Here on Payday Loans Central our goal is to help you make the right decision when you need money fast. Whether you are looking for a payday loan or you are looking to find an alternative like a credit card, you can turn to us for guidance in your time of need. Today we will be examining the disadvantages of using a cash loan store with a physical location.
You Cannot Shop Around
One of the main things you want to look for in a short term loan is a low interest rate. By getting your loan online, you can go to many payday loan websites over a short period of time and compare the interest rates they offer with their services. When you go to a cash loan store with a physical location, you are somewhat stuck with whatever interest rate they provide. You do not have the flexibility to compare rates with other providers unless you plan on driving to a bunch of different stores throughout the day. And if you are in an emergency, you may not have time for that.
You Can’t Get Your Money Right Away
A great advantage of online payday loans loan is that you can apply and get your money within a an hour or two. When you apply at a physical store, the application and approval process takes a significantly longer time. You actually may have to make multiple trips to the store. The first trip to apply for the loan and the second to pick up the money. By applying for a loan online, you can easily apply and get the money direct deposited into your bank account within an hour. It is much simpler and much faster then applying in person.
It’s Not Safe
The fact is that most payday loan locations are not in good neighborhoods. They are often located in urban areas where crime rate is significantly high. If you walk into a payday loan store, people will assume you are going to walk outside with a few hundreds if not thousands of dollars in your bank account. They may be waiting outside in order to mug you and take your money. Then you end up with no cash and a large interest rate. If you apply for a loan through the internet you never have to leave your house and can get everything done in the safety of your own home.
They May Not Have Customer Service
If you are dealing with a small store, they may not have the customer service you need to make sure you pay back your loan on time or to answer any questions you have about the loan. Yuo may be better dealing with a larger company that offers loans online. These companies often have staff on hand to help you with your payday advance questions.
While there are definitely some advantages of getting a payday advance at a physical store, there are definitely a lot of disadvantages as well. Take a look at the issues above and you can make an informed decision on if you should get a payday loan online or in person at a store. And remember, always pick the safest avenue.