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Online or In-Person, Which Should I Choose?

Millions of people experience short term cash needs at some point. Different people choose different solutions. Some use their credit cards. Some are lucky enough to have reserves of cash. You’ve chosen a payday loan. Now you’re faced with a choice of whether to get your loan in person or online. In most cases, an online payday loan is the better choice.

Many people are embarrassed to admit that they need financial help. Getting spotted at a payday loan store by someone they know would be absolutely mortifying for them. An online payday loan avoids any potential embarrassment. You can get your loan from the comfort of your own home. The whole process is done online, and with today’s faxless payday loans, there’s no need to go anywhere except your own computer.

Physical payday loan stores aren’t the safest places to go. For one reason or another, they tend to cluster in neighborhoods that many people consider to be bad and unsafe. Whether these neighborhoods are unsafe or not, the perception that they are unsafe will add additional stress to a situation that is already stressful. Anyone waiting to rob you knows you’ll be walking out of a payday loan store with somewhere between $100 and $500 of cash in your wallet. With an online payday loan, you don’t have to go to a neighborhood that makes you uncomfortable and you won’t be exposed to muggers while you have a wallet full of cash. In fact, unless you choose to tell people, no one except you and your lender will know you got a payday loan.

Like any store, payday loan stores go where the customers are. If you live an hour from your nearest neighbor, you probably don’t have quick access to a payday loan store. In this case, an online payday loan is your only choice. As long as you can get online, it doesn’t matter how far away you are from a payday loan store – you can get a loan. You just fill out the online form. In short order, you’ll know you’ve been approved, and you’ll have your money on the next business day. There’s no need to travel anywhere except to the chair in front of your computer. You don’t even need a fax machine.

With all of the advantages online payday loans have over physical loan stores, it’s easy to see that an online loan is usually the better choice. They are safer, less embarrassing, and available virtually anywhere. If you need a payday loan, getting it online is the logical choice.…

How Online Payday Loans Work

While certain details can vary, all online payday loan lenders work pretty much the same way. They all require the consumer to fill out a form containing personal information, including employment, financial, banking, and reference information. They also have certain minimum requirements to qualify for a loan. These include a job or regular income that totals at least $1000 per month, and a checking account that supports direct deposit. Some lenders also require faxed copies of bank statements and pay stubs, but most lenders are now faxless. The number of recent NSF (non-sufficient funds) charges a borrower has incurred as well as the number of outstanding payday loans is factored into the qualification process.

Once the form is completed, it is reviewed by the lender. If the borrower meets the requirements, they are then notified that they have been approved. Sometimes this is via email, but it can also happen by phone. In the process of reviewing the form, the lender determines the amount of the loan, which is usually between $100 and $500. The amount approved depends on various factors like monthly income, age of the checking account, availability of direct deposit, number of NSF charges, length of employment and time at residence. If the lender requires faxing, the borrower will be asked to print and sign a loan agreement and fax it in along with the other documents requested. Most lenders are now faxless.

After the borrower is approved and all of their information has been verified, then lender does the administrative work required to disburse the funds. Since most lenders electronically deposit the money in the borrower’s account, they will typically receive the funds on the next business day. If the form is received late in the day, it might take an extra day to receive the money for the same reason that banks say that any transactions after 2PM or 3PM will be processed on the next day. These times are only estimations and may vary depending on the lender.…