When you need money before your next paycheck arrives, there are few options as convenient as a short-term loan. Depending on where you live, there may be plenty of retail stores that offer these services. We'll discuss how you can find a payday loan or cash advance at a store nearby or utilize the online option if you prefer.
If you are struggling with bills or emergency expenses that seem to appear out of thin air, you might be a candidate for a convenient short-term lending solution. The first decision you will want to make is if you prefer working with a local company or an online lender. Both options have pros and cons. When you rely on a local company, you have the opportunity to examine the store, discuss your situation with an employee and get a better feel for the way the company conducts business transactions. On the other hand, you might have to stand in line and fill out complicated paperwork in order to get approved. You may also have to provide a post-dated check that will be cashed on your next payday in order to get the requested amount upfront.
The online option is more convenient for many consumers, but it is important to do a little research into the source before applying for funds. As with brick-and-mortar stores, there are some scams out there to be aware of. This is why we have established a network of trusted companies that are committed to offering you the best service available. One of the aspects consumers like most about online borrowing is that the entire process can be completed from the comfort of their own homes. Most lenders do not require applicants to fax information anymore, which adds to the convenience. As you can see, there are benefits and potential downsides no matter which option you choose, so it really comes down to personal preference.
If you want to work with a local entity, you can still use the Internet to help locate a reliable source. It is a lot more convenient to browse listings online rather than trying to find a somewhat up-to-date phone book. Once you have chosen a company to work with, it might be a good idea to call them first before visiting. This way you can see what types of unsecured borrowing services they offer to ensure your specific needs are met in an expedient manner. Additionally, you might want to ask them to give you a better idea about the terms and conditions associated with their services. Information such as the installment term length and interest fees will help you create a plan for repayment. You can also use this information to compare lenders.
Don't automatically choose a company that is in close proximity to where you live without comparing several options first. Finally, you will want to learn more about any rules and regulations about payday lending in your area. The majority of state governments regulate the short-term borrowing services to some degree. These regulations may include caps on the amount you can borrow or maximum interest rates that can be imposed. For example, New Mexico providers can only lend up to 25% of the applicant's monthly gross income. Lenders in Washington State can only offer up to $700 per short-term advance. Some states such as Arizona specifically prohibit transactions being made under the term "payday loan" altogether, but allow similar services such as cash advances or title loans. For more information about the specific legislation in your jurisdiction, you can visit The National Conference of State Legislatures website. Remember that these laws are put in place to safeguard the consumer. The same laws will apply whether you borrow in-person at a nearby store or opt for the online alternative. If your online lender offers services outside of these established laws, this might be a good sign to take your business elsewhere in order to be safe.