Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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There are two ways to get a short-term loan: online and in-store. While your experience will be similar, they do differ in a few key aspects.
Online lenders differ from in-store lenders in a few key respects.
When you visit a payday loan store location, you can interact with a lender and ask questions or clarify any element of the loan’s terms and conditions. This could be helpful if you don’t know how to interpret the information. Some lenders can even give you your cash that same day.
An online loan could be an easier way to quickly get the cash you need to catch up on expenses. But you won’t have the in-store one-on-one to knead out any inquiries. Instead, you’ll want to be sure that the lender’s site clearly explains your responsibilities and that there’s a helpline if you don’t understand something.
A key factor to consider before applying online is whether the company you’re borrowing from is a direct lender or a broker. With a direct lender, you apply to and receive funding from one company directly, often with the ability to speak to a representative if you have questions.
With an online lending broker, you apply to a company that then uses your information to help you shop around for a lender willing to extend a loan that satisfies your requirements. Lending brokers are useful because they can sometimes match you with lenders you may not reach out to otherwise. But make sure to read the fine print: Illegitimate brokers could sell your information to lending companies long after you’ve replied.
When you apply with an online lender, confirm that the lender is licensed to do business in your state. And keep in mind that laws regarding payday lending vary from state to state. For example, in Georgia short-term loans are considered a violation of racketeering laws and prohibited.
Loan scammers are known to set up websites that offer short-term loans with quick and easy approval, low interest rates and a guaranteed right to cancel. These sites can make a loan sound like your best option by far.
Even if the loan and website appear legitimate, it’s essential to research the company you’re looking to apply with.
Here are a few warning signs that should raise your suspicions about an online lender:
In-store short-term loans also have benefits over storefront lenders.
When looking for a short-term loan, it’s not enough to look for a low monthly payment plan or the cheapest interest rate. Before signing on the dotted line, here are a few things to review:
Yes, you can take out a short-term loan without having a bank account. You’ll likely have to pick up the cash at a store location.
A short-term loan can be helpful when you need money in an emergency. And both online and in-store loans are easily accessible, assuming you meet the requirements and your paperwork is in order. But be sure to do your research and compare your short-term loan options to ensure the legitimacy of any lender before taking on a loan.
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