Given the bad rap that payday loans
and short term cash advances often receive in the media, it is no wonder that
there is some confusion in regards to the actual payday loan companies
themselves. There are differences that you need to be aware of, especially if
you are thinking about getting a loan to tide you over. Although there is often
negative publicity, payday loans also have their advantages and you need to be
aware of these as well.
Basically there are payday loan companies
that offer their short term financial services from a physical location, and
then there are those that are available and accessible online. The physical
locations may also have a web presence in order to extend their services to a
wider base than their current location achieves. Alongside these payday loan
companies, there are also payday loan directories that can match you with a
lender, based on the information that you provide to them. Many of the actual
sites you find online will be a directory service that conveniently locates
lenders to suit your circumstances.
You will find payday loan companies
with a physical storefront location in many shopping malls and local
neighbourhood centres. These can also be convenient when you need emergency
cash, however some people can get a little embarrassed about others seeing them
entering the store. The main difference with a store front and online lenders
is that the store front will often have the cash to hand over to you on the
spot. Payday loan companies that offer their services online will need to
deposit the money into your bank account. Although this may not be immediate,
most companies will actually transfer the funds to your account on the same day
that you are approved. So both methods of short term lending have their
advantages and disadvantages.
You will always need to be wary when
you are shopping online for a short term loan because there are still those
that set up fraudulent sites in order to get some valuable dollars from you.
When you approach payday loan companies, whether that is online or offline, you
won't need to pay the interest fees or application fees, if any, upfront. If
you come across a site that is asking you to pay a fee for their service
upfront, then your radar should go up and you need to reconsider your options.
When you are short of cash you often wouldn't have this extra money on hand
anyway and reputable payday loan companies understand this.
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