can be rather annoying. If you are applying for a loan online please make sure to look for a anti-spam sticker like "Truste"
Recurring Loans: Winner...Online Payday Loans
It is very easy to re-apply for a loan over the internet. In many cases the lenders save your data and it only takes a few clicks of a mouse to reapply and get cash from the same lender. Also many online lenders will automatically increase your loan amount with your good payment history.
Our program is quick, secure and convenient, offering Up to $1,000** Cash in as fast as
1 Hour!