Payday Loans Online vs Payday Loan Stores
Is it better to receive payday loans online or you should you pick up your money from a payday loan store? This is a simple question to answer and will be addressed here today. In Canada, Money Mart (National Money Mart) have more than 460 payday loan stores scattered across Canada and so internationally it is a fair assumption that brick & mortar payday loans stores do work well and they have done so for a considerable time. Here in the UK, The Money Shop is a good example of a successful payday loan store (over 300 Stores nationwide). The large cluster of payday lending stores does not equate to an efficient or quality loan product though and there are many reasons for this. Firstly, here is a list of the issues with payday loan stores.
Limitations with payday loan stores...
- You have to track down the payday loan store and not every high street has them. This is time consuming.
- These stores are only open between usual working hours and they are usually never open on a Sunday.
- Most payday loan stores would ask every potential customer for bank statements and payslips to complete the loan.
- In general, you would be required to have a cheque book and a cheque guarantee card, which not all of us have.
In comparison with payday loans online...
- It is very simple to track down a direct payday loan lender. You can find our list on this site straight away or even by just using Google you can quickly find them.
- Online payday loans can be accessed at any time of the day or night.
- Most payday loan lenders featured on this site provide faxless payday loans and so you will not have to fax over any bank statements or payslips.
- No cheque book or cheque guarantee card is required. A simple UK bank account is required where the payday lender can collect the funds by direct debit on the agreed date.
Further reasons to choose payday loans online...
- Same day payday loans came first, we then had one hour payday loans and now you can receive online payday loans in minutes thanks to the Faster Payments service that some payday lenders now use.
- No expensive phone calls are required alike with payday loan stores. If you have a query then you can send a quick email to support or make an enquiry within online account management.
- Online payday loan lenders allow customers with a poor credit history. They usually carry out basic credit checks, which means that they will later report to the credit reference agencies to improve your credit rating. Payday loan stores are usually more strict with who they lend cash to.
- Payday loan lenders usually allow rollovers if you are facing difficulties in paying back the money on the agreed date. These should be used for emergency situations, but you wouldn't get this option when opting with a payday loan store.
So there are some reasons why a payday loan online is the best option of the two. Over the past few years the online payday loans have got faster and more efficient, whilst payday loan stores have struggled to play catch up. Payday loans online have also become very competitive between a whole host of lenders and this has been a great thing, as each has gone out of their way to provide a more improved loan service to each and every customer. Two popular in store payday loan providers are Cash Converters and The Money Shop. With cash converters payday loans and The Money Shop payday loans, there is no information of the interest rates provided, but I can't see them being much cheaper than the traditional 25% interest charge provided by a number of payday lenders. So there you have it, online is the way to go.
(tags: cash advance store, easy pay day loans, instant payday loans completely online, moneyshop, no fax loan uk)
Is it better to receive payday loans online or you should you pick up your money from a payday loan store? This is a simple question to answer and will be addressed here today. In Canada, Money Mart (National Money Mart) have more than 460 payday loan stores scattered across Canada and so internationally it is a fair assumption that brick & mortar payday loans stores do work well and they have done so for a considerable time. Here in the UK, The Money Shop is a good example of a successful payday loan store (over 300 Stores nationwide). The large cluster of payday lending stores does not equate to an efficient or quality loan product though and there are many reasons for this. Firstly, here is a list of the issues with payday loan stores.
Limitations with payday loan stores...
- You have to track down the payday loan store and not every high street has them. This is time consuming.
- These stores are only open between usual working hours and they are usually never open on a Sunday.
- Most payday loan stores would ask every potential customer for bank statements and payslips to complete the loan.
- In general, you would be required to have a cheque book and a cheque guarantee card, which not all of us have.
In comparison with payday loans online...
- It is very simple to track down a direct payday loan lender. You can find our list on this site straight away or even by just using Google you can quickly find them.
- Online payday loans can be accessed at any time of the day or night.
- Most payday loan lenders featured on this site provide faxless payday loans and so you will not have to fax over any bank statements or payslips.
- No cheque book or cheque guarantee card is required. A simple UK bank account is required where the payday lender can collect the funds by direct debit on the agreed date.
Further reasons to choose payday loans online...
- Same day payday loans came first, we then had one hour payday loans and now you can receive online payday loans in minutes thanks to the Faster Payments service that some payday lenders now use.
- No expensive phone calls are required alike with payday loan stores. If you have a query then you can send a quick email to support or make an enquiry within online account management.
- Online payday loan lenders allow customers with a poor credit history. They usually carry out basic credit checks, which means that they will later report to the credit reference agencies to improve your credit rating. Payday loan stores are usually more strict with who they lend cash to.
- Payday loan lenders usually allow rollovers if you are facing difficulties in paying back the money on the agreed date. These should be used for emergency situations, but you wouldn't get this option when opting with a payday loan store.
So there are some reasons why a payday loan online is the best option of the two. Over the past few years the online payday loans have got faster and more efficient, whilst payday loan stores have struggled to play catch up. Payday loans online have also become very competitive between a whole host of lenders and this has been a great thing, as each has gone out of their way to provide a more improved loan service to each and every customer. Two popular in store payday loan providers are Cash Converters and The Money Shop. With cash converters payday loans and The Money Shop payday loans, there is no information of the interest rates provided, but I can't see them being much cheaper than the traditional 25% interest charge provided by a number of payday lenders. So there you have it, online is the way to go.
(tags: cash advance store, easy pay day loans, instant payday loans completely online, moneyshop, no fax loan uk)
