When you're shopping for a loan, you initially begin with two different types of lenders - walk-in loan centers and online payday loan lenders. Choosing between these two types of lenders is very simple when you categorize your individual needs.
Walk In Loan Centers
This is the best source for a mortgage loan, automobile loan, debt consolidation, personal loans, and other types of loans with great monetary value. The walk-in loan process can take a long time. You can usually call beforehand and spend about 5 to 20 minutes on the phone to see if you qualify. Lenders that offer this pre-screening option can therefore 'weed out' anyone with bad credit or no credit, so they never even make it to the next step of the process.
Depending on the loan amount you need, and what you need it for, the entire 'walk in' loan process can often be very time consuming. A deposit, or some form of collateral, is often required to receive these traditional types of loans, and it can take weeks (or sometimes months) before the money you need to borrow is available to you. These loans also take a long time to pay off, which is generally expected when you consider the amount of money being borrowed.
Online Payday Loan Lenders
Tailored for urgent financial needs, online payday loan lenders offer short term loans that are intended to hold you over until your next payday. The payday loan amounts are much less than what you would need to buy a house or a car because they are intended to satisfy an urgent financial need.
You can apply for an online payday loan in minutes, without having to leave your home. Based on the income and employment information you provide, you can often get approved for the money you need the same day, regardless of your credit history. Online payday loan lenders are the best solution for somebody who has credit problems. There are 'bad credit loans' available, but those can be high priced and they often prey on those who are willing to commit to more than they are capable of repaying.
An online payday loan is a safe solution for somebody with poor credit because the money you owe is automatically debited from your bank account on the agreed upon date. Since your payoff balance is usually due on your next pay date, you can repay the amount borrowed and eliminate the debt much quicker than you can with a traditional type of loan.
Which Option is Best?
Several factors should be considered when you're shopping for the loan option that is best for you. The amount of money you need and how quickly you need it should be your first considerations. You should also compare different lenders, their loan rates, and their terms before making your decision. Keep in mind, when you use an honest, reliable payday loan company with a secure website, your personal information is as safe as it is with a traditional loan company.
Online payday loan lenders can be researched easily before submitting your application. A walk in loan center takes considerably more time just to get through the qualifying stage. However, when you are in need of a large amount of money for a non-urgent situation a traditional loan is the best option. If you have a financial emergency that can't wait until your next pay date, an online payday loan is going to be your best choice.
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