Walk-in Payday Loan Stores vs. Payday Loans Online

payday-loans-onlineYears ago, the only choice you had when trying to obtain a payday loan was to seek out a walk-in location. In the past 10 years, a number of lenders have become available online, making the payday loan process easier and more convenient.  However, some people still prefer to use the traditional walk-in “brick and mortar” lending stores for various reasons.  To determine which option is best for you depends on your needs and personal preferences.

Payday Loans Online

Many of the walk-in paydayloan stores also provide the same short-term financial solution online. If you decide to search for a lender online, you can usually determine whether or not the lender offers both online and walk-in services rather easily by reviewing their website. Some online payday lenders are solely Internet-based companies that do not have walk-in store locations.

When working with an online provider, you simply complete the payday loan application online. This is usually an easy 5-10 minute process that can be completed from your home computer. The application generally asks for personal information (name, address, phone, etc.), employment information, bank account information, and references.

Once your application is complete and submitted, it will usually be screened by the lenders online verification system in real-time (i.e. often in seconds, while you wait online). This means your identity will be verified and your payday loan history will be checked to ensure that you don’t have too many payday loans currently out or any payday loans in default. If for some reason you don’t qualify, most online lenders will refer you to an affiliated lender that can approve your loan request – all in minutes. If you meet the online approval criteria, you may be asked to fax or email your current bank statement for verification. Once approved, your loan funds will be electronically transferred into your account by the next morning.

Walk-In Payday Loan Stores

california payday loansTraditional loans are most often obtained by visiting a lenders office by way of a large financial institution.  Most banks and credit unions have a specific department for loans of various kinds.  Walk-in payday loan stores are offices that are specifically designed to issue payday loans or cash advances. These loans are designed to meet your short-term financial needs and are intended to be repaid on your next pay date.

Walk-in paydayloan stores sometimes also provide check cashing services or pawnbroker services. Check cashing services are provided to those who need to cash a check, usually because they don’t have a bank account that they can deposit their check into. Pawnbrokers offer secured loans to people by using their personal items as collateral. Many pawnbrokers and check cashers now also offer payday loans as an additional service.

Walk-in paydayloan stores can be found by looking in your local yellow pages or searching online.  After filling out an application, you will usually need to provide a current bank statement, your ID, and a recent pay stub for verification.  The application and approval process usually takes about 15-20 minutes. Once approved, you will generally be asked to provide a post-dated check as collateral for the repayment of your loan. The check will then be cashed on your next pay date (i.e. your loan due date) unless you choose to come in to pay off your payday loan in cash. You will then have the option to leave with your loan money by being issued a check or cash in hand.

Which is the best payday loan option for you?

If you are person who prefers to do business face-to-face and in person, a walk-in store may be your best option. If you need cash-in-hand the same day or in a matter of a few hours, then a walk-in store will most likely be the best option as well. However, if the next morning is soon enough for getting the funds you need, then you can conduct your business online.  In addition, if you don’t want to run all over town and appreciate the ease and convenience of doing business from your home computer, then getting your payday loans online will be perfect for you.

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