Getting a Payday Loan Online vs. In-Store. Which One is Better?

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If you are currently deciding whether to visit an online lender or a store to obtain a payday loan, here are some differences between the two mediums that may help make your decision easier. Below, is a chart that compares various differences between both types of mediums and how they compare with each other:

Possible Problems Addressed by Both Payday Loan Types

Getting a Payday Loan in-Store

Getting a Payday Loan Online

Ease of Getting Help or Assistance

There is someone there who can answer your question(s).

You may have to look around to find an email or toll-free number to get help.

Approving Loan Requests

Payday loan stores are generally the lenders, so if they can't fund you there usually there is no other funding option.

Online payday loan lenders, especially multiple-lender sites, shop more than one lender for your loan request, resulting in higher cash payouts and lower APRs.

Time

Most people waste more time at stores because you have to get there, as well as possibly wait in line, wait during the loan approval process, then go to the bank to deposit funds and get back home. However, the bonus is that, if approved, you can walk out that same day with the cash you need in hand.

Most of the time payday loans can be processed, approved and funded in the same day, sometimes in as fast as 60 minutes with direct funds transfer. However, sometimes it can take up to 48 hours to process your loan, if you apply after banking hours, on a weekend or holiday.

Privacy Concerns

Obviously if you go into a payday loan store you are not trying to be discreet, however, like any other finical business, they do keep your information private.

With online payday loans, you can apply for a loan from the comfort of your home, but you have to be careful what site you trust because some are fake. SEE Safety Precautions.

Submitting Confidential Data

No social security required most of the time.

Social Security number always required.

Bank Account Needed

Most in-store places do not require you to have a bank account; however, you will be asked for a post-dated check made out to the lender, so that, in essence, means you have to checking account.

Most online lenders will require you to have an active and open checking account, so that they can deposit and withdrawal your funds as agreed upon.

Safety Precautions

Payday loan stores are often a big target for robberies, due to the amounts of cash they keep on hand, however, most stores have this problem under control and take extra measures to ensure safety of their customers and employees.

The harm in payday loans online is that you have to be careful of "fake" sites that are actually "fronting" as payday lenders in an effort to get people to give out confidential data. Always verify VALID security certificates and a website's safe and secure policy.

Loan Documents/Contract

If approved, you sign the contract, the same time you apply for a loan.

Since some payday loan stores are maybe be affiliate or partner sites, you may have to be forwarded to the actually lender site to sign your contract. Some lenders will also call and verify that the request was in fact placed by you.

Email Account

This is not required with in-store payday loans.

This is required so that lenders can send you your contractual agreement and information.

Internet Access

You are not required to have internet access to receive an in-store payday loan.

Obviously, these loans are conducted online and people must have access to the websites to apply for the loan.

Drivers License or State ID

Most in-store lenders require you to bring in a form of identity, although not all REQUIRE this type of identification.

Most online lenders will require this piece of info, to validate your identity.

Safe and Secure

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